INSEAD Day 4 - 728x90

Company News

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Boeing to sell some assets to Thoma Bravo

The $10.55 bn sale includes portions of digital aviation solutions business.

Business

TikTok’s US future uncertain

It must find non-Chinese owner to avoid ban.

Business
Business

DUBAL, Oriental Copper ink MoU

JV will manufacture high-quality copper products in UAE.
  • As per the agreement, DUBAL Holding will assist with local resources and be a co-investor.
  • Oriental Copper will contribute its extensive technical, operational, and market expertise.
Business

SABIC H1 net profit slumps 87%

The second quarter net profit fell 85 percent on weaker demand.
  • Year to date, SABIC's share in the results of non-integral joint ventures and associated companies decreased versus prior year.
  • Compared to Q1 2023, net profit climbed 78.8 percent from SAR 660 million, due to the re-measurement gains in option rights related to joint venture agreements.
Business

DAE H1 profit up 13%

The company posted a 15% increase in revenue to $670 million.
  • The company acquired seven aircraft (two owned and five managed), while 16 aircraft were sold (10 owned and six managed), it added.
  • A total of 64 lease agreements, extensions and amendments were signed -- 48 owned and 16 managed -- while its customers were spread across 60 countries.
Business

Mubadala invests in Aligned

Mubadala will become a minority partner with this investment.
  • Aligned offers both Scale Data Centers (colocation) and Build-to-Scale (build-to-suit) solutions to support global hyperscale and enterprise customers.
  • The investment is part of Mubadala’s expanding global digital infrastructure portfolio headed by its Executive Director, Mounir Barakat.
Business

Arabian Drilling H1 profit up 36%

The company has approved a cash dividend of SAR225 million.
  • In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
  • The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.
Business

e& H1 net profit $1.27bn

The company's second quarter net profit increased 4% year on year.
  • In a statement, the company said its consolidated EBITDA reached AED 12.8 billion, resulting in an EBITDA margin of 48 percent.
  • In the UAE, etisalat by e& recorded 13.9 million subscribers, an increase of 5.1 percent compared to the same period of last year.
Business

Ooredoo Algeria gets new CEO

Roni Tohme, the Acting CEO, has been confirmed as the CEO.
  • Tohme brings over 21 years of experience in telecoms and finance to his new role, having previously served as Ooredoo Algeria’s Chief Financial Officer.
  • During his tenure as CFO, he played a vital role in shaping an agile and lean finance department, contributing to the company’s business transformation.
Business

Alpha Dhabi’s H1 net profit $2.8bn

The company's revenue grew by 29 percent year on year.
  • The Group's total assets were AED 127.9 billion and cash position strong with AED 17.6 billion.
  • Alpha Dhabi joint venture with Mubadala Investment Company aims to co-invest in credit opportunities.
Business

Bupa Arabia H1 2023 net profit $149m

Rise was driven by a jump in insurance revenue.
  • The corresponding figure in the same period last year - H1 2022- was US$79.8 million.
  • The company reported a jump of US$74.9 million YoY in insurance services results.
Business

SABIC AN profit slumps 71% in H1

The drop was even higher (79 percent) in the second quarter.
  • The company attributed the H1 drop in profit to a decrease in average selling prices of company's products by 47 percent and a drop in sales volumes by 2 percent.
  • The company's net profit dropped by 33.6 percent in Q2, from SAR 980.6 million in Q1 2023, as average selling prices fell by 18 percent.

Boeing to sell some assets to Thoma Bravo

The $10.55 bn sale includes portions of digital aviation solutions business.
Business

Company News

KPMG to merge UK, Swiss ops

ROSHN, Retal sign $99m deal

McDonald’s eyes big expansion

Volkswagen to reduce workforce

BAT takes shock $32bn hit

Latest News

AD Ports Group, KPT ink pact

The pact deals with bulk and general cargo terminal.
Business

Deutsche Bank to slash 3,500 jobs

The bank said it would buy back shares and pay dividends.
Business

Shares in India’s Paytm dive 20%

Banking arm asked to stop accepting fresh deposits.
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

GSK profit in 2023 falls

The drug maker said revenues swelled 3 percent to $38.54bn.
  • Profit after tax slid sharply to £4.9 billion ($6.2 billion) last year from £14.9 billion in 2022, when it received a massive gain from the Haleon demerger
  • However, underlying adjusted operating profit, excluding exceptional items, jumped 12 percent to £8.8 billion last year to beat company guidance
Business

CBD posts record net profit of $721m

The bank has proposed record cash dividend of 44.38 fils per share.
  • Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
  • The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.
Business

TECOM Group net profit up 49%

The company recorded its highest-ever revenue of AED 2.2 billion.
  • The lease of industrial lands witnessed a strong demand in 2023, as the occupancy rate rose to 94 percent, compared to 81 percent in 2022.
  • The company has recommended a dividend payout of AED400 million to the company's shareholders for the second half of 2023.