Business
Ma’aden, BADC ink agreement
Firm to supply 600,000 tons of fertilizers to BADC.
- The renewal is further proof of the company’s commitment to meet global market demand for phosphate fertilizers.
- Ma’aden supplies approximately 42 percent of Bangladesh’s estimated requirement of diammonium phosphate.
Business
Agility posts Q2 earnings of $46m
Net profit was affected by higher interest rate.
- For the first six months of 2023, Agility’s net profit stood at US$95.5 million.
- There was an increase in debt for financing the firm’s acquisitions last year.
Business
RSG, Zain build carbon-neutral 5G network
The network runs on clean energy from world's largest carbon-neutral grid.
- This is made possible through the utilization of more than 750,000 solar panels, as well as through the implementation of purpose-designed towers for this network.
- RSG is the multi-project developer behind the ambitious regenerative tourism destinations, The Red Sea and Amaala.
Business
TAQA H1 net income $3.67bn
The group revenues were AED 26.8 billion, 5% higher than H1,2022.
- The higher revenues were attributed primarily to higher pass-through bulk supply tariffs and transmission use of system within the Transmission and Distribution segment.
- The company announced second interim cash dividend for the year of 0.65 fils per share (approximately AED731 million).
Business
Ma’aden Q2 revenues hit $1.86bn
Record phosphate output boosts the company's performance.
- The firm's net profit records US$93.5 million, reflecting the downturn in commodity prices
- Debt reduction witnessed with long-term borrowings and net debt decreasing by 11% and 9%
Business
Air Arabia Q2 profit $125m
The company’s turnover during the second quarter was $380m.
- The profit increased by 187 percent compared to AED160 million ($43.56m) net profit reported for the same period last year.
- The company’s turnover for the same period increased by 25 percent, as the strong demand for air travel continued.
Business
DEWA Q2 revenue $2bn
Consolidated revenue of DEWA rose 4.1 percent in Q2.
- For the first half of 2023 (H1 2023), DEWA’s consolidated revenue was AED 12.7 billion ($3.46bn) and net profit was AED 2.7 billion ($740m).
- By the end of H1 2023, the Company’s net cash from operating activities increased by a record AED 837 million (227.88m) to AED 5.4 billion ($1.47bn).
Business
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million.
- The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
- This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
- Total income for the second quarter of 2023 was $86.83 million compared to $56.11 million for the second quarter of 2022, a rise of 54.7 percent.
- Consolidated net profit for the second quarter was $32.75 million compared with $26.03 million in the second quarter of 2022, an increase of 25.8 percent.
Business
NPCC receives award for MERAM project
The award has been received from ADCNOC Gas.
- The project is valued at AED 13 billion and is being led by the National Petroleum Construction Company (NPCC) in partnership with Técnicas Reunidas.
- MERAM project is expected to increase the recovery of methane from ADNOC Gas's facilities.
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Company News
DAE, Turkish Airlines ink pact
Business
KACST, ACWA Power sign pact
Business
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SIB, Noqodi sign agreement
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
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Business
stc 2023 revenues is $19.28bn
Gross profit for 2023 rose 1.1 percent compared to 2022.
- The growth was mainly attributed to the increase in commercial unit revenues by 5.1 percent
- It was also due to rise in carriers and wholesale unit revenues by 1.4 percent in stc KSA,.
Business
HMG 2023 net profit $544m
The rise was due to the hospitals and pharmacy segments.
- The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
- Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).
Business
EDF’s net profit is $10.8bn
EDF cut its large debt by increasing nuclear production.
- Sales slipped 2.6 percent to 139.7 billion euros, but the group managed to slice debt by 10 billion euros to 54.4 billion
- EDF announced last month a fresh delay and additional costs for the giant project hit by repeated cost overruns