EVA Air orders 33 Airbus planes
Business
Nakilat expands its fleet
Business
Baims acquires Orcas Edtech
Business
Bahrain Steel raises $450m SLL
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ADQ appoints new ADX chairman
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Business
Borouge Q2 net profit $231m
The company posted first-half revenues of $2.8 billion.
- Second-quarter revenue increased by 2.5 percent quarter-on-quarter, to reach $1.4 billion, and declined on a year-on-year basis.
- The company's board has endorsed a dividend of $650 million to be approved by the shareholders during the second half of the year.
Business
ADIB posts 61% net profit growth in H1
The bank's revenue grew by 50 percent to AED 4.3 billion.
- The bank's cost to income ratio was managed down with an improvement of seven percentage points to 33.9 percent.
- Total assets increased 28 percent to AED 182 billion, driven by 18 percent growth in gross financing and 22 percent growth in investments.
Business
Aston Martin H1 revenue up
Revenue accelerated 25 percent to US$877 million.
- Losses after tax dropped to £142.6 million ($184 million) in the six months to the end of June
- During the same period last year, the firm suffered a net loss of £290 million ($374.75m)
Business
NBF H1 net profit up 120 percent
Fujairah, UAE -- The National Bank of Fujairah (NBF) Wednesday posted 120.7 percent increase in first half net profit to...
- The robust performance in Q2 2023 contributed to this growth, with NBF posting a net profit of AED 180.1 million, a 99.8 percent increase from the corresponding quarter of 2022.
- The bank's operating profit for H1 2023 reached AED 785.3 million, a 28.9 percent increase from AED 609.1 million in H1 2022.
Business
Boeing shares surge despite Q2 loss
The aerospace company reported a $149 million Q2 loss.
- A jump in plane deliveries boosted quarterly revenues to $19.8 billion, up 18 percent from the year-ago level and above analyst expectations.
- In the second quarter, Boeing notched a 12 percent increase in commercial plane deliveries. Shares jumped 6.2 percent to $227.45 in early trading.
Business
DIB H1 2023 net profit $844m
Profit driven by core revenues, effective cost management.
- Gross new underwriting and sukuk investments during H1 2023 reached US$12 billion compared to US$8.9 billion in H1 2022.
- Total income reached to US$2.5 billion compared to US$1.6 billion, a solid expansion of 49 percent year on year.
Business
Nissan Q1 net profit $750m
Results due to better sales in Japan, North America.
- Sales rose 37 percent to US$20.6 billion, even as tougher competition and a sluggish post-Covid recovery hurt its performance in China.
- The auto giant raised its annual net profit forecast to US$2.4 billion from its previous estimate of US$2.2 billion, boosted in part by cost-cutting.
Business
RAKBANK H1 profit $245m
This is the bank's highest-ever half-yearly profit.
- Net profit for the second quarter was AED 450.5 million, up 46.6 percent compared to Q2 2022.
- Net interest income and income from Islamic products net of distribution to depositors was AED 1.6 billion.
Business
ADCP partners with AP Moller
ADCP is a JV between Mubadala and Alpha Wave Global.
- AP Moller Capital focuses on, among other areas, opportunities in upper middle market infrastructure investments in sectors such as transportation and renewable energy.
- This venture reinforces ADCP’s commitment to the development of the institutional financial ecosystem from its headquarters at the ADGM, the firms said in a statement.
Business
General Motors Q2 profits up
Revenues were recorded at $44.7 billion, up 25 percent.
- General Motors (GM) reported profits of $2.6 billion, up 52 percent from the year-ago level.
- GM scored higher deliveries compared with the year-ago period in both North America and China.
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GSK to buy Aiolos Bio
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EVA Air orders 33 Airbus planes
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Nakilat expands its fleet
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Baims acquires Orcas Edtech
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Bahrain Steel raises $450m SLL
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TECOM Group net profit up 49%
The company recorded its highest-ever revenue of AED 2.2 billion.
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Business
Toyota sells record number of vehicles in 2023
It is the world's top automaker for the fourth year in a row.
- The automaker consolidated its position as the world's top-selling automaker for the fourth successive year
- Toyota said that by next year it plans to have an electrified version for every Toyota and Lexus model globally
Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.