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Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Economy

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

Business
Business

PIF sets up SRJ Sports Investments firm

The investments are expected to localize partnerships.
  • The new company will target businesses specialized in offering unique fan engagement activities and transformative sports technology.
  • This firm will help bolster Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
Business

Dubai Investments net rises to $157m

Real estate sector remains one of the key business verticals.
  • Total income for the Group increased by 31 percent from US$422 million (AED 1.55 billion) in H1 2022 to US$552 million (AED 2.03 billion) during H1 2023.
  • Total shareholder equity increased to US$3.5 billon as of June 30 2023, compared to US$3.5 billion (AED12.84 billion) as of year ended December 31 2022.
Business

ADNOC Gas H1 revenue $10.6bn

The decline in revenue is due to lower gas prices.
  • The second quarter revenue stood at AED 19.8 billion, compared to Pro Forma Adjusted Revenue of AED 26.1 billion in Q2 2022.
  • ADNOC Gas said it shifted towards higher-margin export liquids and focused on increased efficiency.
Business

Empower H1 2023 revenue at $333m

The company’s EBITDA in H1 2023 was US$178 million.
  • In the July 2022 to June 2023 period, Empower’s consolidated revenue was US$778 million.
  • Empower CEO said the firm continues to expand investments in its portfolio of assets and infrastructure.
Business

Burjeel Holdings H1 net profit $61m

Firm's EBITDA rose 12.7% y-o-y to $127 million in H1 2023.
  • Burjeel Holding reported revenue of US$599 million, up 13.9 percent y-o-y during H1 2023.
  • The net profit was attributable to robust topline growth and significantly lower finance costs.
Business

ADNOC Drilling posts $446m net profit

The increase was attributed to expansion in fleet and services.
  • ADNOC Drilling’s first half revenue increased to $1.4 billion, up 13 percent year-on-year.
  • Second quarter revenue grew by 8 percent year-on-year to $724 million and by percent sequentially.
Business

ADNOC to acquire stake in Absheron field

TotalEnergies and SOCAR will hold 35% stake each in the field.
  • Entering into a strategic partnership with SOCAR also elevates ADNOC’s long-standing partnership with TotalEnergies, who until now had held a 50% share alongside SOCAR in Absheron.
  • The partnership will enable ADNOC to build a major footprint in a region with prolific natural resources and significant growth potential.
Business

Adidas posts $92m Q2 profit

Adidas now expects to end the year with an operating loss of $492m.
  • The German sportswear giant reported a net profit of 84 million euros ($92 million) from April to June.
  • Adidas shares were up 1.4 percent on the Frankfurt Stock Exchange after the results were released.
Business

Americana posts $144m H1 net profit

The company reported revenues of $1.24 billion for H1.
  • In the second quarter of 2023, the company delivered 13.5 percent revenue growth compared to Q2 2022.
  • Net profit (attributable to shareholders of the parent company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent.
Business

EIH buys stake in Gewan Holding

Acquisition aims to diversify and expand into several sectors.
  • EIH has cultivated a diversified, innovative, and sustainable investment portfolio comprising over 30 companies across various sectors.
  • Gewan is a diversified holding company operating in various sectors, including real estate, general trading, hospitality, travel and tourism.

Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.
Economy

Company News

Bayanat, Yahsat to merge           

Lufthansa orders planes for $9 bn

Mubadala Energy makes gas discovery

AviLease, SDH Wings Sign MoU

Japan’s Nippon to acquire US Steel

Latest News

EDF’s net profit is $10.8bn

EDF cut its large debt by increasing nuclear production.
Business

Americana Restaurants posts profit.

The annual net profit in 2022 was US$470 million.
Business

QEWC 2023 net profit US$426m

QEWC market share in supply of electricity was 61 percent.
Business
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Business

Air Arabia 2023 net profit $408m

The firm recorded a 27 percent rise in profit compared to 2022.
  • The company in its financial results said that the airline's turnover for 2023 reached US$1.6 billion
  • Air Arabia’s Board of Directors proposed a dividend distribution of 20 percent of share capital,
Business

solutions by stc, Devoteam ink MoU

The aim is to foster avenues for collaboration in technology.
  • The pact follows and builds upon the acquisition by solutions of a 40 percent stake in Devoteam Middle East.
  • The collaboration also aims to combine the experience and resources of the parties for mutual benefit.
Business

Bezos sells $2bn Amazon shares

He reportedly intends to sell, next July, 50 million shares of the group.
  • Bezos sold on Wednesday and Thursday some 12 million Amazon shares, at between $168-171 per share.
  • A previous stock market document, out Wednesday, reported his intention to sell, next July, 50 million Amazon shares.