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.
Business
Aldar Properties Q2 net profit $353m
Aldar recorded AED 2.1 billion in net profits for the first half of 2023.
- It also achieved revenues of AED 6.3 billion dirhams, an increase of about 18 percent.
- Aldar reported a record development sale of AED 11.6 billion with 10 new project launches year-to-date.
Business
Aldar expands into Dubai, Bahrain
The company announces $95 million investment for expansion.
- This investment adds to the initial commitment of AED 1 billion announced last year, Aldar said in a statement.
- The acquisition of Kent College Dubai and Virginia International Private School will expand Aldar Education’s presence in the UAE, the company said.
Business
National Leasing’s profits hit $2.37m
A jump of 28 percent in net profit vis-a- -vis H1 2022.
- National Leasing Holding was established in 2003
- It was listed on QSE in 2003 with a capital of $135.9 million.
Business
QGIRC net profit down
The first half 2023 profit of $9.64m was 25% less than that of H1 2022.
- Earnings per share (EPS) amounted to QR 0.040 as of 30th June 2023 versus Earnings per share (EPS) QR 0.054 for the same period in 2022.
- QGIRC has a network of branches located across Qatar and an overseas branch in the United Arab Emirates.
Business
ESG H1 net profit $162m
The net profit increased by 831 percent year on year.
- The revenue for H1 2023 experienced an 81 percent growth, amounting to AED 266 million, as opposed to AED 147 million in H1 2022.
- ESG's total assets surged by 93 percent in comparison to December 2022, culminating in a value of AED 2.2 billion by June end.
Business
ExxonMobil Q2 profits $7.9bn
Profits fell on lower refining margins, natural gas prices.
- Natural gas prices are down sharply from the year-ago period following a mild winter.
- The comparative weakness in refinery margins reflects sluggish economic conditions.
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Nokia sees ‘challenging’ 2024
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Masdar, 3 firms sign agreement
Business
Google AI research hub in Paris to host 300 experts
The new hub part of a trend for big tech firms to base teams in European centers.
Business
Air Arabia 2023 net profit $408m
The firm recorded a 27 percent rise in profit compared to 2022.
Business
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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.
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
- ESG’s total assets witnessed a massive rise, standing at US$833 million.
- This is a significant 168 percent growth compared to December 2022.
Business
Aldar net profit $1.19bn
Expanded investment and record development sales boosted profit.
- Aldar reported the highest-ever quarterly development sales of AED 8.5 billion in Q4, with full-year sales hitting a record AED 27.9 billion.
- Development revenue backlog doubled to AED 36.8 billion, providing strong income visibility over the next two to three years, Aldar said.