Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
Arts & Culture
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.
Business
PIF sets up tourism firm Asfar
Firm Saudi Tourism Investment Company has been set up.
- The company will invest in new tourism projects and develop attractive destinations with hospitality, tourist attractions.
- The company will leverage Saudi Arabia’s unique strategic location between the three continents of Asia, Africa and Europe
Business
Italy’s Eni Q2 profits down
Adjusted net profit also fell down 49 percent in the second quarter.
- Like its competitors, Eni benefited last year from the spike in gas and oil prices, fuelled by the economic recovery after the pandemic and Russia's invasion of Ukraine.
- Eni posted a record net profit of 13.8 billion euros in 2022, its best result in more than two decades.
Business
Tabreed H1 23 net profit $105m
New customers and projects were added in H1 2023.
- In the first half of the year, Tabreed's revenue increased by 9.4 percent YoY to US$290 million, from US$265 million in H1 2022.
- Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing its first operations in India.
Business
SAB H1 profit up 59%
The bank's profit in Q2 increased by 43% compared to Q2 2022.
- SAB’s net profit dropped by 12.2 percent from SAR 1.76 billion in Q1 2023.
- H1 profit rise was mainly due to an increase in net special commission income, income from FVSI financial instruments.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Thousands of carpets sunbathe at Turkish resort
From June-Sept, in harvested fields cleared of stubble, merchants bring their cargo to age in the sun, tempering the bright...
Arts & Culture
Company News
Masdar, 3 firms sign agreement
Business
Latest News
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Most Read
Business
Aramex Q4 net profit doubles
The firm reported a marginal YoY decline in Q4 revenue.
- Aramex said the revenue growth in International Express was offset by the decline in revenues from other products.
- The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year.
Business
Hermes profit soars 28 percent
The luxury giant posted a profit of US$4.6bn in 2023.
- The company will disburse a 4,000-euro bonus to all employees early this year as part of "its policy of sharing the fruits of growth"
- Its sales climbed 14.5% in Japan and 12.9% in the rest of the Asia-Pacific region, with the group opening its 33rd store in China
Business
Emaar 2023 revenue at $7.3bn
Emaar property sales rose to US$ 11 billion in 2023.
- Emaar also achieved 63 percent growth in EBITDA, reaching US$4.4 billion (AED 16 billion) during 2023 as compared to 2022.
- This performance was supported by growth in tourism, a continued upward trend in retail sales and a consistent increase in real estate demand.