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.
Business
Aldar to redevelop two malls
The plan is part of AED 1bn revitalization project.
- The first phase of the project will focus on enhancing the customer experience and solidifying Al Jimi Mall's position as the go-to shopping hub for both residents and visitors.
- The redevelopment plan seeks to increase the Gross Leasable Area (GLA) by a significant 20 percent, expanding it to 91,000 square meters.
Business
Al Rajhi Bank’s profit dips marginally
The decline was attributed to decrease in total operating income.
- There was a decrease in impairment charge for financing from SAR 1.15 billion to SAR 719 million by 38 percent.
- The second-quarter net profit declined 3 percent to SAR 4.15 billion from SAR 4.25 billion in Q2 2022.
Business
Bank Albilad H1 profit up 14%
The H1 profit reached SAR 1.14bn ($303m) and Q2 profit SAR 585.9m.
- Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent.
- The Q2 2023 net profit rose by 15 percent to SAR 585.9 million from SAR 510.98 million in Q2 2022.
Business
ANB profit up 51Â percent in H1
The growth was backed by net special commission income.
- The bank reported an increase in the net provisions for expected credit losses and other provisions.
- The second-quarter net profit jumped 39 percent to SAR 986 million from SAR 707.69 million in Q2 2022.Â
Business
IHG to open Hotel Indigo in Oxagon
Oxagon is a coastal industrial city in Saudi Arabia's NEOM.
- The 250-key Hotel Indigo property will be situated in the Oxagon’s first residential community and will open its doors in 2026.
- IHG currently operates 37 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza and Holiday Inn.
Business
FAB second quarter net profit $1.14bn
The rise attributed to increase in net interest and non-interest income.
- For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion.
- The company said the operating income was $1.82 billion, up 37 percent from 2022.
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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.
Business
Siemens posts increased Q1 profit
The company said orders nearly doubled in mobility division.
- The group, whose products range from trains to factory equipment, made a net profit of 2.4 billion euros ($2.6 billion) between October and December
- "Siemens again delivered a strong quarter, maintaining a trajectory of profitable growth," CEO Roland Busch said in a statement
Business
UAB net profit grows 65%
Total assets grew 25% in 2023 on strong growth in loans, advances.
- UAB’s financial performance was aided by significant progress across the core businesses with total operating income recording a 15 percent growth.
- Total assets grew 25 percent year-on-year in FY 2023 to AED17.6 billion, driven by the strong growth in loans, advances, and Islamic financing.