US downs three Houthi drones, strikes anti-ship missiles
Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
e& 2023 net profit is US$2.8bn
e& said the net profit is a growth of 3 percent year-over-year.
Business
GA-ASI partners with EDGE
Business
Business
Tabreed Q1 net profit $64.37m
Tabreed's total connected capacity rose to 1.276 million RT.
- Its revenue increased by 10 percent year-on-year to AED464 million from AED420 million in Q1 2022.
- The company's profit from operation increased by 12 percent to AED172 million compared to AED154 million in Q1 2022.
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Business
Arabian Cement Q1 net profit $13.11m
The net profit increased by 17 percent in Q1 compared to Q1 2022,
- The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year.
- The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales and decrease in selling and distribution expenses.
Business
Aramex Q1 net profit down 49%
Aramex said revenue was impacted by currency fluctuations, etc.
- Net Q1 profit declined by 49 percent YoY to $6.54m due to a mix of factors, including currency devaluation in certain markets.
- The company said its revenues -- which declined marginally by 1 percent YoY to AED 1.43 billion -- were driven by stable performance in International Express.
Business
Foxconn Q1 profit dips 56%
Foxconn blamed the plunge on weakened demand.
- The net profit of Foxconn dropped 56 percent during the first quarter of 2023, compared to 2022 Q1, with a net profit $417 million.
- Foxconn said its sale is likely to drop during the second quarter of 2023 as well, citing 'slow season' as a reason for it.
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Business
Emirates Group yearly profit $3bn
The group declared a dividend of $1.2 billion to its owner.
- The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
- The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business
Nissan 2022 profit $1.6bn
The company sold 3.16 million vehicles for the year to march 2023.
- Nissan registered a net profit of 220 billion yen for the financial year 2022, pipping its original predicted profit of 220 billion yen.
- The company said the gains were the result of sales improvements and cost-cutting, as well as favorable foreign exchange rate fluctuations.
Business
stc Q1 revenue $4.84 billion
This is the company's highest-ever quarterly revenue.
- The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
- The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
Business
Savola Group net profit up 45%
The company posted a net profit of $104 million for the quarter.
- The net profit was up despite higher operating expenses, higher net finance cost and higher zakat and income tax expenses.
- Revenues increased in the Retail, Food Processing and Frozen Food segments by 11 percent, 2 percent and 15 percent, respectively.
US downs three Houthi drones, strikes anti-ship missiles
Yemen's Iran-backed Houthis have been targeting shipping for months and their attacks have persisted despite repeated American and British strikes...
Company News
ADNOC Gas net income $3.37bn
Business
ACWA Power, SEC sign PPAs
Business
Chemanol to buy stake in ACC
Business
Latest News
GA-ASI partners with EDGE
Business
Abu Dhabi fund CYVN invests $2.2bn in Nio
This follows an earlier investment of $738.5 million by CYVN in July.
Business
KIPCO sells its stake in GIG
The deal is valued at 256 million Kuwaiti Dinars ($832 million).
Business
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Business
ENEC, CNNC sign MoU
Both the firms will offer their expertise in the sector.
- The two firms will collaborate on identifying potential development and co-investment opportunities for new international nuclear energy plants.
- They will form a Joint Working Group to leverage their strengths in project management, nuclear technology development and implementation.
Business
ADCB, EIH sign agreement
ADCB to sell 80 percent stake in ADCP to Nine Yards Plus.
- The transaction values ADCP at US$161 million and ADCB will gain of nearly US$133 million subject to closing conditions before end of December 2023.
- ADCB will retain a 20 percent stake in ADCP post transaction and will continue its partnership via a long-term relationship agreement.
Business
MBC IPO retail subscription begins
MBC Group runs a group of TV and radio channels.
- The subscription process for the retail tranche of MBC Group will run for five days until December 18.
- The Capital Market Authority approved, on November 21, the company's request to float 33.25 million shares in an IPO.