CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
Business
CBD H1 2023 net profit $133m
Profit is a 41.5 percent jump compared to H1 2022.
- This remarkable growth in net profit is attributed to outstanding revenue contribution across net interest and other operating income.
- The economic outlook for the UAE and business confidence continue to be encouraging, powered by buoyant domestic activity.
Business
ADNOC in talks with OMV
Talk merger of shareholdings in Borouge, Borealis.
- Borouge is listed on the ADX with 54 percent owned by ADNOC.
- Borealis is owned 75 percent by OMV with ADNOC holding 25 percent.
Business
Burberry sales jump on China boost
Group sales grew 18 percent to $772 million in its Q1.
- The performance was buoyed by a 46-percent surge in Chinese purchases of items including Burberry's handbags and famed trench coats.
- Despite the upbeat trading update, Burberry's share price dipped 0.2 percent to £21 on the rising London stock market.
Business
ExxonMobil to buy Denbury
ExxonMobil will acquire Denbury for $4.9 billion.
- The all-stock acquisition provides ExxonMobil with Denbury's carbon dioxide pipeline network in Texas, Louisiana and Mississippi.
- Oil companies have championed carbon sequestration as a major response to climate change.
Business
IDB inks pact with IRENA
IDB will fund renewable projects by joining ETAF platform.
- The IDB plans to co-finance renewable energy projects and energy transition technologies worth US$100 million in Latin America and the Caribbean.
- By leveraging its global reach and energy transition knowledge, IRENA is actively developing a pipeline of energy transition projects .
Business
Ethmar net profit up $114m
The company's net profit in H1 2022 was only $6.5 million.
- The increase reflects the continuous efforts of EIH to diversify its revenue sources, the company said.
- The total assets of EIH have also increased significantly, from AED77.7 million at the end of 2022 to over AED2.23 billion at the end of the first half of 2023.
Business
TCS Q1 profit at US$1.35bn
Revenue from operations was US$7.2 billion.
- TCS, India's second-most valuable company by market cap, reported a net profit of 110.7 billion rupees ($1.35 billion).
- TCS was boosted by 16.1 percent growth in its UK market, while North America and Europe grew by 4.6 percent and 3.4 percent.
Business
Agthia Group launches Agthia Ventures
New firm is a $54 million corporate venture capital fund.
- Funded by Agthia and its parent company ADQ, Agthia Ventures will be managed together with Touchdown Ventures.
- Agthia Ventures will help entrepreneurs through access to the firm’s extensive industry knowledge, diverse distribution networks.
Business
Maaden acquires 9.9% stake in Ivanhoe
It also completes conditions for a joint venture.
- There is no change in the associated costs related to the event, Maaden noted.
- Maaden has posted a net profit of SAR 419.4 million ($111 million) for the first quarter of 2023.
Business
Yahsat to invest US$100m
It is for capital expenditure of T4-NGS satellite program.
- The program, the next-generation telecommunications system for Thuraya, is scheduled to begin operational service in H1 2025.
- The total cost of the program is up to $550 million, including manufacturing, launch, insurance and new ground infrastructure.
Company News
CBI 2023 net profit at $46.5m
Business
Mammoet, Aertssen sign agreement
Business
Latest News
PureHealth buys Circle Health
Business
ADQ, ADNEC Group sign agreements
Business
QNB net profits up 8% in 2023
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
Business
Most Read
Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.