Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
Business
Dana Gas 9M net profit $126m
Business
Amlak Q3 net profit AED $73m
Business
Rabigh 9M net loss $879m
Business
Business
DIB Q1 profit up
Net financing and sukuk investments stood at $65.35bn.
- DIB's total income rose to AED 4.431 billion ($1.21bn) compared to AED 3.016 billion ($820m), a solid expansion of 47 percent YoY.
- Net operating revenues showed a robust 12 percent YoY to reach $750 million, while net operating profit stood at $550 million.
Business
MBM Holding, Portland Holdings ink MoU
Firms will work together on nuclear, renewable energy.
- The two firms seek to address global challenges by adopting innovative solutions in health sciences and nuclear and clean energy.
- The MoU comes as part of the UAE’s Year of Sustainability in preparation for the country's hosting of COP 28 to promote environmental sustainability.
Business
DAE okays $300m for bond repurchase
The repurchase will be made through open market transactions.
- To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
- The airplane lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Business
M42 acquires Diaverum
Diaverum is world’s third-largest provider of dialysis services.
- Founded in 1991, Diaverum operates across 23 countries, with 440 clinics and over 13,000 employees.
- It has a strong track record of clinical excellence, providing critical care to around 39,000 patients.
Business
Goldman Sachs net income down
The bank's shares dropped 3.7% to $327 in pre-market trading.
- The big investment bank pointed to a "significant decline in industry-wide completed mergers and acquisitions transactions".
- Net income came in at $3.1 billion, down 19 percent from the year-ago period on a five percent drop in revenues to $12.2 billion
Business
Volkswagen to invest in China
The new venture will be launched in 2024.
- Electric Vehicles now make up one out of four car sales in China, the world's largest car market. Local brands command 81 percent of the EV market in China.
- Executive Ralf Brandstaetter said the move was a key step of the group's "in China, for China" strategy.
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Business
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.
- GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
- Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Business
Ericsson Q1 net profit at $155m Â
Firm announced that it would slash 8,500 jobs worldwide.
- Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
- Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
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AstraZeneca Q3 profit swells
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Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
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Dana Gas 9M net profit $126m
Business
Amlak Q3 net profit AED $73m
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Rabigh 9M net loss $879m
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PureHealth offer price $0.89 per share
The IPO witnesses demand of over AED 265bn ($72.15bn).
Business
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Business
KPMG to merge UK, Swiss ops
The UK unit employs about 17,000 staff and the Swiss over 2,600.
- KPMG UK said it is in discussion with Swiss firm to explore ways to bring greater benefits
- KPMG rival EY recently failed in a bid to split its audit and consulting units, causing its boss Carmine Di Sibio to retire a year early
Business
ROSHN, Retal sign $99m deal
363 single-family villas will be constructed in Riyadh.
- SEDRA, spanning eight phases over 35 million square meters, integrates nature and local heritage, creating a unique living experience.
- The latest agreement with Retal underscores the commitment to delivering a modern, upscale, and sustainable urban community, ROSHN said.
McDonald’s eyes big expansion
The company plans about $2.5bn in capital expenditures in 2024.
- McDonald's will seek to effectively grow its network of namesake sites by about one quarter in what it called the speediest expansion in the brand history
- For CosMc's - which McDonald's executives had teased in July - the company plans an initial store in Chicago in 2024 and nine others in Texas