Hyundai to sell Russian plant
Business
Bayanat, Yahsat to merge
Business
Business
Carrefour now opens in Israel
French retailer is first foreign supermarket chain in Israel.
- Simmering rage over costs and income inequality dominated the country's elections in November.
- Inflation hit 5.2 percent year-on-year, the central bank said in April, a record high for Israel in over a decade.
Business
DEWA Q1 profit $207.8m
Growth in revenue driven by surge in demand for electricity, water.
- By the end of Q1 2023, DEWA served 1,169,713 customers, representing an increase of 12,212 customers from Q4 2022.
- Quarterly revenue growth for electricity, water and cooling services increased by 7.2 percent, 7 percent and 4.6 percent respectively.
Business
Maersk Q1 profit dips
Its turnover fell by 36.6 percent to $9.9 in the Ocean division.
- For the first three months of the year, Maersk had a net profit of $2.3 billion, down from $6.8 billion a year earlier.
- The result fell short of analyst expectations, as Maersk also reported a 26 percent drop in revenue to $14.2 billion.
Business
BMW Q1 net profit at $4.1bn
The firm says sales declined in Europe and China.
- Overall vehicle sales declined by 1.5 percent year-on-year, with a 6.6 percent slide in China and a 1.9 percent decrease in Europe.
- In Europe, "the environment was characterized by persistent inflation and high interest rates," BMW said.
Business
Airbus Q1 net profit at $514m
The company delivered 127 aircraft in Q1 of 2023.
- Revenues generated by Airbus' commercial aircraft activities decreased by five percent year-on-year.
- The company's defense and space unit saw revenues drop by six percent, while the helicopter unit jumped by 26 percent.
Business
EITC posts Q1 revenue at $936m
Revenue is due to demand for fixed, mobile services.
- The prepaid customer base of EITC increased to 6.7 million, driven by the continued attractiveness of Flexi plans and brisk tourism activity.
- EITC's commercial initiatives led to a 9.4 percent increase in mobile customers, with 8.2 million subscribers at the end of the quarter.
Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Business
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.
- Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
- Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.
- The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
- The highest standards of food safety in line with International biosecurity standards will be followed.
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Company News
Hyundai to sell Russian plant
Business
Bayanat, Yahsat to merge
Business
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AviLease, SDH Wings Sign MoU
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
Business
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Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Business
ADNOC Drilling begins use of hybrid rigs
The rigs use high-capacity battery to reduce emissions.
- In 2023, the company acquired 16 such rigs for a combined $327 million investment.
- The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.