ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
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.
Business
Burjeel Holdings Q1 profit $33m
The company posted Q1 revenue of US$299 million.
- Firm's revenue increased by 11.6 percent year-on-year and net profit by 43.4 percent reflecting strong growth.
- Burjeel Holdings continue to review partnership opportunities in the Middle East and Africa region.
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 Â
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.
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ESG buys majority stake in UIG
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Hyundai to sell Russian plant
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Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
Business
Alaska Airlines’ Boeing 737 MAX9 resumes flight
The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
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Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
- Vodafone Qatar’s net profit for the nine months ending September 2023 reached US$107 million.
- This reflects a growth of 17.3 percent compared to the same period in 2022, mainly driven by higher EBITDA.
Business
Microsoft lays off 1,900 staff
The move comes after Activision Blizzard gaming buyout.
- Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
- Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
- The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA.
- In November 2023, EDGE acquired a 52 percent majority shareholding in ANAVIA, which manufactures unmanned helicopters.