ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
KIPCO sells its stake in GIG
Business
Hyundai Motor, Mubadala ink MoU
Business
ADNOC to buy stake in Fertiglobe
Business
ENEC, CNNC sign MoU
Business
Business
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.
- The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
- With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Business
TotalEnergies Q1 profit up 12%
The firm had sold its oil sands activities in Canada to SunCor Energy.
- TotalEnergies revealed that the net profit during the first three months was $5.6 billion in 2023.
- Jump in oil, gas prices post Russia-Ukraine war boosted TotalEnergies' profit to $20.5bn in 2022.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
Business
Boeing Q1 loss $425m
Boeing's loss in the first quarter of 2022 was $1.2 billion.
- Boeing affirmed its full-year outlook for operating cash flow, a key metric, and for 737 plane deliveries in 2023.
- Boeing's revenues came in at $17.9 billion, up 28 percent from Q1 2022 and topping analyst expectations.
Business
Xlinks secures $37m funding
The funds will be used in laying subsea cables between UK and Morocco.
- It is one of several first-of-a-kind long-distance renewable energy generation and cross-border export project being planned globally.
- It had secured 25 million pounds of investment from Abu Dhabi National Energy Company (TAQA) and 5 million pounds from Octopus Energy Group.
Business
GSK Q1 profit dips
Revenue dropped more than three percent to $8.74 billion.
- Profit after tax fell to £1.5 billion ($1.9 billion) compared with the first three months of 2022.
- GSK is seeking to concentrate on development of new drugs after overseeing the split of Haleon.
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
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ADNOC Drilling secures $1.15bn contract
The contract for two jack-up rigs begins in the second quarter.
Business
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AviLease, SDH Wings Sign MoU
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KIPCO sells its stake in GIG
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Hyundai Motor, Mubadala ink MoU
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ADNOC to buy stake in Fertiglobe
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Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
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DIB reports $1.86bn net profit
The bank's income rose by 43% YoY to $5.4 billion.
- The bank's Balance Sheet increased to approximately $84.78 billion, up 9% YoY
- Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY
Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.