Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
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KIPCO sells its stake in GIG
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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.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Business
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.
- The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
- It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
Business
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.
- Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
- The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Aldar nets $953m in sales at Fahid
Aldar said 42 percent of the buyers are under the age of 45.
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The group will supply 200 unmanned helicopters to UAE defense ministry.
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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.
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