ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
TotalEnergies Q3 profit up 1.5%
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PIF, Pirelli establish a JV Â
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Ghitha Holding Q3 profit of $33m
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Aluminum Bahrain 2022 net profit $1.10 bn
The Q4 2022 profit was down 78% compared to Q4 2021.
- Alba achieved revenue of $1.22 billion in Q4 2022 versus $1.39 billion for the same period in 2021, a drop of 12 percent.
- The revenue for 2022 stood at $4.89 billion, up by 16 percent compared to $4.21 billion for 2021.
Business
Sanofi 2022 net profit at $7.3bn
Dupixent drug has been a huge success for the firm.
- Sanofi is aiming for US$10.9 billion in sales of Dupixent this year.
- The company's net profit rose by eight percent in 2022.
Business
Drydocks World, Aker form JV
They will upgrade an FPSO vessel for the Rosebank field in the UK.
- The JV signed its first contract with Altera Infrastructure, a global energy infrastructure services group, to upgrade, refurbish and electrify the FPSO, the Petrojarl Knarr.
- The vessel will be redeployed at Rosebank field, with the upgrades allowing it to be kept in the field for 25 years without drydocking.
Business
ADNOC signs 23 agreements
Under the pact, the companies will manufacture products in UAE.
- The products are part of the AED70 billion ($19 billion) worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022.
- Last year, ADNOC signed agreements for local manufacturing commitments worth over AED25 billion ($6.8 billion) with UAE and international companies.
Business
Santander 2022 profit at $10.6bn
The bank's profit got a boost due to higher interest rates.
- Shareholders would receive a payout of around 40% of the group's underlying profit, divided equally between cash dividends and share buybacks
- Central banks have hiked interest rates worldwide in an effort to tame runaway inflation.
Business
PIF, AeroFarms to build indoor farms
The farms will have a capacity of 1.1m kg of crops per year.
- The agreement aims to optimize natural resources through indoor vertical farming, which requires no arable land.
- The partnership will allow for sustainable, local sourcing of high-quality crops all year round, grown with AeroFarms' AgTech platform.
Business
Diriyah signs JV agreement
It was signed with Integrated Telecom Company and TAWAL.
- The 15-year design, build and operate contract covers open-access services for visitors, tenants, and residents of Diriyah.
- In addition, more than 80 telecommunication towers are expected to be erected over the next three years.
Business
SK Hynix posts record loss
The company is world's second-largest memory chip maker
- The South Korean chipmaker SK Hynix reported an operating loss of $1.4 billion in the October to December period
- Hynix's results come a day after Samsung Electronics said fourth-quarter operating profits plunged nearly 70 percent
ADCB 2022 net profit $1.75 bn
The bank’s net profit for Q4 2022 was up 23%.
- The bank's net interest income was to the tune of AED 10.194 billion, an increase of 15 percent compared to 2021.
- The Board has recommended a dividend of AED 0.55 per share, equivalent to 60 percent of net profit.
Business
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas.
- The huge profits by oil companies have sparked pushback from governments.
- In 2022, ExxonMobil put $29.8 billion into shareholder distributions, evenly split between dividends and share repurchases.
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
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Mashreq’s net profit surges 122%Â
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TotalEnergies Q3 profit up 1.5%
Business
PIF, Pirelli establish a JV Â
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Ghitha Holding Q3 profit of $33m
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Yalla 9M revenue at $237.9m
The results underscore the firm’s robust financial performance.
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DTC sets IPO offer price range
Final offer price will be fixed through a book-building process
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Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.
Business
AJEX, MODON sign partnership
AJEX will have rights to operate warehousing facilities at Modon.
- These facilities will be utilized for the storage of a diverse range of goods, including hazardous materials, food and beverage products, and general items.
- The newly secured warehousing space aligns with Dammam's pivotal role in the Kingdom's oil, gas, and industrial sectors, AJEX said in a statement.
Business
EPI to make assembly parts for Raytheon
EPI is part of the Platforms Systems cluster within EDGE.
- EPI will supply prototype quantities of machined aluminium and assembly parts for the Coyote® Counter-UAS interceptor.
- The agreement supports the 'Make it in the Emirates' initiative, a comprehensive plan for developing the UAE's industrial sector.