Business
Dana Gas proposes dividend
The company had reported a net profit of $182 m for 2022.
- A payout of 4.5 fils per share for the second half of 2022 would take the total dividend payment for 2022 to AED630 million ($171.5m)
- The increased payout reflects higher global energy prices and the company’s good operational performance for the year, Dana said.
Business
Tabreed to pay record dividend
Dividend of 13.5 fils per share highest ever in company's history.
- The dividend marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022.
- Tabreed said it added nearly 55,000 refrigeration tons of new connections in the UAE and across the region.
Business
Emirates NBD arranges sukuk
The inaugural $600m sukuk saw orders of over $2.2 billion.
- The profit rate was tightened by 30 basis points to 5.85%, at a spread of 185 basis points over US treasuries due to the robust order book.
- Middle Eastern investors received 80 percent of the sukuk allocation, Emirates NBD said.
Business
Amazon plans more job cuts
The online retail giant axed 18,000 jobs in January.
- The layoffs account for a smaller percentage of Amazon's total workforce, which ran up to 1.5 million people in December 2022, than the cuts seen at some other tech giants.
- The cuts would mainly impact Amazon's cloud computing, human resources, advertising and Twitch videogame streaming businesses, Amazon CEO Andy Jassy said.
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Business
Arabian Drilling posts profit
The company posted a 23% increase in revenue.
- The capital expenditure rose materially by 606 percent with a total spending of SAR 1.7 billion.
- The company said the "strong cash position" achieved in 2022 was driven by the proceeds generated from the IPO of SAR 872 million
Business
Presight IPO oversubscribed
The G24 data analytics firm received $496 million in its offering.
- Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
- The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business
NBF approves dividend for 2022
The profit of 6% of paid-up capital will be paid as bonus shares.
- The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
- The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Business
Deliveroo 2022 loss at $355m
The firm's revenue rose 14 percent to nearly US$2.4 billion.
- Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain in 2021.
- The company expanded into Qatar last year as it pursues a growth plan of action in Middle East.
Business
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.
- In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
- It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
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Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
Business
Samsung’s AI pivot
Part of the company's bid to reclaim smartphone throne.
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Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
- Under this agreement, Bahrain Steel will supply high-grade iron ore oxide pellets annually to Emirates Steel Arkan.
- Saeed Ghumran Al Remeithi, Group CEO at Emirates Steel Arkan, said the agreement will also cement ties within the GCC.
Business
Google to slash ‘few hundred’ jobs
The internet giant will cut jobs from its global ad team.
- The jobs will be cut by the company amid a push to use artificial intelligence for efficiency and creativity
- The company made no mention of generative AI, which is disrupting many sectors including advertising.
Business
Goldman Sachs profits up 58%
Revenues rose seven percent to $11.3 billion.
- In the fourth quarter, Goldman Sachs' revenues from equity trading surged 26 percent, while the bank's own holdings in public equities also enjoyed a hefty increase.
- Rival financial heavyweight Morgan Stanley reported a 35 percent drop in profits to $1.4 billion on a one percent rise in revenues to $12.9 billion.