ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
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Glencore to pay US$180m
Payment for settling graft claims against firm in DR Congo.
- The settlement with DRC is related to investigations by the country's authorities and the US Department of Justice, Glencore said.
- Glencore disclosed in 2018 that the US Justice Department had launched a corruption investigation linked to the group's business in Nigeria, Venezuela and DRC.
ABB to pay US$315m fine
Two affiliates of ABB pleaded guilty to bribery charges.
- Two affiliates of ABB each pleaded guilty to one count of conspiracy to violate the US Foreign Corrupt Practices Act
- In October eight people, including former Eskom CEO Matshela Koko, were arrested on corruption charges linked to the ABB work.
Business
SABIC signs pact with Aramco, PKN ORLEN
They will study feasibility of Polish petrochemical sector investment.
- The agreement laid the first cornerstones towards a potential partnership with Aramco and PKN ORLEN in petrochemical production, said SABIC acting CEO.
- In August, Aramco and SABIC Agro-Nutrients Company obtained the world's first independent certifications recognizing the production of blue hydrogen and blue ammonia.
Business
Jazeera Airways expands to Tajikistan
A direct flight from Kuwait to Dushanbe will be operated.
- The route launches on December 29 and will be operated on Thursdays and Saturdays. Flights land at the Dushanbe International Airport.
- The new route that connects pilgrims to Saudi Arabia besides offering a new travel destination for nature and adventurous culture seekers.
Business
TotalEnergies cuts UK investment
Move comes UK imposes windfall tax on energy firms.
- Total will cut its North Sea investment by US$123 million in 2023 over windfall tax.
- The move of windfall tax in last month's budget was aimed at helping fund support for British consumers hit by rocketing energy bills.
Business
SAS reports deeper losses
The airline's net losses amounted to more than $117 million.
- Net losses amounted to more than 1.2 billion Swedish kronor ($117 million) in the August-October period
- The airline, however, saw the "highest number" of passengers since the beginning of the Covid pandemic
Business
HSBC sells Canada ops for $10bn
Bank will use funds for core business, give cash to investors.
- The large sale comes after UK-listed HSBC faced calls from biggest shareholder Ping An Insurance Group to cut costs and shift more resources to Asia.
- The Canadian divestment is expected to be completed in late 2023.
Business
ENBD REIT announces H1 NAV
The company achieved a gross rental income of $15 million.
- The property portfolio value increased by $4.7 million from the previous quarter to $362 million
- The company achieved a gross rental income of $15 million, up 0.7 percent from the same period last year
Business
Americana UAE IPO share price is $0.75
The company is the largest quick service restaurant operator in MENA.
- Americana is the largest out-of-home dining and quick service restaurant operator in the MENA region
- The concurrent book building process generated orders of approximately AED 386 billion
Business
Nestle pours $1.8 bn in S Arabia
Firm said this will help bolster its presence in kingdom.
- Nestle's announcement is likely to be a major boost to Saudi Arabia as the kingdom pushes to attract greater foreign investment.
- Nestle will build a new factory, due to open in 2025 that will produce infant nutrition products and ready-to-drink coffee.
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Sipchem 9M net profit down 67%
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JPMorgan Q3 profit at $13.2bn
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MIS net profit $7.1m in 9M 2023
Riyadh, Saudi Arabia -- Al Moammar Information Systems Co. (MIS) recorded a net profit of SAR 26.7 million ($7.1 million) in the...
- The lower profit was attributed to an increase in impairment loss on contract assets and trade receivables during the quarter, Argaam reported.
- In Q3 2023, the company swung to a net loss of SAR 69.4 million against a net profit of SAR 25 million in Q3 2022.
Business
Emaar 9M net profit $1.1bn
This is due to the successful launches of new projects.
- Emaar Development’s property sales increased by 25 percent, reaching US$7.9 billion in the first nine months of 2023.
- In the first nine months of 2023 (January to September), Emaar Development reported an EBITDA of US$1.2 billion.
Business
AstraZeneca Q3 profit swells
The profits nearly doubled on solid demand for cancer treatments.
- Net profit soared almost 90 percent to $1.26 billion in the three months to the end of September compared with a year earlier
- While overall sales grew, revenue from its Covid jab Vaxzevria slumped 98 percent in the first nine months of the year compared with the same part of 2022