Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
Business
Tesla to open plant in Mexico
The plant is going to be established in Monterrey.
- "The plant is going to be established in Monterrey," Lopez Obrador told reporters after speaking with Musk.
- He said the US company had promised to address the problem of water scarcity in Monterrey.
Business
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022.
- For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6 percent and 7 percent respectively year-on-year.
- Other highlights include Adjusted EBITDA of AED946 million ($258 million), up 7 percent year-on-year, delivering a margin of 60 percent.
Business
SABIC 2022 profit down 28%
The firms said margins will continue to be under pressure in H1.
- The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
- In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Business
Bayer 2022 profits $4.3 billion
The profit in 2021 was 1 billion euros, the company said.
- Sales rose by 8.7 percent to 50.7 billion euros, in line with analyst expectations.
- The results were boosted by record sales in the company's agricultural division, up more than 15 percent year-on-year to 25 billion euros.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Business
Ericsson to cut 8,500 jobs
Most of the layoffs would be implemented in H1 2023.
- Ericsson, which had a total of 105,000 employees at the end of 2022, last month posted disappointing full-year 2022 earnings.
- Ericsson said 1,400 of the job cuts were in Sweden, which had already been announced earlier this week.
Business
Eni posts record profit in 2022
Sales jumped 73 percent to 132.2 billion euros.
- Sales jumped 73 percent to 132.2 billion euros, beating analyst expectations
- But oil and gas production fell by four percent to 1.61 million barrels per day of oil equivalent
Business
IAG flies back into annual profit
Net profit came in at $457m, compared to 2.9bn euros loss in 2021.
- IAG announced Thursday the acquisition of Air Europa for 500 million euros from the Spanish company Globalia.
- IAG said it recruited 7,400 colleagues last year after axing about 10,000 on Covid fallout.
Business
Rolls-Royce sinks into net loss
Turnover however soared by more than a fifth to £13.5 bn.
- Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
- Rolls added that it would announce the outcome of a strategic review in the second half.
Business
ADNOC Gas IPO offer price range
The subscription period opens on February 23.
- The Abu Dhabi National Oil Company expects to sell 3,070,056,880 ordinary shares, representing approximately 4 percent of the Company’s issued share capital
- The subscription period for the Offering opens on February 23, and will continue until Wednesday, March 1, for the UAE Retail Offering.
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Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
Business
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Pure Health announces IPO
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Mumtalakat, Investcorp ink pact
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Eve Air Mobility, flynas ink MoU
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Ooredoo, QNBN sign agreement
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ADQ, ADNEC Group sign agreements
They will buy 40.5% stake in TMG Holding’s hospitality business.
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Business
OYO New Year Eve bookings up 64%
Oman emerges top performer in the GCC region.
- Saudi Arabia with 59 percent and United Arab Emirates with 31 percent growth were the other top performers.
- Siniya Island Resorts, a luxurious property in Dubai, was one of the most preferred destinations for new year celebrations.
Business
Borouge signs supply agreement
The two-year agreement is worth AED 160 million ($43.56 million).
- Under the two-year agreement, Borouge will provide advanced infrastructure solutions to NAFFCO for various infrastructure projects across the region.
- The Guggenheim Museum, the Riyadh city project, Mohamed bin Zayed City and the Yas Island Development Project are some of the projects.
Business
GSK to buy Aiolos Bio
The focus is on an asthma medication still at the testing stage.
- The acquisition hands GSK access to AIO-001, a long-acting antibody which is ready to enter Phase II clinical development for the treatment of adults with asthma
- AIO-001 was exclusively licensed to Aiolos outside of China by Jiangsu Hengrui Pharmaceuticals, which initially developed the asthma treatment