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Company News

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Burjeel profit nearly doubles

Healthcare demand drives stronger earnings.

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.

Business

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Business
Business

NBQ 2022 net profit $99m

Umm al Qaiwain, UAE-- National Bank of Umm Al Qaiwain (NBQ) has reported a net profit of AED364.52 million ($99...
  • Total assets were at AED 13.605 billion, up 3.5 percent compared to December 2021, with a deposits-to-advances ratio of 126 percent.
  • The bank has maintained high liquidity with a stable resources-to-advances ratio of 159.21 percent as of 31 Dec 2022.

ADNIC 2022  profit is $103mn

The company's underwriting income was $133 million.
  • The company’s gross written premiums increased by 20.1 percent to $1.39 billion compared to $1.16 billion in 2021
  • Its net underwriting income was $133 million, compared to $134 million in the previous year in the previous year
Business

Nakilat 2022 profit surges 6.3%

The earnings per share amounted to QR 0.26.
  • The earnings per share (EPS) amounted to QR 0.26 as of Dec. 31, 2022 compared to EPS of QR 0.24 for the same period in 2021
  • The Board of Directors have proposed a cash dividend of 13 percent of the nominal share value - 0.13 Qatari Riyal per share
Business

Air Arabia 2022 net profit $326m

FY'22 turnover rose to $1.4 billion, up 65 percent YoY.
  • The average seat load factor – or passengers carried as a percentage of available seats – for the full year stood at a high 80 percent.
  • Air Arabia’s Board of Directors proposed a dividend distribution of 15 percent of share capital, which is equivalent to 15 fils per share.
Business

Emirates Steel Arkan 2022 profit $138.44m

Revenue in fourth quarter of 2022 was $630m.
  • The Group’s net profit for the full year 2022 was AED508.5 million compared to a pro-forma loss of AED636.7 million in financial year (FY) 2021.
  • The Group’s 4Q22 EBITDA was AED300 million, showing a continuing growth on the AED269 million achieved in the third quarter (3Q) of 2022.
Business

DIB raises $1bn from sukuk

It had raised $750m through the sale of its debut sukuk in Nov 2022.
  • The sukuk was oversubscribed three times, largest issuance by a Middle East financial institution in the international capital markets since June 2021.
  • It is also the largest-ever sustainable issuance by a Middle East Financial Institution.
Business

DEWA, ENOC sign MoU

Aim is to develop hydrogen-based mobility pilot project.
  • The MoU between DEWA and ENOC was signed at the World Government Summit 2023 in Dubai.
  • The project will utilize DEWA's existing green hydrogen production facility and ENOC's knowledge of the fuel market.
Business

Empower 2022 net profit $762m

Firm has proposed dividend of S$115 million for 2nd half 2022.
  • The quality and sustainability of its services and advanced infrastructure has made it one of the world's largest player in the district cooling industry.
  • This performance reflects the confidence in Empower by its customers and stakeholders, and the economic boom of Dubai.
Business

ADNOC Drilling profit rises 33%

The revenue climbed to $2.67 billion in 2022.
  • The company stated in a regulatory filing that the addition of more rigs to its operating fleet, which currently number 115 rigs, was a major factor in its success
  • It provided an optimistic forecast for 2023, with sales expected to range between $3 billion and $3.2 billion, indicating up to 20 percent annual growth
Business

ADNEC posts strong 2022 growth

In 2022, the Group launched its new corporate identity.
  • In 2022, the Group launched its new corporate identity including exhibition and conference centres, events, hospitality, event services, and hotels
  • A number of specialized companies work within ADNEC Group in six key business areas, led by ADNEC Convention and Exhibition Centres

Etihad unveils new A321LR aircraft

A321LR features First Suite - a private, enclosed space with a sliding door.
Business

Company News

DP World, TPA ink pact

New CEO appointed in SRC

Mobily 9M 2023 profit up 41%

EasyLease Q3 revenue $57.66m

EU okays takeover of Seagen

Latest News

GSK to buy Aiolos Bio

The focus is on an asthma medication still at the testing stage.
Business

EVA Air orders 33 Airbus planes

The deal could be worth as much as $8.5 billion.
Business

Mubadala lists dollar, dirham bonds

This is Mubadala's seventh listing of a green debt instrument on ADX.
Business
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INSEAD Day 4- 300x600

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Business

Rolls-Royce makes record deliveries

It delivered 6,032 cars in 2023, the highest in its 119-year history.
  • The United States was the group's biggest market in 2023, followed by China.
  • The emblematic British car brand became part of German auto giant BMW in 1998.
Business

Baims acquires Orcas Edtech

The firm plans to incorporate one-to-one tutoring services.
  • Baims specializes in providing online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain, and Jordan.
  • Capitalizing on its market share in Saudi Arabia, Baims is poised to launch a specialized AI-driven test preparation product.
Business

Bahrain Steel raises $450m SLL

The company produces and supplies high-grade iron ore pellets.
  • The proceeds from this loan will be directed towards CAPEX for constructing the world’s largest stockyard shed with rooftop solar panels.
  • The SLL's framework incentivizes Bahrain Steel to exceed mandatory greenhouse gas (GHG) emissions reductions.