QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
Economy
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Business
ADNOC to deploy UAE-made drones
Business
ADNOC signs pacts with 30 firms
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Business
FTX goes bankrupt in US
The Cryptocurrency platform chief executive quits.
- FTX Group announced in a statement that it filed for Chapter 11 bankruptcy proceedings.
- Chapter 11 is a US mechanism allowing a company to restructure its debts under court supervision while continuing to operate.
Business
SoftBank Q2 net profit at $21.4b
Firm's reduction of stake in Alibaba partly helped.
- Falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
- The investment behemoth has made huge bets to find and grow new tech companies around the world - making its earnings vulnerable to fickle market forces.
Business
ADNOC Distribution 9M net profit up 39%
The company paid a dividend of AED1.285 bn in Oct.
- The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 percent of distributable profits.
- The company’s non-fuel business for the first nine months of 2022 rose by 18 percent, while non-fuel gross profit also increased by 9 percent.
Business
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms.
- The group, owner of the Cartier and Piaget brands, made a profit of US$1.23 billion in the same period last year.
- In August, Richemont agreed to sell a large stake in its Yoox Net-A-Porter online luxury sales brand to British e-commerce platform Farfetch.
Business
SALIC buys 9.2 percent stake in LT Foods
The deal follows the acquisition of 30% stake in Daawat
- The deal follows the acquisition of 30% stake in Daawat, an LT Foods subsidiary
- LT Foods delivers rice and rice-based food brands in more than 60 countries
Business
Air Arabia Q3 net profit $113m
The profit rose by 99 percent compared to Q3 2021.
- In the same period, the airline posted a turnover of AED1.6 billion, a 100 percent increase compared to the same quarter of last year.
- The Airline said that more than 3.9 million passengers flew with Air Arabia Group between July and September 2022 across the carrier’s six hubs.
Business
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth.
- The steelmaker said it had reduced European gas consumption by 30 percent amid soaring costs.
- ArcelorMittal said in September that it would shut down two of its blast furnaces in Europe over high energy prices and lower demand.
Business
Mazda pulls out of Russia JV
Firm to transfer it equity interest to JV partner Sollers.
- Mazda stopped shipping parts to Russia in March and ended operations the following month.
- The company said it signed an agreement last month to transfer all of its equity interest in the Russian business to its joint venture partner Sollers.
Business
Emirates H1 profit at US$1.1bn
Revenues in H1 of 2022-2023 surged 131% to $13.7 billion.
- Emirates has bounced back into the black after its losses during the pandemic, the airline said.
- The airlines operations recovery accelerated as more countries eased and removed travel restrictions.
Business
Burjeel’s nine-month net profit $55.83m
The company's revenue grew 17.8 percent year on year.
- The company said the net profit increased mainly due to the Group’s service mix "delivering improved yield and utilization across the network".
- The company raised AED1.1 billion ($299.49 million) after offering a 11 percent stake in an IPO, which was oversubscribed 29 times to over AED32 billion.
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Evergrande shares begin trading
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eXtra net profit down 17%
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Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season