ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
Business
Abu Dhabi Airports appoints Elena Sorlini as Managing Director and CEO
Abu Dhabi, UAE - Abu Dhabi Airports, the operator of Abu Dhabi's five commercial airports, has announced the appointment of...
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Najm inks pact with iot squared
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RSI buys stake in First Fix
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GAL signs MoU with GMF
The MoU is aimed at maintenance, repair, overhaul.
- The MoU also provides for cooperation in the field of capability development to attract domestic and international military markets.
- GAL is a UAE company engaged in aircraft Maintenance, Repair and Overhaul.
Business
Telefonica Q3 profit at $450m
Q3 revenue was up 11.6 percent at US$10.11 billion.
- The company said the results make it possible to confirm its financial targets for 2022, which it raised during the previous quarter.
- Telefonica said that it expects its core earnings growth to be "mid-to-high-end of the low single digit".
Business
Abu Dhabi Ship Building signs MoU
The deal was signed with Indonesia's state-owned shipbuilder PT Pal.
- They will build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.
- ADSB operates three main naval programmes: Corvettes, offshore patrol vessels and fast interceptor vessels.
Business
Fertiglobe Q3 revenues up $1.32bn
Adjusted EBITDA grew 64 percent to US$606 million.
- Free cash flow increased to US$189 million from US$56 million in Q3 2021
- The company will pay US$700 million, equivalent to AED0.31 per share, to shareholders in April 2023
Business
ING Q3 profit at US$958m
Bank announced a share buyback of US$1.4 billion.
- The bank said its Polish unit took a US$334 million hit from new regulations allowing borrowers to suspend mortgage loan payments.
- ING said that it benefited from higher interest rates, which central banks have been hiking aggressively in efforts to tame inflation.
Business
BMW Q3 net profit US$3.1bn
Profit was due to high demand for pricier luxury models.
- Car deliveries were down nearly one percent over the period as the industry continues to grapple with supply chain disruptions.
- BMW said higher prices for its premium vehicles had helped deliver a solid third quarter.
Business
AD Ports Group acquires 80% stake in GFS
The Group will look to integrate GFS into its Maritime Cluster.
- The equity stake was bought for AED2.9 billion ($800 million) implyin 100 percent Enterprise Value of AED3.7 billion.
- Aligning GFS services with AD Ports Group companies SAFEEN Feeders and Transmar will make AD Ports Group the world's largest independent feeder company by vessels owned.
Business
Americana to sell 30% stake in IPO
The company will list on ADX and Saudi Tadawul by Dec. 6.
- The company said it will sell 2.5 billion of its existing shares in the IPO, which expected to run from 14-21 Nov. for retail investors in the UAE and Saudi.
- The final offering prices will be determined after the book-building process.
Business
ADNOC Drilling awards $1.6 bn agreement
The award is aimed at upping lower-carbon-intensive production capacity.
- The award covers ADNOC’s onshore and offshore fields and will see an additional $750 million above guidance added to Oilfield Services (OFS) revenue, or $150 million per year.
- The contract award brings the total value of awards confirmed by ADNOC Drilling in 2022 to $8.85 billion.
Business
JAHEZIYA, Enekom ink pact
Pact aims to expand railway solutions, technology in region.
- As per the agreement, JAHEZIYA will be Enekom’s exclusive distributor of the patented RailAcoustic Sensors in the GCC to enhance railway security.
- The partnership was announced during ADIPEC, an exhibition in which the world’s energy ecosystem assemble.
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
Business
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Luberef’s 9M profit up 2%
The company's third-quarter net profit dropped 28 percent.
- The nine-month profit was spurred by lower Zakat and income tax expenses, as Luberef has become subject to tax after listing its shares, Argaam reported.
- Luberef’s bottom line dropped 25.2 percent quarter-on-quarter (QoQ) from SAR 454.86 million in Q2 2023, hurt by lower base oil crack margins, according to Argaam.
Business
Empower 9M revenue $618m
Firm paid cash dividend of US$115 million.
- For nine months period ending on September 30, 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5 percent respectively.
- On an absolute basis, Empower reported a net profit of US$186 million (AED 685 million) for the nine-month period ending September 2023.
Business
BMW Q3 profit drops 7.7%
The company's Q3 net profit stood at $3.1 billion.
- Revenues for the third quarter meanwhile rose 3.4 percent to 38.46 billion euros compared to the same period last year.
- BMW chairman Oliver Zipse said the result "puts us right on track to meet the higher targets we set ourselves in August".