DEWA’s Q3 revenue jumps 10.2% on demand
Dubai Electricity and Water Authority (DEWA) has reported a 10.2 per cent increase in Q3 2023 revenues to Dhs9.4bn ($2.5bn), driven by higher demand for energy, water and cooling services in the city. “DEWA’s revenue growth of 7.4 per cent was mainly driven by electricity demand growth of 6.4 per cent, water demand growth of […]
Dubai’s Taaleem posts $54.5m profit since IPO
Dubai’s Taaleem Holdings said its net profit in the nine months to the end of May 2023 surged by 34.9 per cent to $54.5m (Dhs199.8m), driven by a surge in student enrollments and higher net finance income from the undeployed initial public offering (IPO) proceeds. Taaleem raised $204m from its IPO on the Dubai Financial Markets […]
UAE’s IHC eyes shareholding in Colombia-based Grupo Nutresa
IHC Capital Holding LLC, a subsidiary of International Holding Company (IHC), signed a share swap agreement with Grupo de lnversiones Suramericana (Grupo Sura), Grupo Nutresa, and Grupo Argos. According to a bourse disclosure, IHC Capital Holding will receive a 2.45% stake in Colombian packaged foods giant Grupo Nutresa in exchange for its 1.64% equity in […]
Aman’s accumulated losses reach $41.68mln in Q1-23
The accumulated losses of Dubai Islamic Insurance and Reinsurance Company (Aman) hit AED 153.08 million as of 31 March 2023, representing 68% of the capital. In a bourse disclosure, Aman highlighted that it is exiting the insurance sector and turning into an investment company instead. This followed the announced plans of Islamic Arab Insurance […]
Dar Al Takaful incurs nearly $14.71mln accumulated losses in Q1-23
Dar Al Takaful reported accumulated losses amounting to AED 53.70 million as of 31 March 2023. The incurred losses account for 20.60% of the paid-up capital, according to a bourse filing. In the first three months (3M) of 2023, the UAE group reported net losses worth AED 2.80 million. Meanwhile, the revenues hiked by […]
ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period. Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at […]
UAE: ADDED, ADIB to facilitate digital business banking account opening
Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) to jointly offer bank account opening procedures for investors and business licence owners issued by ADDED, facilitating business in Abu Dhabi. The collaboration between the two parties aim to simplify and expedite the process […]
GMPC sees lowers profits in Q1-23 initial financials
The net profits attributable to the owners of Gulf Medical Projects Company (GMPC) hit AED 13.21 million in the first quarter (Q1) of 2023, an annual drop from AED 15.15 million. The revenues jumped to AED 135.95 million in the January-March 2023 period from AED 124.72 million in Q1-22, according to the interim financial results. […]
ADIB Egypt reports 125.4% YoY climb in Q1 consolidated profits
Abu Dhabi Islamic Bank Egypt (ADIB) reported a 125.4% year-on-year (YoY) increase in consolidated profits after tax and non-controlling interests for the first quarter (Q1) of 2023, according to the bank’s financial statements filed to the Egyptian Exchange (EGX) on May 14th. The bank recorded a consolidated net profit after tax of EGP 1.005 billion […]
Dubai’s Emaar Development sees slight profit fall to $288mln
Dubai-based developer Emaar Development has announced a marginally reduced profit in the first quarter of 2023 as revenue fell. The company, which is the development arm of Emaar Properties, reported attributable profit for the period of AED 1.06 billion ($288 million) for the first quarter of 2023, down from AED 1.05 billion in the first […]