UAE’s Al Ansari Financial Services net profit up 7%, looks to add branches
The UAE-based Al Ansari Financial Services has seen its profit grow by 7.2% year-on-year (yoy) to 133 million UAE dirhams($36.2 million) in its first set of financial results post IPO and said it plans to add branches in its home market. Operating income grew by 9.1% to AED 287 million, while total assets grew to […]
ADNOC Drilling posts 25% jump in Q1 net profit
ADNOC Drilling Co., a subsidiary of Abu Dhabi’s state oil company ADNOC, reported a Q1 2023 net profit of $219 million, 25% higher year-on-year (yoy) on the driven by onshore and oilfield services segments. The net profit fell shy of analysts’ mean estimate of $229.50 million, according to data compiled by Refinitiv’s Eikon. Revenue for […]
Emirates Steel Arkan Q1 net more than doubles to $41.45mln
UAE – Emirates Steel Arkan, the largest publicly traded steel and building materials company in the UAE, has seen its first-quarter (Q1) net profit shoot up 110% to AED152.2 million ($41.45 million). This is compared to a net profit of AED72.6 million in the first three months of 2022. The strong performance in Q1 2023 […]
Dubai DEWA’s consolidated profit rises 10% to $208mln in Q1 2023
Utility provider Dubai Electricity and Water Authority (DEWA) reported a consolidated net profit of 763 million UAE dirhams ($207.78 million), up 10.4% year-on-year (yoy), in the first quarter of 2023. The first-quarter consolidated revenue rose 7.3% year-on-year to AED 5.44 billion, fuelled by higher demand for electricity, water, and cooling services, the company said in […]
Dubai Islamic Bank to acquire 25% stake in Turkey digital bank
Dubai Islamic Bank, the UAE’s largest Islamic lender, said on Wednesday its board of directors has approved a proposal to acquire 25% stake in a new digital banking group in Turkey in line with its international expansion strategy. The Dubai Financial Market-listed lender in a regulatory statement on Wednesday neither named the digital bank […]
Abu Dhabi’s Aldar Properties posts 22% jump in Q1 2023 net profit
The UAE developer Aldar Properties posted a 22% increase year-on-year (YoY) in Q1-2023 net profit to 836 million dirhams ($228 million), and said it expects “robust real estate market dynamics” to sustain through 2023. The net profit easily topped analysts’ mean estimate of AED747.7 million, according to data compiled by Refinitiv’s Eikon. Group revenue for […]
Dubai Islamic Bank posts 12% rise in Q1 profit, beats estimate
Dubai Islamic Bank, the UAE’s largest Islamic lender, posted a 12% jump year-on-year (YoY) in its Q1 2023 net profit to 1.5 billion dirhams ($408 million), driven by higher revenues and lower impairments. The earnings beat Refinitiv’s mean analysts’ estimate of AED 1.43 billion. Net financing and sukuk investments came in at AED 240 billion, […]
Former Union Properties chairman, others to pay company $168.8mln
Union Properties PJSC has reached an AED 620 million ($168.8 million) settlement with its former chairman and other board members following a troubled period for the Dubai-listed developer. Bourse filings to Dubai Financial Market (DFM) said the general assembly agreed the proposed settlement from Khalifa Al Hammadi and others, under which they will pay the […]
MBME to list on Abu Dhabi Securities Exchange Growth Market on April 17
MBME Group, the UAE’s largest payment aggregation platform, has announced that it will list on the Growth Market of the Abu Dhabi Securities Exchange (ADX), thus becoming the first fintech company to be listed on the UAE’s financial markets. MBME is to list on April 17. The Group says it will expand its offerings, access […]
Abu Dhabi’s TAQA establishes green finance framework
Abu Dhabi-listed energy and utilities company TAQA is establishing a green finance framework to issue green bonds, sukuks, loans and other debt instruments, to contribute to its ESG targets and the UAE’s Net Zero by 2050 ambitions. The company said in a statement that proceeds will go to eligible green projects, including renewable energy, energy […]