Thursday 28 July 2022
Rizk: MENA Inflation Limited Compared to Other EMs video
Rizk: MENA Inflation Limited Compared to Other EMs
Zeina Rizk, executive director of fixed income asset management at Arqaam Capital, explains why Kuwait and Qatar didn't fully follow the Fed's 75 basis point rate hike. She speaks to Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Watch Etihad Airways CEO on 1H 2022 - Bloomberg #video
Watch Etihad Airways CEO on 1H 2022 - Bloomberg
Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs, adding flights to European resorts to tap pent-up demand for vacations. The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday. Chief Executive Officer Tony Douglas speaks with Bloomberg's Manus Cranny in Abu Dhabi. (Source: Bloomberg)
Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs, adding flights to European resorts to tap pent-up demand for vacations. The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday. Chief Executive Officer Tony Douglas speaks with Bloomberg's Manus Cranny in Abu Dhabi. (Source: Bloomberg)
Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom | Reuters
Oil mixed as U.S. gasoline demand rebounds but recessionary fears loom | Reuters
Oil prices were mixed on Thursday as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.
Brent crude futures rose 52 cents to settle at $107.14 a barrel, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) fell 84 cents to settle at $96.42 a barrel, after rising $2.28 in the previous session.
Prices pared gains in mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more
Oil prices were mixed on Thursday as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption.
Brent crude futures rose 52 cents to settle at $107.14 a barrel, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) fell 84 cents to settle at $96.42 a barrel, after rising $2.28 in the previous session.
Prices pared gains in mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more
Oil mixed as US gasoline demand rebounds but recessionary fears loom | Reuters
Oil mixed as US gasoline demand rebounds but recessionary fears loom | Reuters
Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption.
Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) fell 58 cents to $96.68 a barrel, after rising $2.28 in the previous session.
Prices pared gains mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more
Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption.
Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) fell 58 cents to $96.68 a barrel, after rising $2.28 in the previous session.
Prices pared gains mid-morning trade after the U.S. Commerce Department reported the world's biggest economy unexpectedly contracted in the second quarter, fuelling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. read more
#UAE's top bank FAB cautious after flat second quarter profit | Reuters
UAE's top bank FAB cautious after flat second quarter profit | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit.
Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly wary of a possible global economic downturn as central banks hike interest rates to fight inflation.
"Although the supportive regional economic backdrop and the diligent execution of our strategy represent significant tailwinds, we remain cautious in the context of heightened market volatility, persistently elevated global inflation and rapidly evolving monetary policy," James Burdett, group chief financial officer, said in a statement.
FAB made second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier. read more
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit.
Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly wary of a possible global economic downturn as central banks hike interest rates to fight inflation.
"Although the supportive regional economic backdrop and the diligent execution of our strategy represent significant tailwinds, we remain cautious in the context of heightened market volatility, persistently elevated global inflation and rapidly evolving monetary policy," James Burdett, group chief financial officer, said in a statement.
FAB made second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier. read more
OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters
OPEC+ to weigh holding oil output steady or small hike, sources say | Reuters
OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020.
Oil has soared in 2022 to its highest since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices have since eased to around $108, as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Of eight OPEC+ sources spoken to by Reuters, two said a modest increase for September will be discussed at the Aug. 3 meeting and five said output would likely be held steady.
OPEC and its allies will consider keeping oil output unchanged for September when they meet next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, will by August have fully unwound record output cuts in place since the COVID-19 pandemic took hold in 2020.
Oil has soared in 2022 to its highest since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine. Prices have since eased to around $108, as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Of eight OPEC+ sources spoken to by Reuters, two said a modest increase for September will be discussed at the Aug. 3 meeting and five said output would likely be held steady.
Oil prices, solid earnings boost major Gulf markets; #AbuDhabi retreats | Reuters
Oil prices, solid earnings boost major Gulf markets; Abu Dhabi retreats | Reuters
Most major Gulf stock markets ended higher on Thursday buoyed by rising oil prices and solid corporate earnings, but Abu Dhabi bucked the trend to close lower.
Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
In Dubai, the main share index (.DFMGI) advanced 1.3%, bolstered by a 3.9% surge in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more
Dubai stock market continued to see improvements thanks to the course of monetary policy and strong earnings from local banks like Emirates NBD and EIB, said Fadi Reyad, market analyst at CAPEX.com MENA.
Among other stocks, Real estate developer Deyaar Development (DEYR.DU) was also up 3.1%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams ($8.90 million).
In Qatar, the benchmark (.QSI) edged up 0.2%, as losses in financial stocks offset by gains in industrials, with Industries Qatar (IQCD.QA) jumping 4% and Ooredoo (ORDS.QA) up 3.3%.
The telco announced its quarterly results on Wednesday after the market closed. It made a profit of 815.6 million riyals ($221.90 million), compared with a loss of 1.15 billion riyals a year earlier.
"Qatari stock market saw an increase as natural gas prices and earnings provided some support. The market remains exposed to price correction after a strong rebound as natural gas could reverse its course", added Fadi Reyad.
Saudi Arabia's benchmark index (.TASI) rose 0.9%, supported by material stocks, with Saudi Cement Company (3030.SE) and Arab Cement Company (3010.SE) climbing 1.9% and 2.6% respectively.
Abu Dhabi's index reversed course to end 0.1% lower, pressured by a 0.8% dip in country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD), after reporting broadly a flat second quarter profit, strucking a cautious tone as operating expenses rose. read more
FAB posted second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.9%, with country's largest lender Commercial International Bank Egypt (COMI.CA) increasing 1.3 while Egypt Kuwait Holding (EKHO.CA) was up 4.2%.
Most major Gulf stock markets ended higher on Thursday buoyed by rising oil prices and solid corporate earnings, but Abu Dhabi bucked the trend to close lower.
Oil prices, a key catalyst for the Gulf's financial markets, rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
In Dubai, the main share index (.DFMGI) advanced 1.3%, bolstered by a 3.9% surge in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more
Dubai stock market continued to see improvements thanks to the course of monetary policy and strong earnings from local banks like Emirates NBD and EIB, said Fadi Reyad, market analyst at CAPEX.com MENA.
Among other stocks, Real estate developer Deyaar Development (DEYR.DU) was also up 3.1%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams ($8.90 million).
In Qatar, the benchmark (.QSI) edged up 0.2%, as losses in financial stocks offset by gains in industrials, with Industries Qatar (IQCD.QA) jumping 4% and Ooredoo (ORDS.QA) up 3.3%.
The telco announced its quarterly results on Wednesday after the market closed. It made a profit of 815.6 million riyals ($221.90 million), compared with a loss of 1.15 billion riyals a year earlier.
"Qatari stock market saw an increase as natural gas prices and earnings provided some support. The market remains exposed to price correction after a strong rebound as natural gas could reverse its course", added Fadi Reyad.
Saudi Arabia's benchmark index (.TASI) rose 0.9%, supported by material stocks, with Saudi Cement Company (3030.SE) and Arab Cement Company (3010.SE) climbing 1.9% and 2.6% respectively.
Abu Dhabi's index reversed course to end 0.1% lower, pressured by a 0.8% dip in country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD), after reporting broadly a flat second quarter profit, strucking a cautious tone as operating expenses rose. read more
FAB posted second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier.
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 0.9%, with country's largest lender Commercial International Bank Egypt (COMI.CA) increasing 1.3 while Egypt Kuwait Holding (EKHO.CA) was up 4.2%.
#UAE bank ADCB quarterly net profit up 12% | Reuters
UAE bank ADCB quarterly net profit up 12% | Reuters
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), the UAE's third-biggest lender, reported on Thursday a 12% rise in second-quarter net profit, supported by rising rates and higher non-interest income.
ADCB's recorded a net profit of 1.575 billion dirhams ($428.82 million) in the April-June quarter, up from 1.402 billion dirhams in the same period in 2021.
Non interest income rose 10% year-on-year in the second quarter to 924 million dirhams.
Net loans and advances were down 0.6% from December-end to about 243 billion dirhams, mostly as a result of repayments, the bank said.
The lender said it extended 35 billion dirhams worth of new credit in the first half of the year and continues to increase lending to targeted economic sectors including manufacturing, trading and energy, while reducing its exposure to real estate.
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), the UAE's third-biggest lender, reported on Thursday a 12% rise in second-quarter net profit, supported by rising rates and higher non-interest income.
ADCB's recorded a net profit of 1.575 billion dirhams ($428.82 million) in the April-June quarter, up from 1.402 billion dirhams in the same period in 2021.
Non interest income rose 10% year-on-year in the second quarter to 924 million dirhams.
Net loans and advances were down 0.6% from December-end to about 243 billion dirhams, mostly as a result of repayments, the bank said.
The lender said it extended 35 billion dirhams worth of new credit in the first half of the year and continues to increase lending to targeted economic sectors including manufacturing, trading and energy, while reducing its exposure to real estate.
Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters
Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters
Oil rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $2.09, or 1.96%, to $108.71 a barrel by 1201 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $99.62 a barrel, up $2.36, or 2.43%, after rising $2.28 in the previous session.
"Yesterday's stock market rally after the Fed's rate hike and the consequent easing of the dollar helped oil prices re-gain their footing," Tamas Varga, analyst at PVM Oil Associates, said.
"The weekly EIA statistics also proved supportive. There were draws in major categories and products supplied."
Oil rose more than $2 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $2.09, or 1.96%, to $108.71 a barrel by 1201 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $99.62 a barrel, up $2.36, or 2.43%, after rising $2.28 in the previous session.
"Yesterday's stock market rally after the Fed's rate hike and the consequent easing of the dollar helped oil prices re-gain their footing," Tamas Varga, analyst at PVM Oil Associates, said.
"The weekly EIA statistics also proved supportive. There were draws in major categories and products supplied."
Money Laundering Ringleader Jailed Over £104 Million Cash Smuggled to #Dubai - Bloomberg
Money Laundering Ringleader Jailed Over £104 Million Cash Smuggled to Dubai - Bloomberg
The ringleader of one the UK’s largest money laundering operations was jailed for nine years and seven months after investigators caught couriers smuggling suitcases packed with bags of cash to Dubai.
Mohammed Ali Bin Beyat Alfalasi arranged for a network of couriers to fly £104 million ($126 million) of street cash to Dubai over nearly two years through to October 2020, the National Crime Agency said. Alfalasi pleaded guilty earlier this month.
The couriers were given business class flights to take advantage of a larger luggage allowance and check-in closer to the departure time, investigators said. Around £500,000 was crammed into suitcases that were then packed with coffee granules or sprayed with air freshener to disguise the scent from sniffer dogs. In total more than 80 flights were taken.
“There is no doubt that this was a considerable network under your charge, not your sole charge, you were a principal but it is clear that there were others involved,” Judge Simon Davis said handing down the sentence.
The ringleader of one the UK’s largest money laundering operations was jailed for nine years and seven months after investigators caught couriers smuggling suitcases packed with bags of cash to Dubai.
Mohammed Ali Bin Beyat Alfalasi arranged for a network of couriers to fly £104 million ($126 million) of street cash to Dubai over nearly two years through to October 2020, the National Crime Agency said. Alfalasi pleaded guilty earlier this month.
The couriers were given business class flights to take advantage of a larger luggage allowance and check-in closer to the departure time, investigators said. Around £500,000 was crammed into suitcases that were then packed with coffee granules or sprayed with air freshener to disguise the scent from sniffer dogs. In total more than 80 flights were taken.
“There is no doubt that this was a considerable network under your charge, not your sole charge, you were a principal but it is clear that there were others involved,” Judge Simon Davis said handing down the sentence.
#Dubai's Emirates NBD profit rises in second quarter | Reuters
Dubai's Emirates NBD profit rises in second quarter | Reuters
Dubai's biggest lender, Emirates NBD (ENBD.DU), posted on Thursday a jump of 42% in second-quarter net profit, boosted by higher income and lower impairments.
Emirates NBD's net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period.
Net interest income rose 27% on the year in the quarter as higher interest rates fed through to margins while its Turkish subsidiary DenizBank also experienced strong loan growth and widening margins.
The bank said it was raising the group's guidance for net interest margins this year to between 3.2% and 3.3% from 2.7% to 2.8% previously, citing an improved loan and deposit mix with higher interest rates.
"We are extremely well-positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth," it said in a statement.
Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
Dubai's biggest lender, Emirates NBD (ENBD.DU), posted on Thursday a jump of 42% in second-quarter net profit, boosted by higher income and lower impairments.
Emirates NBD's net profit of 3.5 billion dirhams ($952.98 million) for the three months to June 30 was up from 2.46 billion in the year-earlier period.
Net interest income rose 27% on the year in the quarter as higher interest rates fed through to margins while its Turkish subsidiary DenizBank also experienced strong loan growth and widening margins.
The bank said it was raising the group's guidance for net interest margins this year to between 3.2% and 3.3% from 2.7% to 2.8% previously, citing an improved loan and deposit mix with higher interest rates.
"We are extremely well-positioned for rising interest rates and will continue to invest in our international and digital capabilities to support further growth," it said in a statement.
Most Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
Etihad Posts Record Profit as Long-Haul Travel Mounts Comeback - Bloomberg
Etihad Posts Record Profit as Long-Haul Travel Mounts Comeback - Bloomberg
Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs and the Gulf carrier added flights to European resorts to tap pent-up demand for vacations.
The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday.
Passenger loads increased consistently over the period, rising by almost 22 percentage points, as bookings recovered and Abu Dhabi further relaxed pandemic-related restrictions from February.
Etihad coped better with the Covid pandemic than many other airlines after a major downsizing from 2017 slashed costs and repositioned it as a mid-size carrier. The company had racked up billions of dollars in losses under a previous strategy of focusing overwhelmingly on inter-continental markets.
Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs and the Gulf carrier added flights to European resorts to tap pent-up demand for vacations.
The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday.
Passenger loads increased consistently over the period, rising by almost 22 percentage points, as bookings recovered and Abu Dhabi further relaxed pandemic-related restrictions from February.
Etihad coped better with the Covid pandemic than many other airlines after a major downsizing from 2017 slashed costs and repositioned it as a mid-size carrier. The company had racked up billions of dollars in losses under a previous strategy of focusing overwhelmingly on inter-continental markets.
Abu Dhabi's Aldar Properties posts 54% jump in Q2 profit | Reuters
Abu Dhabi's Aldar Properties posts 54% jump in Q2 profit | Reuters
Aldar Properties, the builder of Abu Dhabi's Formula One motor racing circuit, reported a 54% rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand.
Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million dirhams a year earlier.
Group sales in the quarter rose 33% to 3.12 billion dirhams.
The Abu Dhabi developer also said it signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate's international financial centre.
The Al Sila, Al Sarab, Al Maqam and Al Khatem towers, which have a total net leasable area of 180,0000 square metres, are valued at 4.3 billion dirhams, it said.
Aldar Properties, the builder of Abu Dhabi's Formula One motor racing circuit, reported a 54% rise in second-quarter profit on Thursday, helped by record sales on strong local and international demand.
Profit attributable to shareholders came in at 803.99 million dirhams ($218.91 million) for the three months to June 30, compared with 520.83 million dirhams a year earlier.
Group sales in the quarter rose 33% to 3.12 billion dirhams.
The Abu Dhabi developer also said it signed an agreement with Abu Dhabi state fund Mubadala Investment Company to acquire four commercial towers that are part of Abu Dhabi Global Market, the emirate's international financial centre.
The Al Sila, Al Sarab, Al Maqam and Al Khatem towers, which have a total net leasable area of 180,0000 square metres, are valued at 4.3 billion dirhams, it said.
#AbuDhabi's Multiply Group eyes more investments as net profit surges to $125mln
Abu Dhabi's Multiply Group eyes more investments as net profit surges to $125mln
Abu Dhabi-listed Multiply Group, a subsidiary of International Holding Company (IHC), is expected to make more investments as it saw its net profit surge to AED 462.2 million ($125.8 million) during the first half of 2022, driven by higher revenues and "robust" growth in its subsidiaries.
Earnings for the first half of the year are a strong improvement from the previous year's net loss of AED 0.73 million, according to the company's financial results on the Abu Dhabi Securities Exchange (ADX).
Revenue for the period ended June 30, 2022 reached AED 507.3 million, a huge leap from a year ago's AED 8.4 million, while gross margin soared to AED 250.5 million from AED 4.5 million.
"Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth," said Samia Bouazza, CEO and Managing Director of Multiply Group.
Abu Dhabi-listed Multiply Group, a subsidiary of International Holding Company (IHC), is expected to make more investments as it saw its net profit surge to AED 462.2 million ($125.8 million) during the first half of 2022, driven by higher revenues and "robust" growth in its subsidiaries.
Earnings for the first half of the year are a strong improvement from the previous year's net loss of AED 0.73 million, according to the company's financial results on the Abu Dhabi Securities Exchange (ADX).
Revenue for the period ended June 30, 2022 reached AED 507.3 million, a huge leap from a year ago's AED 8.4 million, while gross margin soared to AED 250.5 million from AED 4.5 million.
"Multiply Group saw strong profitability throughout the first half of 2022 as our subsidiaries continued to register robust growth," said Samia Bouazza, CEO and Managing Director of Multiply Group.
Most major Gulf bourses rise on strong corporate earnings, steady oil | Reuters
Most major Gulf bourses rise on strong corporate earnings, steady oil | Reuters
Most major Gulf stock markets rose on Thursday, buoyed by steady oil prices and strong corporate earnings, with Saudi Arabia leading the gains.
Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
Saudi Arabia's benchmark index (.TASI) rose 1%, with Al Rajhi Bank (1120.SE) climbing 1.1%, while oil behemoth Saudi Aramco (2222.SE) was up 0.7%.
Etihad Etisalat Co (Mobily) (7020.SE) and Banque Saudi Fransi (1050.SE) rose 2.9% and 2.4%, respectively, as the duo reported higher quarterly results.
In Dubai, the main share index (.DFMGI) added 0.8%, bolstered by a 2.8% hike in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more
Real estate developer Deyaar Development (DEYR.DU) gained 2.5%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams.
In Qatar, the benchmark (.QSI) also rose 0.8%, helped by a 1.5% increase in Industries Qatar (IQCD.QA), and a 2% leap in Sharia-compliant lender Masraf Al Rayan (MARK.QA).
Ooredoo (ORDS.QA) was also up 3.6% after reporting quarterly results.
Most major Gulf stock markets rose on Thursday, buoyed by steady oil prices and strong corporate earnings, with Saudi Arabia leading the gains.
Meanwhile, most of the Gulf central banks lifted their main interest rates by three quarters of a percentage point on Wednesday, moving with the U.S. Federal Reserve as their currencies are pegged to the dollar. read more
Saudi Arabia's benchmark index (.TASI) rose 1%, with Al Rajhi Bank (1120.SE) climbing 1.1%, while oil behemoth Saudi Aramco (2222.SE) was up 0.7%.
Etihad Etisalat Co (Mobily) (7020.SE) and Banque Saudi Fransi (1050.SE) rose 2.9% and 2.4%, respectively, as the duo reported higher quarterly results.
In Dubai, the main share index (.DFMGI) added 0.8%, bolstered by a 2.8% hike in Dubai's biggest lender Emirates NBD (ENBD.DU), after posting a 42% jump in second-quarter net profit, boosted by higher income and lower impairments. read more
Real estate developer Deyaar Development (DEYR.DU) gained 2.5%, after posting a more than 300% jump in its second-quarter net profit to 32.7 million dirhams.
In Qatar, the benchmark (.QSI) also rose 0.8%, helped by a 1.5% increase in Industries Qatar (IQCD.QA), and a 2% leap in Sharia-compliant lender Masraf Al Rayan (MARK.QA).
Ooredoo (ORDS.QA) was also up 3.6% after reporting quarterly results.
Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters
Oil extends gains as risk appetite improves, U.S. inventories fall | Reuters
Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $1.13, or 1.1%, to $107.75 a barrel by 0619 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $98.53 a barrel, up $1.27, or 1.3%, after rising $2.28 in the previous session.
"Risk sentiment has recovered from recession fears due to the ongoing U.S. earnings optimism and less aggressive Fed rhetoric on rate hikes, which supported a rally in the crude market," CMC Markets analyst Tina Teng said, adding that a weakened U.S. dollar has also lifted commodities prices.
The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path. read more
Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
Brent crude futures for September rose $1.13, or 1.1%, to $107.75 a barrel by 0619 GMT, after gaining $2.22 on Wednesday.
U.S. West Texas Intermediate crude (WTI) was at $98.53 a barrel, up $1.27, or 1.3%, after rising $2.28 in the previous session.
"Risk sentiment has recovered from recession fears due to the ongoing U.S. earnings optimism and less aggressive Fed rhetoric on rate hikes, which supported a rally in the crude market," CMC Markets analyst Tina Teng said, adding that a weakened U.S. dollar has also lifted commodities prices.
The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point, in line with expectations, to cool inflation, while the dollar fell on hopes for a slower hiking path. read more
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