Oman OQ's Oil-Drilling IPO Draws Saudi Wealth Fund as Anchor Investor - Bloomberg
Oman’s OQ SAOC plans to raise as much as $244 million from the initial public offering of its oil-drilling unit and has brought in Saudi Arabia’s wealth fund as an anchor investor.
Helped by a surge in energy prices, governments across the Persian Gulf have been listing assets to fund the diversification of their economies and open up their stock markets to more international investors.
Three subsidiaries of state-owned energy firm OQ are selling 49% of Abraj Energy Services SAOC — or just over 377 million shares — at 242 baizas to 249 baizas apiece, according to a statement. Retail investors can get a discounted price of 224 baizas.
Anchor investors will subscribe for 40% of the shares at the maximum price. Saudi Omani Investment Company, a unit of Riyadh’s Public Investment Fund, will buy 20%, while Royal Court Affairs and Schlumberger Oman & Co will each take 10%.
Friday, 10 February 2023
#UAE markets rise on oil price rebound | Reuters
UAE markets rise on oil price rebound | Reuters
Stock markets in the United Arab Emirates closed higher on Friday, tracking a sharp rebound in oil prices after Russia announced plans to reduce its oil production next month.
Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products.
Oil prices - a key catalyst for Gulf financial markets - jumped more than 2%, recovering from the previous session's loss.
Brent crude futures rose $1.80, or 2.13%, to $86.30 a barrel by 1120 GMT.
Dubai's main index (.DFMGI) gained 0.2%, supported by a strong performance in utilities and banking stocks, with Emirates Central Cooling System Corp (EMPOWER.DU) rising 1.3%, while sharia lender Dubai Islamic Bank (DISB.DU) edged up 0.5%.
However, business park operator Tecom Group (TECOM.DU) declined 3.4% after the firm posted a 28% increase in full year net profit to 725.6 million dirhams ($197.56 million), missing analysts' estimate of 839.5 million dirhams.
Dubai's main index gained this week thanks to improving overall conditions but could see some price corrections if investors move to secure profits, Said Fadi Reyad, chief market analyst at CAPEX.com MENA said.
The index posted a 2.1% weekly gain, according to Refinitiv data.
Abu Dhabi's benchmark index (.FTFADGI) settled 0.2% higher, rebounding from early losses to extend gains to straight 10th session.
The banking sector led the gains with Abu Dhabi Islamic Bank (ADIB.AD) rising 2.2%, while UAE's third-largest lender Abu Dhabi Commercial Bank (ADCB.AD) advanced 0.3%.
However, UAE's largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.3% after it said it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L), the second time it has quashed reports of an imminent bid.
Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products.
Oil prices - a key catalyst for Gulf financial markets - jumped more than 2%, recovering from the previous session's loss.
Brent crude futures rose $1.80, or 2.13%, to $86.30 a barrel by 1120 GMT.
Dubai's main index (.DFMGI) gained 0.2%, supported by a strong performance in utilities and banking stocks, with Emirates Central Cooling System Corp (EMPOWER.DU) rising 1.3%, while sharia lender Dubai Islamic Bank (DISB.DU) edged up 0.5%.
However, business park operator Tecom Group (TECOM.DU) declined 3.4% after the firm posted a 28% increase in full year net profit to 725.6 million dirhams ($197.56 million), missing analysts' estimate of 839.5 million dirhams.
Dubai's main index gained this week thanks to improving overall conditions but could see some price corrections if investors move to secure profits, Said Fadi Reyad, chief market analyst at CAPEX.com MENA said.
The index posted a 2.1% weekly gain, according to Refinitiv data.
Abu Dhabi's benchmark index (.FTFADGI) settled 0.2% higher, rebounding from early losses to extend gains to straight 10th session.
The banking sector led the gains with Abu Dhabi Islamic Bank (ADIB.AD) rising 2.2%, while UAE's third-largest lender Abu Dhabi Commercial Bank (ADCB.AD) advanced 0.3%.
However, UAE's largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.3% after it said it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L), the second time it has quashed reports of an imminent bid.
#Dubai’s Salik profits fall YoY to $361mln; beats estimates
Dubai’s Salik profits fall YoY to $361mln; beats estimates
Dubai’s road toll company Salik saw its full year profits fall slightly YoY but exceeded Refinitiv forecasts for the year, posting a full-year profit of AED 1.326 billion ($361 million) versus 1.38 billion dirhams a year ago.
The profit exceeded the Refinitiv forecast, which was AED 1.272 billion, with the share price today at AED 2.71, below the Refinitiv target price of AED 2.86.
The company began trading on Dubai Financial Market (DFM) following its initial public offering (IPO) in September 2022.
Revenue for 2022 was AED 1.892 billion, up from AED 1.693 billion in 2021.
In its preliminary financial results statement, the company said comparing its profitability from one year to another may not accurately reflect the company’s performance on a like-for-like basis due to a change in its operating structure profile.
The company separated as a legal entity from Dubai’s Roads and Transport Authority (RTA) in July, incurring extra fees including rent, concession fees, service fees and finance costs that did not exist prior to the separation.
The number of revenue generating trips through Salik toll gates increased by 12.6% year-on-year to 413 million, the statement said.
Dubai’s road toll company Salik saw its full year profits fall slightly YoY but exceeded Refinitiv forecasts for the year, posting a full-year profit of AED 1.326 billion ($361 million) versus 1.38 billion dirhams a year ago.
The profit exceeded the Refinitiv forecast, which was AED 1.272 billion, with the share price today at AED 2.71, below the Refinitiv target price of AED 2.86.
The company began trading on Dubai Financial Market (DFM) following its initial public offering (IPO) in September 2022.
Revenue for 2022 was AED 1.892 billion, up from AED 1.693 billion in 2021.
In its preliminary financial results statement, the company said comparing its profitability from one year to another may not accurately reflect the company’s performance on a like-for-like basis due to a change in its operating structure profile.
The company separated as a legal entity from Dubai’s Roads and Transport Authority (RTA) in July, incurring extra fees including rent, concession fees, service fees and finance costs that did not exist prior to the separation.
The number of revenue generating trips through Salik toll gates increased by 12.6% year-on-year to 413 million, the statement said.
First #AbuDhabi Bank reiterates not eyeing offer for StanChart | Reuters
First Abu Dhabi Bank reiterates not eyeing offer for StanChart | Reuters
First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L), the second time it has quashed reports of an imminent bid.
News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so.
StanChart's shares fell nearly 5% early on Friday following the statement, having risen 11% the day before after Bloomberg News reported that the Abu Dhabi lender was considering reviving the bid once a lock-up period that prevents it immediately doing so expires.
"First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement.
First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, said on Friday it was not currently evaluating an offer for Britain's Standard Chartered (STAN.L), the second time it has quashed reports of an imminent bid.
News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so.
StanChart's shares fell nearly 5% early on Friday following the statement, having risen 11% the day before after Bloomberg News reported that the Abu Dhabi lender was considering reviving the bid once a lock-up period that prevents it immediately doing so expires.
"First Abu Dhabi Bank PJSC notes the recent press speculation in relation to Standard Chartered and re-iterates that it is not evaluating a possible offer for Standard Chartered," the lender said in Friday's statement.
Multiply Group’s 2022 net profit surges to $5bln on high revenues, strategic investments
Multiply Group’s 2022 net profit surges to $5bln on high revenues, strategic investments
Abu Dhabi holding company Multiply Group, in which the UAE conglomerate International Holding Company (IHC) is a major shareholder, posted a surge in its full-year 2022 net profit following a series of investments and a significant jump in revenues.
Total net profit for the period ended December 31, 2022 stood at AED 18.6 billion ($5 billion), up 80 times from AED 225 million in the previous year, while revenues tripled to more than AED 1.125 billion from AED 371 million in 2021.
The Group’s earnings per share for the same period rose to AED 1.65, from AED .06 in 2021, while total assets grew by 255%.
“We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings,” said Samia Bouazza, Multiply Group CEO and Managing Director.
Abu Dhabi holding company Multiply Group, in which the UAE conglomerate International Holding Company (IHC) is a major shareholder, posted a surge in its full-year 2022 net profit following a series of investments and a significant jump in revenues.
Total net profit for the period ended December 31, 2022 stood at AED 18.6 billion ($5 billion), up 80 times from AED 225 million in the previous year, while revenues tripled to more than AED 1.125 billion from AED 371 million in 2021.
The Group’s earnings per share for the same period rose to AED 1.65, from AED .06 in 2021, while total assets grew by 255%.
“We made a series of significant strategic investments that accelerated the growth of the company while, at the same time, our operating companies continued to deliver strong recurring earnings,” said Samia Bouazza, Multiply Group CEO and Managing Director.
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