Category Archives: Business & Investments

Business & Investments

Omantel Group reports 28.7% rise in Q3 net profit

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Omantel Group reports 28.7% rise in Q3 net profit

Domestic operations revenues grew 8.2%

Muscat, 14 November 2023: Oman Telecommunications Company Group (MSX: OTEL) reported significant growth for the nine months ended September 2023, net profit increasing 28.7% from RO 195 Mn to RO 251 Mn at the end of September 2023. Group revenue grew 10.6% from RO 1981.5 Mn to RO 2192.5 Mn at the end of September 2023.

Omantel’s domestic operations performance

At the level of domestic operations, Omantel’s revenues grew by 8.2% to reach R.O 458.1 million, compared to the corresponding period.  Revenue growth is mainly coming from wholesale transit voice revenue which increased by RO 17 Mn and device revenue which increased by RO 10.9 Mn.  Growth in retail revenue is contributed by Mobile Postpaid revenue which increased by 11.4% and Fixed Broadband revenues which increased by 4.4%.

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Business & Investments

Hitachi Energy highlights digitalization and sustainable solutions at WETEX 2023, ahead of COP28

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Hitachi Energy highlights digitalization and sustainable solutions at WETEX 2023, ahead of COP28

Dubai – November 15, 2023: Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, spotlights its cutting-edge sustainable energy solutions at the 25th edition of the Water, Energy, Technology, and Environment Exhibition (WETEX) and Dubai Solar Show, from Nov. 15-17 at the Dubai World Trade Centre. With a focus on digitalization, sustainability, and the upcoming COP28 in the UAE, Hitachi Energy’s participation is aligned with the event’s theme, “At the forefront of sustainability.”

At WETEX 2023, Hitachi Energy features various solutions that enable the transition to more renewables, digitalized and sustainable alternatives, thus supporting the UAE’s journey toward global net-zero goals. This effort aligns with the UAE’s 2050 net-zero Initiative and sustainable development objectives.

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Business & Investments

Utico, Chinese firm to join hands for breakthrough JV to extract industrial chemicals from brine waste

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Utico, Chinese firm to join hands for breakthrough JV to extract industrial chemicals from brine waste

  • First-of-its-kind bromine industry project in the GCC to be set up in Ras Al Khaimah at an investment of AED 160 million
  • Project part of channel investment programme under the China-UAE bilateral cooperation in the Belt & Road Initiative (BRI)

Ras Al Khaimah/Dubai, UAE, November 15, 2023: The UAE’s only private utility provider, Utico, and Shandong Tianyi Chemical Corporation of China is looking at partnering for a trailblazing joint venture circular economy project to extract industrial chemicals from brine, a first of its kind in the GCC in recycling waste seawater from desalination plants.

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Business & Investments

MALABAR GOLD & DIAMONDS LAUNCHES ITS NEW SHOWROOM AT PHOENIX MALL OF ASIA, HEBBAL, KARNATAKA

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MALABAR GOLD & DIAMONDS LAUNCHES ITS NEW SHOWROOM AT PHOENIX MALL OF ASIA, HEBBAL, KARNATAKA

 Malabar Gold & Diamonds, the 6th largest jewellery retailer globally with over 335 showrooms across 12 countries, has launched its newest store in India at Phoenix Mall of Asia in Hebbal, Karnataka. The showroom was inaugurated by renowned actress Srinidhi Shetty in the presence of Malabar Group Chairman, M. P. Ahammed; O Asher, Managing Director – India Operations, Malabar Gold & Diamonds; Shamlal Ahamed, Managing Director – International Operations, Malabar Gold & Diamonds; Filsor Babu, Regional Head – Karnataka, Malabar Gold & Diamonds; other management team members, customers and well wishers.

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Business & Investments

AD Ports Group Delivers Record Q3 2023 Results with Net Profit of AED 403 Million, up 20% YoY

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AD Ports Group Delivers Record Q3 2023 Results with Net Profit of AED 403 Million, up 20% YoY

  • Q3 2023 Revenue grew by 189% YoY to AED 4.24 billion, driven by Noatum consolidation as well as the Maritime & Shipping and EC&FZ clusters (+113% YoY on a LFL basis)
  • Q3 2023 EBITDA increased 28% YoY to AED 759 million (+2% on a LFL basis), implying an EBITDA margin of 17.9%
  • Q3 2023 Total Net Profit increased 20% YoY to AED 403 million
  • Continued strong volume growth: +19% YoY for Container volumes, +25% YoY for General Cargo volumes, +651% YoY for Ro-Ro volumes, +30% YoY for Feedering Container volumes, +5% YoY and -28% YoY for Ocean and Air Freight volumes, and +10% YoY for Polymers volumes
  • In EC&FZ, 0.4 sq km (net) of new land leases were added during the quarter while warehouse leases soared 66% YoY
  • Freight rates normalised close to pre-COVID19 levels in H1 2023 and have been consolidating since then, although better-than-expected global macro data and renewed geopolitical tensions have resulted in pockets of strengths lately
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