Latest news with #Dh49.2
Al Etihad
20-03-2025
- Business
- Al Etihad
MAIR Group reports over six-fold increase in net profit for 2024
20 Mar 2025 21:40 A. SREENIVASA REDDY (ABU DHABI) MAIR Group, (formerly Abu Dhabi Co-operative Society), has reported a more than sixfold increase in net profit, reaching Dh171.1 million in 2024, compared to Dh25.9 million in retailer cum real estate group, listed on the Abu Dhabi Securities Exchange (ADX) in 2024, reported strong financial results for the year ended 31 December 2024, demonstrating notable growth across key financial metrics, including gross profit, operating profit, net profit, and total assets. The annual results for the company were posted on the ADX website.A key driver of the net profit boost was a gain of Dh49.2 million from the sale of assets held for sale, as well as higher dividend income and realised investment company's total revenue surged to Dh2.01 billion in 2024, marking a 48.3% increase from Dh1.35 billion in 2023. This growth was driven by higher retail sales and increased rental income from investment company's gross profit surged to Dh654.4 million in 2024, compared to Dh472 million in 2023, reflecting a substantial increase of 38.7%. The rise was driven by higher revenue from retail operations and rental income, coupled with cost efficiencies in the supply profit also saw a significant improvement, reaching Dh210.4 million in 2024, up from Dh89 million in the previous year. This 136.3% increase was attributed to revenue expansion and better cost management, despite a rise in general administrative expenses, employee benefits, and depreciation company's total assets stood at Dh5.67 billion as at 31 December 2024, compared to Dh6.1 billion in the previous year. The decline was mainly due to asset sales and the reallocation of capital, although non-current assets, including property and equipment, remained stable at Dh4.51 Group's strong financial performance in 2024 underscores its strategic expansion in retail and real estate, as well as its focus on optimising Board of Directors proposed a dividend of Dh135 million, which is subject to the approval of the shareholders at the annual general meeting in 2025. The statement spelt out the outlook for the current year. 'In 2025, we will focus on unlocking further benefits of scale, optimising operations, and advancing strategic initiatives across food retail, commercial real estate, and food production. We are confident that Mair Group is strategically positioned for sustained growth.'
Al Etihad
04-03-2025
- Business
- Al Etihad
ADNOC to create Dh220+ billion global chemicals powerhouse
4 Mar 2025 10:03 ABU DHABI-VIENNA (WAM) ADNOC and Austria's OMV have announced today that they will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group new combined company will then acquire NOVA Chemicals Corporation, a North American producer, for Dh49.2 billion. With the inclusion of Borouge 4, Borouge Group International will become a Dh220+ billion global integrated chemicals powerhouse and the world's fourth largest producer of Group International will be jointly owned and controlled by ADNOC and OMV, with headquarters in Vienna and Abu Dhabi. As part of the transaction, OMV will inject €1.6 billion (Dh6.1 billion) in cash into the consolidated company to equalise its share. Borouge Group International will have best-in-class margins with around Dh1.8 billion in synergies each year, and will deliver dividend growth for existing Borouge plc shareholders, who will be owners in the new company listed on the Abu Dhabi Securities Exchange (ADX).ADNOC Managing Director and Group CEO, Dr. Sultan Ahmed Al Jaber, said, 'These transformative transactions mark a pivotal milestone in ADNOC's global chemicals strategy as we deliver on our international growth mandate, under the guidance of the UAE leadership. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access. The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi's status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.'Borouge Group International will combine the complementary strengths of the three international polyolefin leaders – Borouge, Borealis, and NOVA – including competitive feedstocks, access to growth markets, world-class technologies, and leadership in recyclable products. The new company will also benefit from complementary product lines, from Borouge's innovative agricultural products to Borealis' textiles and Nova's sustainable packaging solutions. The Borouge 4 expansion is expected to be transferred into the new company in 2026 at a cost of approximately Dh27.5 billion, making it the world's fourth largest polyolefin producer by nameplate capacity with 13.6 million tonnes per annum (mtpa) of capacity across Europe, the Middle East and North agreement strengthens the close historical collaboration and strategic partnership between ADNOC and completion, ADNOC's stake in Borouge Group International will be transferred to XRG, ADNOC's international energy investment launched in 2024 with an enterprise value of over $80 billion, is the latest development in ADNOC's strategy to accelerate international growth and drive greater value, and will initially focus on projects across the energy spectrum, from gas to chemicals to low-carbon fuels and energy infrastructure. Polyolefins are durable and lightweight materials widely used in manufacturing and everyday products, including packaging, household goods, medical supplies and textiles.
Khaleej Times
04-03-2025
- Business
- Khaleej Times
UAE's ADNOC, Austria's OMV to create Dh220-billion global chemicals powerhouse
ADNOC and Austria's OMV announced that they will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group International. This new combined company will then acquire NOVA Chemicals Corporation, a North American producer, for Dh49.2 billion. With the inclusion of Borouge 4, Borouge Group International will become a Dh220 billion global integrated chemicals powerhouse and the world's fourth largest producer of polyolefins. Polyolefins are durable and lightweight materials widely used in manufacturing and everyday products including packaging, household goods, medical supplies and textiles. Borouge Group International will be jointly owned and controlled by ADNOC and OMV, with headquarters in Vienna and Abu Dhabi. As part of the transaction, OMV will inject Dh6.1 billion (€1.6 billion) in cash into the consolidated company to equalize its share. Borouge Group International will have best-in-class margins with around Dh1.8 billion in synergies each year, and will deliver dividend growth for existing Borouge plc shareholders, who will be owners in the new company listed on the Abu Dhabi Securities Exchange (ADX). Borouge Group International will combine the complementary strengths of the three international polyolefin leaders, Borouge, Borealis, and NOVA, including competitive feedstocks, access to growth markets, world-class technologies, and leadership in recyclable products. The new company will also benefit from complementary product lines, from Borouge's innovative agricultural products to Borealis' textiles and Nova's sustainable packaging solutions. The Borouge 4 expansion is expected to be transferred into the new company in 2026 at a cost of approximately Dh27.5 billion, making it the world's fourth largest polyolefin producer by nameplate capacity with 13.6 million tonnes per annum (mtpa) of capacity across Europe, the Middle East and North America. Dr Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: 'These transformative transactions mark a pivotal milestone in ADNOC's global chemicals strategy as we deliver on our international growth mandate, under the guidance of the UAE leadership. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access. The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi's status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.' The agreement strengthens the close historical collaboration and strategic partnership between ADNOC and OMV. Upon completion, ADNOC's stake in Borouge Group International will be transferred to XRG, ADNOC's international energy investment company. XRG, launched in 2024 with an enterprise value of over $80 billion, is the latest development in ADNOC's strategy to accelerate international growth and drive greater value, and will initially focus on projects across the energy spectrum, from gas to chemicals to low-carbon fuels and energy infrastructure.
