The Finance World Magazine| Edition: April 2023

TECOM
Q4 Net Profit: $24M
TECOM Group, the Dubai-based
business park operator, has reported
strong Q4 2022 earnings, with a net
profit of AED 87M ($24M) due to
increased demand for its commercial
and industrial properties. Full-year
earnings for 2022 rose by 28% YoY
to AED 725.6M, driven by growth in
occupancy rates and an increase in
new customers. However, Q4 profits
missed analysts’ median estimates of
AED 185.6M, according to Refinitiv
data. Despite this, TECOM’s board of
directors has recommended a dividend
payment of AED 200M (4.0 fils per
share) in April 2023, bringing the total
for H2 to AED 400M.
Dubai Islamic Bank
FY22 Net Profit: AED 5.6B
Dubai Islamic Bank (DIB) has announced
its impressive financial results for FY
2022, showcasing a record-breaking net
profit of AED 5.6B, up by 26% YoY. The
bank’s total income also saw a significant
increase of 20% YoY to AED 14B, with
a notable improvement in its Return on
Tangible Equity (RoTE) by 17%, up by
400 bps YoY. DIB’s growth was attributed
to rising core revenues, effective cost
management, and lower impairments.
The bank’s proposed dividend of 30%
is subject to shareholder approval in
the AGM. DIB’s strong performance
highlights its position as the largest
Islamic bank in the UAE.
e&
Q422 Net Profit: $730M
The United Arab Emirates’ leading
telecommunications company,
e& (formerly Etisalat), has seen a
significant increase in net profit in the
fourth quarter, with a rise of nearly 25%.
The surge in the number of subscribers
has been a key factor in driving this
growth, with consolidated net profit
after royalty attributed to the company
owners totalling AED 2.7B ($730M) in
the period from October to December.
This increase has been attributed to
higher income from associates and
lower depreciation and amortisation
expenses. As a result, e& has continued
to strengthen its position as a major
player in the UAE’s telecommunications
sector.
Aramco
FY22 Net Profit: $161.1B
Saudi Aramco has announced its fullyear
2022 financial results, reporting
a record net income of $161.1B – its
highest annual profits as a listed
company. The results were driven
by stronger crude oil prices, higher
volumes sold, and improved margins
for refined products. The company
continues to strengthen its oil and gas
production capacity and downstream
portfolio to meet anticipated future
demand. Aramco also declared a fourthquarter
dividend of $19.5B to be paid in
the first quarter of 2023. The CEO Amin
H. Nasser highlighted the company’s
commitment to long-term strategy,
energy security, and sustainability,
including investment in new lowercarbon
technologies.
SEC
FY2022 Net Profit:
SAR 15.13B
Saudi Electricity Company (SEC)
recorded a net profit after Zakat and
tax of SAR 15.13B in 2022, up by 5.17%
from SAR 14.39B in 2021. The company’s
earnings per share also rose from SAR
1.62 in 2021 to SAR 1.79 in 2022. SEC
generated revenues of SAR 72.07B in
2022, a 3.95% increase from the previous
year. The company’s board members
have recommended a cash dividend of
SAR 0.70 per share for 2022, totalling
SAR 2.91B or 7% of the capital. SEC
will announce the distribution date at
a later time. However, the company’s
net profit during the first nine months
of 2022 fell by 10.08% to SAR 13.39B
from SAR 14.89B in 9M-21.
Gulf International Bank
Q4 Net Profit: $28M
Gulf International Bank, which is
supported by the Public Investment
Fund of Saudi Arabia, has reported
a net profit for the fourth quarter of
2022, driven by strong revenue growth
across all categories in the previous
year. The bank reported a net income of
$28M for the quarter ended December,
a significant improvement compared to
a loss of $1M for the same period the
previous year. The bank’s total income
during the quarter was over four times
higher than the same period in 2021,
standing at $12.9M. The CEO of GIB,
Abdulaziz AlHelaissi, attributed the
positive results to the bank’s prudent,
diversified and solid balance sheet,
well-managed risk, and strong culture.
April 2023 www.thefinanceworld.com 83