UDC posts QR157 mn net profit in H1page 9

Thursday, July 29, 2021

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QNCC posts Ooredoo revenue increases net profit of QR94 mn in first half 3% to QR14.5 bn in 2021 H1 QNA Doha Tribune News Network the sale and leaseback of the Indonesian tower sale and lease- Doha Ooredoo’s tower assets (QR 1,000 back. Excluding these one-offs and National Cement Com- million). the FX impact, net profit increased pany (QNCC), a Qatar-based Qatar’s telecom major Ooredoo Excluding these one-offs and by 52 percent.” public shareholding company, on Wednesday announced that the FX impact, net profit increased by “In Qatar, our home market, we on Wednesday, disclosed the Group’s revenue stood at QR14.5 bil- 52 percent. recorded a strong performance with 5 interim financial statementfor lion in the first half of 2021, an in- Commenting on the results, percent growth in terms of revenue of the six-month period ending crease of 3 percent compared to the Ooredoo Chairman Sheikh Faisal as well as 2 percent rise in EBITDA. June 30, 2021. same period last year. bin Thani Al Thani said, “We had a Indosat Ooredoo continues to deliver The financial statements re- The revenue was mainly driven good first half of the year, with rev- robust results across the board, con- vealed a net profit of RQ 94.279 by growth in the company’s home enue increase of 3 percent as we fur- tributing significantly towards Group million in the first half of 2021 market Qatar, Indonesia, and Tuni- ther progressed our digital strategy, growth, with a 14 percent increase in in comparison to a net profit of sia. Excluding FX impact, revenue whilst effectively managing our costs revenue and an improved EBITDA QR68.286 million for the same increased by 5 percent. and overheads to support the growth margin of 50 percent,” Fakhroo said. period of the previous year. The Group EBITDA for the first half of of our business across our various “Cost control and efficiency earnings per share amounted 2021 was QR6.4 billion with a corre- markets. Consequently, our EBITDA measures resulted in a 13 percent im- to QR0.144 as of June 30, 2021 sponding EBITDA margin of 44 per- margin improved to 44 percent, up provement in EBITDA for Ooredoo against of QR 0.104 for the cent, driven by growth in Indonesia, from 42 percent for the first half of Kuwait and 8 percent for Ooredoo Al- same period in 2020. Qatar, Kuwait, Tunisia, and Algeria. 2020, despite the challenges present- geria. We recorded 8 2 percent more Qatar National Cement The EBITDA growth rate stood at ed to us due to COVID-19.” customers for and 9 Company was established in 7 percent and at 10 percent excluding “Our response to the pandemic 2 percent more customers for Asia- 1965 and was listed on Qatar FX impact. and our robust strategy enabled us to cell, Iraq. recorded Stock Exchange in 1997, with a The company’s consolidated cus- report solid operational and financial positive trends for revenue with an capital of QR653,528,940. tomer base increased by 1 percent performance. The confidence of our increase of 8 percent. Looking ahead, Meanwhile Qatar Indus- due to growth in Indonesia, Oman customers resulted in an increase of Ooredoo Chairman Sheikh Faisal bin Ooredoo Managing Director Aziz we remain optimistic about Ooredoo trial Manufacturing Company and Iraq, offsetting the decline in our customer base by an additional Thani Al Thani Aluthman Fakhroo Group’s growth potential and we (QIMC) also announced on other markets. one percent. We continue to focus on believe that we have made the right Wednesday that the com- The Group’s net profit attribut- providing reliable connectivity and Ooredoo Managing Director Aziz growth of 10 percent. Our Net Profit investments to continue delivering pany regsistered a net profit able to shareholders turned negative innovative products to our customers Aluthman Fakhroo said, “The posi- was impacted by an impairment of long term value for our shareholders, of QR63.35 million in the first due to impairments (QR2,341 mil- and are proud to be leading in this tive trend in 2021 is even stronger ex- the operation in Myanmar due to the customers and countries in which we half of 2021 in comparison to lion, mainly from Ooredoo Myan- space,” Sheikh Faisal said. cluding the FX impact with revenue uncertain political environment. The operate,” he said. QR42.384 million for the same mar) partially offset by profit from Commenting on the results, growth of 5 percent and EBITDA loss was partially offset by gains from (See also page 9) period of the previous year. Economy & Business Thursday, July 29, 2021 09 UDC posts QR157 mn net profit in H1 Company sold 89 completed residential units across The Pearl-Qatar, 3 plots in Giardino Village and 13 plots in Gewan Island in the first half of 2021

Tribune News Network Doha

United Development Company (UDC), a leading Qatari public shareholding compa- ny and the master developer of The Pearl- Qatar and Gewan Island, on Wednesday, announced that the company registered a net profit of QR157 million and revenues of QR1.2 billion in the first half of 2021. The net profit attributable to the equity shareholders was QR136 million and basic earnings per share was QR0.038. Commenting on the results, UDC Chair- man Turki bin Mohammed Al Khater said, “In the first half of 2021, UDC achieved a sustainable performance by balancing de- velopment activities across The Pearl-Qa- tar and Gewan Island with a continued fo- cus on commercial activities. This strategy, coupled with our rich portfolio of projects UDC Chairman Turki bin Mohammed Al Khater has enabled UDC to sustain a diversified revenue stream.” Khater said, “The financialresults show positive improvement resulted from sales and leasing revenues, especially with the handover of the majority of UDC’s latest residential units at Al Mutahidah Towers at The Pearl-Qatar. Committing to high standards of design, build quality, and in- novation, UDC consistently offers premi- um experiences and lifestyle opportunities across market segments; and its properties continue to be highly sought-after by local and foreign investors.” “Looking ahead to the remainder of the year, UDC will continue working on the completion of the development plan for the projects under implementation, includ- UDC started leasing units in the Al Mutahidah Towers from June this year. UDC President Ibrahim Jassim Al Othman ing United School International as well as Floresta Gardens and Giardino Village retail leases in the past six months, covering ised, while development of Gewan Bridge area of 2,232 sqm and will feature many properties in a timely manner and provid- gated residential compounds at The Pearl- an area of 18,000 sqm including The Pearl- continues with the bridge deck scheduled facilities including fine dining restau- ing unparalleled residential developments Qatar and Crystal Residence apartments in Qatar Commercial Showrooms. The Pearl- to be completed by the end of 2021.” rants, climatised outdoor seating, as well that improve the lives of our residents, and Gewan Island that are aligned with estab- Qatar has also welcomed 20 new stores since Commenting on the Company’s ex- as a cigar lounge, several meeting rooms, reward shareholders and investors over lished plans and timetables. They reflect the beginning of 2021, with 50 more brands pected performance for the second half of and many more services that help create a the long term.” our commitment to preserving sharehold- expected to open by the end of this year.” the year, Othman said, “We will continue leisurely feel. UDC is a leading Qatari public share- ers’ and investors’ values,” Khater said. Othman pointed that residential oc- to exploit The Pearl-Qatar’s position as Qa- Also in Porto Arabia, UDC is prepar- holding company with a mission to identify UDC President and Chief Executive Of- cupancy also thrived with 103 new rental tar’s real-estate development of choice and ing to inaugurate a fine dining restaurant and invest in long-term projects contribut- ficer and Member of The Board Ibrahim Jas- contracts signed for UDC properties, while use our resources and experience to create ‘Shirvan Métisse Doha’ in partnership ing to Qatar’s growth and providing good sim Al Othman said, “The first half results UDC sold 89 completed residential units a sustainable commercial and social envi- with world-acclaimed Michelin star Chef shareholder value. Established in 1999, the are in line with UDC’s strategy to focus on across The Pearl-Qatar, 3 plots in Giardino ronment that contributes positively to the Akrame Benallal that will introduce an en- company was first listed on the Qatar Ex- delivering projects that are currently under Village and 13 plots in Gewan Island. project’s investment returns. In line with tirely new fusion concept inspired by Old change in June 2003. It has an authorised development and as per the target comple- Othman said, “Gewan Island develop- that strategy, we have launched leasing in Silk Road food cultures and will equally share capital of QR3.5 billion and total as- tion schedules. We are fully committed to ment works are progressing steadily as Al Mutahidah Towers last June and will be enrich The Pearl-Qatar’s gastronomy sets of QR20 billion as of June 30, 2021. sales and leasing activities that serve to en- planned with marine works for beach vil- offering 80 compound villas in Giardino offerings. UDC activities cover a multitude of vi- hance our recurring revenues.” las and island mansions completed. Infra- Village, for leasing later this year.” Othman said, “We look forward to a tal investment sectors including real-estate Othman said, “The Pearl-Qatar main- structure works still ongoing and building UDC is also set to start construction promising future, as we continue to invest development, property management, in- tains its position as a leading retail destina- works at Crystal Residence continuing after works on the new Corinthia Yacht Club in the development of sustainable pro- frastructure and utilities, maritime and tion, as evidenced by the signing of 38 new podium slab construction has been final- in Porto Arabia that will span a built-up jects. We are also dedicated to delivering hospitality-related businesses. Barwa sees rental income increase of 41% in first half Company registers net profit of QR533 mn in H1 Group’s total assets exceed QR35 bn in H1 Tribune News Network used as part of the organisa- Doha tional plans for the World Cup events. Development work on Barwa Real Estate Group, the two projects is expected to The Ooredoo headquarters in Doha. the leading real estate and in- be completed by mid-2022. vestment company in Qatar The Group is also study- and the region, on Wednesday ing the economic feasibility announced that the company of many of the development Ooredoo Qatar achieved a net profit of QR533 projects put forward by the million in the first half of 2021. Public Works Authority under The total assets of the Group the Public-Private Partnership revenue up 5% exceeded QR35 billion and the system, and the participation total equity of the sharehold- of the Group in any of these ers of the parent company ex- tenders will depend on their to QR3.7 bn in H1 ceeded QR20 billion. economic feasibility and com- As a result of the Group’s mensurate with the Group’s Tribune News Network ening its connectivity portfolio success in developing a bal- development strategy. Doha and supplementing it with ICT anced real estate portfolio that Barwa will also continue services. Ooredoo as the lead helps to face market fluctua- in studying its available space Ooredoo Qatar saw growth consortium member launched tions and despite the effects lands to determine their opti- during the first half of 2021 as the TASMU Platform, a part- of the COVID-19 pandemic on mal use to support the finan- the reported revenue was up 5 nership with the Ministry of the global economy, the Group cial position of the Group and percent year-on-year to QR3.7 Transport and Communication has succeeded in strength- contribute to the development billion, driven by growth in in conjunction with an inter- ening rental income that in- of sustainable revenues. post-paid services, mobile fi- national consortium under the creased by 41 percent. The group continues to nancial services, Ooredoo tv, patronage of His Excellency “It is a large percent- study the development poten- business-to-business revenue the Prime Minister and Minis- age in light of the challenges tial of its large landholdings and higher sales of devices. ter of Interior. witnessed by the real estate spread over various locations, EBITDA stood at QR2 billion Additionally, Ooredoo Qa- market and it reflects the size The headquarters of Barwa Real Estate Group in Doha. including notably large plots in the first half of 2021 com- tar attained Dell Platinum Sta- of planning and the effort in Lusail and other strategic pared to QR1.9 billion in 2020. tus and won ‘Emerging Partner made at all levels within the last year by QR53 million due tinues on several new pro- mented by the Public-Private sites in Qatar. Customer numbers of The Year’ and ‘Collaboration Group to promote the sustain- to the significant decrease in jects that will contribute to Partnership system, which With regard to its inter- dropped to 3 million, reflecting Partner of The Year’ awards able growth of operating rev- some non-recurring items the growth of the company’s is expected to be completed national and financial in- the changing demographics of from Cisco. The company was enues,” the company said in a such as profits from the valu- operating revenues and pro- in 2022. vestments, Barwa regularly Qatar during the period. part of the delegation repre- statement. ation of investment properties mote sustainable growth of In 2020, construction evaluates its performance and Compared to the first quar- senting Qatar at the St. Peters- The company also suc- and other income, the increase its shareholder earnings in- work was launched in the two formulates strategies to en- ter of 2021, service revenue burg International Economic ceeded in rationalising its in operating income and ra- cluding the third phase of the projects of Madinatuna, which hance investment revenues. grew by 6 percent and Ooredoo Forum (SPIEF) in June and is various expenses that led to tionalisation of expenses have Mawater City Project that be- is intended as a residential city The Group has always pro- ONE ‘All-In-One’ Home Ser- optimistic regarding the poten- a decrease in general and ad- contributed significantly to gan in August 2019 on 418,000 for families, and in Baraha Al moted the principle of part- vice contributed to a 1 percent tial business opportunities cre- ministrative expenses by 34 compensate for this decrease. square meters of land includes Janoob, which is a workers’ nership with the government growth in the Ooredoo tv cus- ated through its participation. percent and also a decrease in Despite the continuing 118 galleries, hypermarket, city. The two projects are lo- to develop more real estate tomer base. The launch of new Ooredoo Qatar continues net financing costs by 8 per- challenges facing the real es- car service centers, a car parts cated within the geographical projects aimed at meeting post-paid plans bundling OTT its Digital Transformation cent that contributed to an in- tate market as a result of the center and a showroom for an border of the municipality of the needs of the real estate contents and ongoing shift Journey, providing customers crease in the net cash income COVID-19 pandemic, the com- automobile agency. This phase Al Wakra. market and consistent with towards app-based business best digital care, sell and pay- of the Group for the period, pany is determined to develop is an extension of phases I and The cost of developing Qatar’s National Vision 2030 delivery enhanced customer ments experience. More than and in a way that supports its a balanced real estate portfolio II of the project. the two projects exceeds the and supporting the company’s convenience and boosted opti- 10 percent of Ooredoo Qatar financial position. that will help cope with market In 2020, the Qatar Schools value of QR5 billion. The two sustainable growth strategy mization efforts. customers decided to buy On- Despite the decrease in volatility and support ongoing Project Development Agree- projects will enhance the lev- and solidifying its position as Ooredoo Qatar continued line, and more than 70 percent the net profit for the period operating revenues. ment - Package I was signed els of support for the partner- a leading national real estate to expand its business offering interact with Ooredoo Digitally compared to the same period Development work con- as the first project to be imple- ship with Qatar and will be development company. during the period by strength- to manage their payments. 10 Thursday, July 29, 2021 Economy & Business QIIB Chairman leads Qatari delegation to Sudan

Transitional Sovereignty man and Managing Director opportunities in various between the business com- to, which reflects the nature of and Economic Planning, International Investment Council of Sudan’s Chairman Sheikh Dr Khalid bin Thani commercial sectors of the Su- munity in the two countries close cooperation between Qa- Mohamed El-Fateh Zain Company. Lieutenant-General Abdel bin Abdullah Al Thani at the danese economy. and the continuous efforts to tar and Sudan. El-Abidin, Governor of the The meeting saw discus- Fattah Al Burhan has received Guest Palace in Khartoum. The meeting also dealt strengthen these relations and Dr Khalid bin Thani Central Bank of Sudan, and sions on investment opportu- a delegation of Qatari busi- The two sides discussed with discussing various eco- raise them to the level of ambi- and the delegation also met Lieutenant-General Abdel- nities in the banking, finance, nessmen led by Qatar Inter- prospects for business en- nomic issues to consolidate the tion that the leadership of the Dr Jibril Ibrahim, Suda- Mahmoud Hammad Hussein, insurance and other commer- national Islamic Bank’s Chair- vironment and investment brotherhood and cooperation two brotherly countries aspire nese Minister of Finance General Manager of Zadna cial sectors. (TNN) 2021 outlook grows Pfizer hikes 2021 outlook after murky for insurers as COVID-19 surges vaccine boosts sales and profit Agencies ing largely among people who have not received COV- Surging COVID-19 cases ID-19 vaccines. COVID-19 vaccine became Pfizer’s top seller, bringing in nearly half its revenue — $7.84 bn are blurring the view for “It’s not business as usu- health insurers of how 2021 al as everybody had hoped,” Agencies might reduce hesitancy to be will play out. Centene CEO Michael Nei- vaccinated. Medicare Advantage dorff told analysts on Tues- Strong sales of its COV- Second-quarter net in- coverage specialist Humana day, noting that the insurer ID-19 vaccine and other medi- come was $5.56 billion, or said Wednesday that it was has shown in the past that it cines helped Pfizer nearly 98 cents per share, up from maintaining its 2021 earn- can manage through “COV- double its second-quarter $3.49 billion, or 62 cents per ings forecast, citing “height- ID-type issues.” revenue and boost its profit an share. ened uncertainty” about the Centene Corp. covers or impressive 59%, beating Wall Adjusted income, exclud- ongoing pandemic. manages coverage for about Street expectations and lead- ing one-time gains and losses, That came a day after 25 million people. Neidorff ing the drug giant to sharply amounted to $6.08 billion, or another insurer, Centene, said about half of their cus- hike its 2021 sales and profit $1.07 per share, well above also maintained its fore- tomers are vaccinated. forecasts. the 97 cents that Wall Street cast for the year instead of Nationally, 60% of the Amid the surging coro- had expected. raising it like rivals United- adult U.S. population is navirus pandemic, the COV- Its quarterly revenue of Health Group and Anthem fully vaccinated while 69% ID-19 vaccine became Pfizer’s $18.98 billion far exceeded Inc. when they reported have had at least one dose, top seller, bringing in nearly last year’s $9.86 billion, and second-quarter results ear- according to the Centers for half its revenue — $7.84 bil- also topped projections. lier this month. Disease Control and Pre- lion from direct sales and Pfizer shares rose $1.46, The seven-day roll- vention. revenue split with its partner, or 3.5%, to $43.56, near a 52- ing average for daily new Health insurers reaped Germany’s BioNTech. week high. cases in the United States huge profits early in the Pfizer now anticipates rev- Sales jumped by double has jumped from about pandemic as patients can- enue from the two-dose vac- digits for Pfizer’s drugs for 24,000 shortly before Unit- celled or put off medical cine this year to reach $33.5 cancer and rare diseases, as edHealth reported earnings care and stayed home to billion for the 2.1 billion doses well as its medicines primar- on July 15 to more than avoid being exposed to the it’s contracted to provide by Pfizer anticipates revenue from the two-dose vaccine this year to reach $33.5 billion for the 2.1 billion ily used in hospitals. Sales of 61,000 Tuesday, according virus. That break in claims year end. That doesn’t include doses it’s contracted to provide by year end. Eliquis, for preventing blood to data from Johns Hopkins was countered a bit by in- a contract struck last week clots and strokes, jumped 16% University. creased costs for COVID-19 to provide an additional 200 leased data showing that six can’t take risks.” Pfizer has testing in 5- through 11-year- to $1.48 billion, while Ibrance COVID-19 cases had testing and treatment. million doses to the U.S. months after vaccination, the delivered more than 1 billion old volunteers should pro- sales edged up 4% to $1.4 bil- been falling for weeks, while Humana executives told The New York company on shots were 97% effective in doses of the vaccine globally duce the safety and efficacy lion in the quarter. insurers saw care use return analysts Wednesday that Wednesday disclosed that on- preventing severe disease. and expects to make 3 billion data needed to seek emergen- Pfizer’s pneumonia vac- to more normal levels as pa- they’ve started seeing an in- going testing of a booster shot, “We are quite convinced doses this year, with many cy use authorization in that cine Prevnar 13 — until now tients came back to surgery crease in COVID-19 cases in given six months after the sec- that a booster will be needed,” more going to low- and mid- age group, and data on testing the world’s most lucrative centers and doctor’s offices the last couple of weeks. ond vaccine dose, showed it CEO Albert Bourla said in an dle-income countries from in children from 6 months to vaccine — saw sales climb for care not related to the Humana CEO Bruce raised antibody levels against interview, adding that a third now through year’s end, Bour- 5 years old should follow soon 11% to $1.24 billion amid the coronavirus. But a more Broussard said 2021 is the more-transmissible Delta dose of the original vaccine la said. Most doses of all the after, according to Pfizer. pandemic. The company won contagious variant of the poised to be a “year of COV- variant to 11 times higher in could be sufficient. Still, Pfizer COVID-19 vaccines produced The U.S. Food and Drug U.S. approval in June for an virus that causes COVID-19 ID-19 transition,” with next older people and five times in August will start testing in in Europe and the U.S. so far Administration is now re- updated version for adults, has started to change that in year returning more to nor- higher in younger people, volunteers a booster target- have gone to wealthy coun- viewing data that could lead Prevnar 20, that protects the past week or so, spread- mal. compared to levels after two ing the Delta variant, because tries. to full approval of the vaccine against seven more strains of doses. The company also re- “there’s so much at stake, you By the end of September, for adults, which Bourla said pneumococcal disease.

Wait is over! Huawei’s new Super Device products arrive in Qatar Tribune News Network MateBook D15 can be connected MateBook D15: Powerful and Expanding creativity with Doha to the MateView via a USB-C cable light MatePad 11 to create an inter-connected hub Huawei also refreshed the The MatePad 11 is the first Hua- Huawei on Wednesday launched that breaks through boundaries for MateBook D series with the launch wei tablet to feature a 10.95-inch; its innovative Super Device prod- maximum productivity, creativity of the MateBook D15, which comes 120Hz high refresh rate display ucts, which include MateBook D15 and efficiency. Whether you are in with a thin and light metal body with a 16:10 aspect ratio. This laptop, standalone monitor Mat- the office or working from home, for easy portability. Eye Comfort does not just translate to smoother eView and MatePad 11. the tablet, monitor and laptop can Huawei FullView display for a viewing, but also a more responsive These products fall under one work seamlessly together offer- protective and immersive viewing touch control along with low-laten- umbrella – Super Device prod- ing futuristic ways in getting tasks experience, Intel Core processor cy handwriting input. Along with ucts – which bring futuristic ways accomplished. The advantage or for power and reliability in addi- that, users can now play games that to seamlessly connect multiple added value of having a Smart Of- tion to many features which make support high FPS mode that means devices and takes how you work fice is the easy swapping of wire- it one of the most sought after improved visuals and even better and get entertained to a whole new less and wired connection screen 15-inch laptops today. feedback when using the touch level. sharing, cross-device file dragging controls. The Super Device experience and dropping to deliver a more MateView: Next-gen monitors The Super Device experience provides a common language for efficient and collaborative multi- Huawei also announced the provides a common language for different kinds of devices to con- device experience. Ultimately, this release of MateView, the first different kinds of devices to con- nect and collaborate, providing allows us to easily switch between flagship standalone monitor from nect and collaborate, providing you with a more seamless, smooth, Work Mode, and Personal Mode. the company. The MateView is you with a more seamless, smooth, and secure experience. It uses Huawei also upgraded the your tablet. There is also Extend images and documents between beautifully minimalist Wireless · and secure experience. The Huawei distributed technology to meet Huawei Share feature to incor- Mode that transforms your tablet the connected tablet and laptop Real Colour Monitor that supports Smart Office bundle the includes the varied needs of all types of porate the new Tablet-PC Multi- into a second screen, providing with a simple drag and drop! a wide range of smart features, the all new MateBook D15 and the different scenarios. It also com- screen Collaboration that come extra screen space to display more Tearing down the boundaries including a large 4K+ UHD Pro MatePad 11 is now available for pre- bines independent devices into a with three modes; Mirror, Extend content, great for online shopping that separate tablets and laptops, 28.2-inch large screen with an order from Huawei website https:// cohesive and holistic Super Device and Collaborate. In Mirror Mode, or when you are browsing the In- Huawei Share enriches and el- impressive 3840 x 2560 screen bit.ly/37acvlq for the special price that integrates hardware resources as the name implies, you can mir- ternet and there are so many items evates what you could possibly do resolution. The aesthetically pleas- of QR4,299. The two devices can to leverage the capabilities of the ror your MateBook D15 screen to to explore! with the MatePad 11 and the new ing design is complimented by the also be pre-ordered separately, but devices based on your needs. your tablet display, allowing you Additionally, the innovative MateBook D15, empowering you Huawei Smart Bar, dual-speaker customers who purchase the bundle In layman terms, the all-new to directly work on files and an- Collaborate Mode enables cross- and definitely letting you become and dual-microphone sound will receive gifts including a mouse, MatePad 11 can be wirelessly pro- notate documents, or draw/sketch platform interactions, allowing you more productive and creative than system for total audio-visual im- backpack and a Huawei FreeBuds jected to the MateView while the on your laptop with the stylus of to transfer content such as text, before. mersion. 3i. Economy & Business Thursday, July 29, 2021 11

ExxonMobil Google delays to collaborate return to office, with Egypt’s mandates Trella vaccines Agencies Agencies Google is postponing a re- US energy company Exx- turn to the office for most onMobil signed an agree- workers until mid-October ment with Egypt-based and rolling out a policy that freight marketplace Trella will eventually require every- to collaborate on the de- one to be vaccinated once its velopment of more tech- sprawling campuses are fully nology solutions. reopened in an attempt to Trella, which was fight the spreading Delta vari- founded in 2019, has oper- ant. ations across Egypt, Saudi In a Wednesday email Arabia and Pakistan. The sent to Google’s more than company has more than 130,000 employees, CEO 350 shippers on its mobile Sundar Pichai said the com- app – including Coca-Co- pany is now aiming to have la, Maersk, Mondi, Hen- most of its workforce back to kel, Orascom and Cemex its offices beginning Oct. 18 – as well as more than instead of its previous target 15,000 truckers. date of Sept. 1. The decision “We are very excited also affects tens of thousands about our collaboration of contractors who Google with ExxonMobil Egypt, intends to continue to pay unlocking new ways to while access to its campuses build an ecosystem that remains limited. supports drivers and sur- “This extension will al- passes the status quo of low us time to ramp back into logistics,” said Omar Ha- work while providing flexibil- grass, Trella’s chief execu- ity for those who need it,” Pi- tive. chai wrote. Regional freight mar- And Pichai disclosed ketplaces such as Trella that once offices are fully and Trukker are tapping reopened, everyone working into a coronavirus pan- there will have be vaccinated. demic-induced logistics Boeing reported its first quarterly profit since 2019 on a recovering commercial aviation market that will enable the company to cut fewer jobs than planned. The requirement will be first boom, sparked by in- imposed at Google’s Moun- creased efforts by busi- tain View, Calif. headquarters nesses to digitise. and other U.S. offices before The recent partner- being extended to the more ship will allow the Egyp- Boeing records first profit since than 40 other countries where tian company to add the Google operates. greater value to its freight The vaccine mandate will marketplace through en- be adjusted to adhere to the hanced trucking produc- laws and regulators of each tivity and efficiency. location, Pichai wrote, and The company will use ‘19 on higher 737 MAX deliveries exceptions will be made for ExxonMobil’s heavy duty medical and other “protected” engine oil to boost its reasons. uptime and reduce fuel The US plane maker swings to Q2 profit of $567m, from a loss of $2.3bn in the same quarter a year ago “Getting vaccinated is one costs. of the most important ways The Egyptian compa- Agencies president and chief executive, production rate temporarily aircraft for Southwest Air- to keep ourselves and our ny connects shippers and said. “While our commercial to lower than five per month lines, the company said. communities healthy in the carriers through its digital Boeing posted its first quar- market environment is im- and expects to deliver fewer Revenue from defence, months ahead,” Pichai ex- platform and uses data terly profit in almost two proving, we’re closely moni- than half of the 787s currently space and security unit rose plained. to help drivers optimise years as deliveries of its 737 toring Covid-19 case rates, in its inventory this year. 4.4 per cent to $6.9bn in the Google’s decision to re- routes and increase the Max model picked up and air vaccine distribution and glob- The company said its op- second quarter. quire vaccines to be in the of- volume of backhauls. travel demand improves in al trade as key indicators for Deliveries erating cash flow improved to “While we still have ways fice comes on the heels of sim- Through Trella’s app, the wake of rapid Covid-19 our industry’s stability.” Boeing said it had delivered $500m in the quarter, driven to go before a full rebound, it ilar moves affecting hundreds shippers can directly book vaccination campaigns glob- Boeing said it had de- more than 130 of its by higher commercial deliver- is encouraging to see the com- of thousands government freight vessels and track ally. livered more than 130 of its bestselling 737 Max aircraft ies, higher order receipts and mercial market improving, workers in California and them in real-time. The US plane maker bestselling 737 Max aircraft and airlines have returned lower expenditures. enabled by continued vaccine New York as part of stepped- Last month, Trella swung to a second-quarter and airlines have returned more than 190 previously “Cash and investments distribution and increasing up measures to fight the Delta raised $42 million in a net profit of $567 million, more than 190 previously grounded planes to service in marketable securities de- travel demand, particularly variant. funding round led by in- from a loss of $2.4 billion in grounded planes to service creased to $21.3bn, compared in domestic markets,” Mr The rapid rise in cases ternational investors, the same quarter last year, since a safety ban on that jet since a safety ban on that jet to $21.9bn at the beginning of Calhoun said in an employee during the past month has including the venture Boeing said in a statement was lifted in November 2020. was lifted in November 2020. the quarter, primarily driven memo. prompted more public health capital arm of Danish on Wednesday. Revenue rose The 737 programme is The 737 programme is by operating cash outflows,” “Going forward, we will officials to urge stricter meas- shipping group Maersk. 44 per cent year-on-year to currently producing at a rate currently producing at a rate of Boeing said. closely monitor case rates, ures to help overcome vaccine Maersk Growth and $17bn, beating analysts’ esti- of approximately 16 aircraft approximately 16 aircraft per Sales for Boeing’s com- vaccine distribution, travel skepticism and misinforma- Saudi Arabian VC Raed mates of $16.5bn complied by per month and will gradually month. mercial aeroplanes unit protocols and global trade as tion. Ventures together led Refinitiv. increase production to 31 air- increased almost 268 per key indicators for recovery,” The vaccine requirement the equity segment of the “We continued to make craft per month in early 2022, cent on an annual basis to he said. rolling out in California next funding round, while the important progress in the with further gradual increases market and engages in cus- more than $6bn in the three The company’s research month covers more than debt facilities were pro- second quarter as we focus to correspond with market tomer discussions, it said. months to June 30. This unit, and development expenditure 240,000 government employ- vided by Lendable and on driving stability across our demand, Boeing said. Boeing, which is dealing which delivered 79 aircraft dropped by more than 20 per ees. The city and county of San other local financial insti- operations and transforming The company will con- with structural defects on its during the quarter, secured cent in the quarter to $497m, Francisco is also requiring its tutions. our business for the future,” tinue to assess the production 787 Dreamliner widebodies, orders for 200 737 aircraft for the company said in the state- roughly 35,000 workers to be David Calhoun, Boeing’s rate plan as it monitors the said it plans to cut the 787 United Airlines and 34 737 ment. vaccinated. Is South-east Asia on the verge of a wave of tech IPOs? record initial public of- ports that Carsome is evaluat- fering (IPO) from In- ing plans to list in the US later A donesian e-commerce this year. platform Bukalapak under- The expansion of the re- scores the growth of South- gion’s broader digital econ- east Asia’s digital economy omy has also seen some new during Covid-19, and has the players enter the market. potential to trigger further Earlier this month Malay- tech listings in the region’s sian low-cost airline AirAsia maturing market. announced that it would buy The company, which runs Gojek’s Thai business in a an online marketplace pri- $50m stock swap deal. marily for small and medium- The purchase, which in- sized enterprises, is expected cludes Gojek’s ride-hailing, to raise $1.5bn by the time it food delivery and payments lists on the Indonesian Stock operations, comes one week Exchange on August 6, ac- after AirAsia applied for a cording to local and interna- digital banking licence in tional media reports. Malaysia, and aligns with the If confirmed,this will be demic-affected Indonesians commerce market grew by pany is Indonesia’s most val- a traditional IPO – are an in- share. company’s plans to develop Indonesia’s largest-ever IPO, increasingly turned to online 54% last year, according to a uable start-up, and is widely creasingly popular vehicle for There has been substan- its own super app and digital surpassing mining company platforms. report from Google, Temasek expected to raise up to $2bn South-east Asian tech firms to tial merger and acquisition businesses while the majority Adaro Energy’s $1.3bn listing Despite this encouraging and consultancy Bain, and is in pre-listing funding. fast-track listings. (M&A) activity in South-east of its fleet remains grounded in 2008. growth, the company never- projected to reach $83bn by Elsewhere, on July 24 Indeed, last month Grab, Asia’s tech space. For exam- due to Covid-19-related travel In an indication of in- theless recorded a net loss of 2025. Singapore-headquartered on- the region’s most valuable ple, as part of a move into restrictions. creased interest in the coun- $93m in 2020, although this line real estate portal Propert- tech unicorn, announced it financial services by the re- Elsewhere, e-commerce try’s e-commerce sector as was considerably lower than A wave of tech IPOs? yGuru, which operates in Ma- plans to go public in New gion’s leading super apps, last and logistics provider Flash a whole, the company had 2019’s loss of $193m. Given interest in the re- laysia, Indonesia, Thailand York in the fourth quarter of year Grab purchased wealth- Group recently became Thai- initially expected to raise Some analysts have ques- gion’s tech scene, Bukalapak’s and Vietnam in addition to this year via a $40bn merger tech start-up Bento, while land’s first unicorn start-up $300m, an estimate which tioned the company’s IPO IPO could signal a number of its home market, announced with a SPAC. Gojek acquired Indonesian after raising $150m in addi- subsequently rose to $800m valuation, given its size and similar listings in the near fu- a deal to list on the New York point-of-sale firm Moka and tional funding. When making and ultimately $1.5bn. market share, while others at- ture as the market matures. Stock Exchange via a special M&A activity remains Vietnamese e-payment start- the announcement, company The third-largest player tribute the elevated figure to GoTo, the result of a May purpose acquisition company strong up WePay. officials said the financing in Indonesia’s $40bn e- robust investor appetite for merger between Tokopedia (SPAC). While public listings are More recently, used car will be put towards increas- commerce market – valued South-east Asian tech firms, and Indonesian super app Go- As OBG has explored, the latest step for a number marketplace Carsome became ing Flash Group’s financial at $6bn, behind local giant which are widely seen as hav- jek, is expected to list domes- SPACs – essentially shell of rapidly expanding tech Malaysia’s first unicorn ear- services and expansion into Tokopedia and Singaporean ing significant growth poten- tically in the coming months, companies set up by investors companies in South-east lier this month after agreeing other ASEAN markets. tech multinational Shopee – tial. followed by an IPO in the US to acquire a private company Asia, other major players are to a deal to purchase fellow Bukalapak posted a 26% rise Taking Indonesia as an next year. With an estimated and enable it to go public pursuing different strategies car advertising network iCar — Oxford Business in revenue last year, as pan- example, the country’s e- value of $25b-30bn, the com- without having to go through in their quest to gain market Asia. This comes amid re- Group