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JULPHAR-
Gulf Pharma Industries (Julphar) narrowed its net losses to AED 5.1 mn in 3Q 2024, compared to a loss AED 40.5 mn during the same period last year, according to the company’s financial statements (pdf). The company booked AED 417 mn in revenues from sales, up 14% y-o-y during the quarter. This performance came on the back of double-digit growth across operations in the GCC, which helped offset the impacts of the currency devaluation in Egypt and other challenges in Yemen, Libya, and Sudan, the company said in a report (pdf).
On a 9M basis, the company recorded a loss of AED 7.5 mn, after recording a net loss of AED 86.2 mn in the first nine months of 2023. The company saw its revenues increase 6.1% y-o-y, reaching AED 1.3 bn during the period.
MOEVE-
Moeve, the Mubadala-owned Spanish oil player (formerly known as Cepsa), netted EUR 59 mn in losses in 3Q 2024, a reversal from its EUR 278 mn net income in 3Q 2023, driven by shrinking refining margins, according to its earnings release (pdf). Revenue also slid 10% y-o-y to EUR 5.9 bn.
For the first nine months of 2024, Moeve reported a net income of EUR 109 mn, bouncing back from a EUR 116 mn loss during the same period in 2023. Nine-month revenue was flat at EUR 19.3 bn.
Moeve became fully owned by Mubadala in 2011 after acquiring all outstanding shares from French energy giant Total. In 2019, Mubadala sold a 37% stake to US investor Carlyle. The Madrid-based firm rebranded as Moeve in October, earmarking EUR 8 bn to transition towards sustainable energy and mobility.
