RIYADH: Non-oil private sector growth in the UAE declined in January, registering a 12-month low, revealed the latest S&P Global UAE Purchasing Managers’ Index report.

The seasonally-adjusted S&P Global UAE PMI fell to 54.1, slipping slightly from 54.2 in December and the lowest since January 2022.  

“Weak global conditions weighed on export demand in January, as firms saw foreign sales decrease at the fastest rate since June 2021. Firms were somewhat optimistic about future output prospects,” said David Owen, senior economist at S&P Global Market Intelligence, in the report.   

However, output and new orders both rose sharply, while robust supply chains and stable energy prices helped to keep input costs settled. Employment and purchasing activity continued to increase, the report stated.  

“While the UAE PMI was at a one-year low of 54.1 in January, it continued to signal a robust improvement in business conditions at non-oil companies at the beginning of 2023,” added Owen.  

UAE Aramex net profits fall 27% to $44.92m 

Aramex announced a 27 percent decline in net profits to 165 million dirhams ($44.92 million) for the year 2022, even as its revenues fell 2 percent to 5.9 billion dirhams in the corresponding period.  

In the fourth quarter, revenues declined by 5 percent to 1.5 billion dirhams, and net profit fell 27 percent to 33.8 million dirhams.  

The company attributed the decline in revenues to the COVID-19 restrictions in China, the general slowdown in economic growth and the decline in consumer confidence.  

Global inflation and currency depreciation in critical markets such as Lebanon and Egypt also took a toll on the numbers.  

ADNOC Distribution revenues soar 53% to $8.47bn  

ADNOC Distribution’s revenues surged 53 percent to 31.1 billion dirhams in 2022 from 20.9 billion in 2021.  

The company’s profits rose 22 percent to about 2.75 billion dirhams from 2.252 billion dirhams in 2021.  

The fuel distributor witnessed an increase in the total quantities of fuel sold during 2022, as it recorded a growth of 8 percent annually, with a 19 percent rise in the volumes of commercial fuel.  

On Thursday, the company’s board of directors recommended a cash dividend of 1.285 billion dirhams, or 10.285 fils per share, for the second half of 2022. It will be presented to shareholders for approval during the annual meeting of the general assembly to be held in 2023.