Search Site

Trends banner

Company News

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Google says to buy Wiz for $32 bn

The all-cash deal brings Wiz into the Google Cloud operation.

QatarEnergy, Mitsui ink pact

The agreement provide for a rise in condensate volumes.
  • The 10-year supply agreement stipulates the supply of up to 11 million barrels of condensates per annum, starting from April 2024.
  • The agreement highlights QatarEnergy's strategy of establishing longer-term strategic business relationship and cooperation.

Mubadala invests in Manipal Health

Manipal Health offers multispecialty care through 30 hospitals.
  • Temasek, a Singapore-headquartered global investment company, will continue to hold a majority stake in Manipal.
  • Employing more than 5,000 doctors, the company is India’s second-largest hospital chain by number of beds.

Solutions-Devoteam deal completed

Devoteam Middle East is a subsidiary of Devoteam Group.
  • The total value of Devoteam Middle East is approximately SAR741.7 million.
  • Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.

SAIB profit jumps 17% in 2023

The net profit for the fourth quarter increased by 28 percent.
  • Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission.
  • Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023.

AD Ports Group, KPT ink pact

The pact deals with bulk and general cargo terminal.
  • A JV between AD Ports Group and Kaheel Terminals will develop, operate and manage bulk and general cargo terminal berths 11-17 at Karachi Port.
  • General cargo operations will primarily handle steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers.

Deutsche Bank to slash 3,500 jobs

The bank said it would buy back shares and pay dividends.
  • The news came as the German bank posted a 30 percent slide in fourth-quarter profit that still beat analyst expectations
  • The dividends and the share buyback will cost the bank nearly $1.7bn and will take place during the first half of the year

Shares in India’s Paytm dive 20%

Banking arm asked to stop accepting fresh deposits.
  • Paytm collapsed 20 percent at the open of trade in Mumbai before a trading halt, the day after the RBI reported "persistent non-compliances" at Paytm Payments Bank
  • RBI said it would not be able to accept new deposits, offer fund transfers or help facilitate credit transactions from March, although customers will be able to withdraw cash

Borouge full-year net profit $1bn

The firm posted third consecutive rise in quarterly earnings.
  • Borouge management intends to distribute 15.9 fils per share in dividends for the full year 2024, equating to a 6.6 percent current dividend yield.
  • Fourth quarter revenue reached $1.5 billion, unchanged quarter-on-quarter and declining 6 percent on a year-on-year basis on weaker global demand.

GSK profit in 2023 falls

The drug maker said revenues swelled 3 percent to $38.54bn.
  • Profit after tax slid sharply to £4.9 billion ($6.2 billion) last year from £14.9 billion in 2022, when it received a massive gain from the Haleon demerger
  • However, underlying adjusted operating profit, excluding exceptional items, jumped 12 percent to £8.8 billion last year to beat company guidance

CBD posts record net profit of $721m

The bank has proposed record cash dividend of 44.38 fils per share.
  • Operating income was AED 4.93 billion, up 29.5 percent attributable to higher net interest income and improved fee and commission income.
  • The bank proposed record cash dividend of 44.38 fils per share. It added that higher market interest rates contributed to the increase in revenue.

Al Ansari approves $85m dividend

This is approx 78% of the company's net profit after tax.

Latest News

Microsoft unveils ‘AI-ready’ PCs

The company's pivot to AI has been celebrated by Wall Street.

Amazon triples quarterly profit

The company's cloud, ads, and retail businesses thrive.

Fujifilm ups biotech plant investment

The cost of investment in North Carolina plant is $1.2 billion.

Most Read

RAKBANK, DP World sign pact

The aim is to offer trade finance solutions to businesses in UAE.
  • This strategic partnership leverages DP World's extensive trade network and real-time data insights.
  • It empowers RAKBANK with enhanced risk assessment capabilities and streamlined access to financing.

EasyLease buys stake in United Trans

This helps EasyLease expand its presence in mobility sector.
  • United Trans has been at the forefront of transforming the regional transport spectrum.
  • The company collaborates with major global organizations across all modes of transport.

Liberty Media buy MotoGP

Formula One owners paid US$4.5 billion for the deal.
  • The acquisition is expected to be completed by the end of 2024 subject to clearances and approvals.
  • MotoGP said Liberty Media would acquire "approximately 86 percent" stake from Spain-based owners Dorna.