Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
ADNIC okays 45% dividend for 2024
The company achieved its highest ever revenue and net profit.
Business
Business
Walmart Q2 revenue $152.9bn
The retail giant sales surged, partly due to inflation.
- Revenues for its second fiscal quarter ending July 31 were $152.9 billion, up 8.4 percent from the year-ago period
- Profits rose 20.4 percent to $5.1 billion, with some of the increase connected to the accounting for an asset sale in Brazil
Business
Agthia 2021 acquisitions worth $630m
The Group is planning a new acquisition in Egypt.
- Agthia aims to expand geographically in markets such as Egypt and Pakistan, noting its 60 percent acquisition of Abu Auf Group in Egypt.
- The group's products are currently available in more than 45 markets in North America, Europe, Asia, North Africa and the Middle East.
Business
Malaysia Airlines to acquire 20 planes
The airline will buy 10 planes and lease the 10 others from Avolon.
- The plane was worth $296.4 million according to the last published catalogue prices in 2018.
- The A330neo will gradually replace 21 older-generation A330neo planes in the Malaysia Airlines fleet.
Business
GIG H1 net profit $48.9 million
Improvement in underwriting and investment push profits up.
- The company said the rise in net profit was due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.
- The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Business
AD Ports Group Q2 net profit $81.67m
The year-on-year growth in net profit was 59 percent.
- Capex reached AED 1.6 billion, in line with the Group’s capital investment plans to spend more than AED 15 billion across all clusters over the 2022-26 period, the statement said.
- Container volumes grew by 30 percent YoY while Ro-Ro and cruise passenger volumes continued their healthy recovery post COVID-19 disruptions.
Business
Emaar H1 revenue 3.69 billion
H1 2022 EBITDA up 66 percent $1.6 billion.
- Q2 EBITDA up 53 percent to reach $798 million compared to $523 million in the same period of 2021.
- Emaar’s international real estate operations recorded property sales of $661 million in H1 2022 and contributed revenue of AED2.068 billion ($563 million
Business
Julphar Q2 sales $114m
Net profit for the period reached AED5.2m (AED73.4 million in Q2 2021)
- EBITDA reached AED 44.2 million in Q2 2022 and the quarter marks a return to a double digit margin of 10.5 percent of net sales.
- The drug manufacturer said the gross profit margin was 34 percent in Q2 2022.
Business
Al Dahra, CLAAS sign deal
The two firms will cooperate in agriculture sector.
- Al Dahra Holding Company and the German company "CLAAS" signed an MoU for the cooperation.
- The MoU oversees the purchase of new machines, and maintain appropriate level of after-sales service.
Economy
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percent
- H1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
- Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Business
DEWA H1 2022 revenue is $3.3bn
DEWA's net profit in H1 2022 is US$898 million
- In H1 2022, DEWA's revenue is US$3.3 billion (AED12.08 billion), and net profit is US$898 million (AED3.30 billion).
- DEWA's first half revenue increase of 15 percent to $3.3 b (AED12.08 b) was mainly driven by an increase in demand.
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Borouge proposes share buyback
The company had posted a 24% YoY increase in net profit to $1.24bn.
Business
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Business
PureHealth to list on ADX
The company is expected to start trading on ADX in December 2023.
- Subject to obtaining regulatory approvals and other relevant considerations the company is expected that trading on ADX will commence in December 2023
- In May 2023, PureHealth completed its acquisition of Ardent Health Services, which is USA’s fourth largest private healthcare group
Business
Saudi EXIM Bank, Obeikan AGC ink pact
Obeikan AGC Glass will have an export credit insurance policy.
- This partnership will enable Obeikan AGC Glass to secure their international sales against non-payment risks posed by global buyers.
- This agreement significantly amplifies the prospects for growth and penetration into new regional and international markets.
Business
Gulftainer extends concession pacts
The agreements with Sharjah Ports extended for another 35 years.
- The extended agreements allow Gulftainer to manage, operate and further develop Sharjah Container Terminal (SCT) and Khorfakkan Container Terminal (KCT) throughout this century.
- Gulftainer signed the original concession agreements for operating and managing the container terminal at Port Khalid in 1976 and the container terminal at Port Khorfakkan in 1986.