Yahsat H1 net income up 5%
Business
Siemens Energy posts Q3 loss
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
Business
Arada awards two deals
Under the $125.23m contracts, a residential district will be built at Masaar.
- Valued at AED228 million, the contract to build 142 villas in the Sendian district of Masaar was won by Kuwait's Al-Kharafi.
- The second contract worth AED232m to build the remaining 288 homes in Sendian was awarded to Intermass, a Sharjah-based contractor.
Business
Nintendo profits rise as demand booms
The rise is also attributed to the popularity of the Switch.
- The company, which has benefited from a string of popular titles including "Pokemon Legends: Arceus", posted a 2021-22 net profit of 477.7 billion yen.
- Uncertainties linked to the global chip shortage and potential production and transport delays caused by Covid-19 lockdowns could hit future profits.
Business
Emirates Steel Arkan Q1 profit $19.62m
The firm said the impact of Emirates Steel and Arkan merger was positive.
- The company announced revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021.
- It said the net profit was boosted by enhanced operational performance and higher sales volumes.
Business
Sony logs record full-year sales
However, net profit dipped 14% from the last year's record high.
- A lockdown-fueled gaming boom has slowed down, but Sony has seen success in other sectors
- Spider-Man: No Way Home has overtaken Avatar as North America's third-highest-grossing film
Business
Aramco shares up 3 percent
Oil prices continue to spike, beefing up energy companies.
- The stock price slightly retreated to SR45.8 later in the day at 12:07 p.m. Saudi time.
- Saudi Aramco now holds the second largest market valuation globally of SR9.15 trillion.
Business
Jeddah airport picks new acting CEO
Ayman Aboabah was appointed after the airport witnessed chaos.
- Aboabah has 28 years of experience, where he had held several leadership positions including the vice president for operations at Riyadh Airports Co.
- Several clips featuring the chaotic situation have gone viral on the internet, with people questioning why su.ch a situation happened at the newly built $9.6 bn airport.
Business
Aafaq Islamic Finance picks new CEO
The company has appointed Hisham Hammoud to the post.
- Hisham Hammoud is considered one of the pioneers in the banking and financial sectors
- He has more than 25 years of experience in the fields of banking and Islamic banking
Business
Reliance nets $100bn annual revenue
With this turnover, it became the first Indian firm to cross the mark.
- The conglomerate reported a net profit of INR162.03 billion ($2.1 billion) between January and March
- This was 22.5 percent higher than the same period last year for the group, owned by Asia’s richest man
Business
Adidas’s Q1 profit dips
German sportswear giant was hurt by China lockdowns.
- The group's net profit from its continuing operations fell to 310 million euros, from 502 million euros in the same quarter last year
- The setback was accompanied by a three-percent drop in sales across the board, the group said in a statement
Business
Petrobras profits rise despite hurdles
Brazilian President Jair Bolsonaro has criticized it for rising fuel prices.
- Petrobras on Thursday reported a first-quarter net profit of 44.6 billion reais ($8.6 billion)
- The result was 38 times more than the Q1 2021 result of 1.2 billion reais ($180 million)
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Eshraq Q2 profit $9.79m
Business
Yahsat H1 net income up 5%
Business
Siemens Energy posts Q3 loss
Business
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ADNOC Gas H1 revenue $10.6bn
Business
Empower H1 2023 revenue at $333m
Business
Evergrande shares up 28 percent
Evergrande estimated it had debts of $328 billion at the end of June.
Business
Saudi Cruise signs pacts with leading firms
The agreements are aimed at boosting investment in Aroya Cruise.
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Business
Birkenstock declares IPO prize
The company expects to raise around $1.58 billon.
- Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO, the company said in a regulatory filing.
- Known for its wide-strapped sandals with cork and latex soles, Birkenstock was founded in 1774 to make orthopaedic shoes.
Business
SVC inks pact with IMPACT46
SVC is a government investment firm established in 2018.
- IMPACT46's Fund III will invest in Saudi growth-stage companies and up to pre-IPO stage businesses.
- The fund will allocate capital to seed-stage startups and promising startups from the broader Middle East region.
Business
RSI buys stake in First Fix
The company acquires 51 percent stake in First Fix.
- The selling shareholders will receive a deferred sum of US$78.4 million upon the fulfilment of certain relevant conditions.
- Red Sea International will have the option to capitalize debt through the issuance of additional shares in First Fix.