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Company News

Alujain widens 2025 loss

The increase in loss is due to impairment charges, weaker prices.

Masar 2025 net profit $262m

Higher land plot sales boost revenue and operating income.

Tasnee’s 2025 losses deepen

The petrochemicals' company's revenue also fell 17.7 percent.

DP World 2025 revenue $24.4bn

The profit for the year up 32.2% to reach $1.96bn.

BYD 2025 revenue surges

The EV manufacturer reported net profit of $.3.3bn for 9M 2025.

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.

Business

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Business
Business

Alaska Airlines’ Boeing 737 MAX9 resumes flight

The voyage comes after the Federal Aviation Administration on Wednesday announced a maintenance and inspection program to clear the MAX...
  • The first trip was flight 1146 from Seattle to San Diego, which left 90 minutes past its scheduled 2:20 pm departure time and arrived in California at 6:14 pm
  • Alaska Airlines said it expects inspections on its fleet of 65 MAX 9 planes to be completed by the end of next week, allowing for a resumption of its schedule
Business

JADCO, EGG ink MoU on development of agriculture in Saudi Arabia

RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
  • The agreement involves the transfer and localization of potato seed production techniques in the Kingdom.
  • The aim of the collaboration is to support the transformation of local companies into industrial agricultural entities.
Business

Vodafone Qatar 2023 profit up

The 2023 net profit of Vodafone Qatar increased to $148 million.
  • Vodafone Qatar’s net profit for the nine months ending September 2023 reached US$107 million.
  • This reflects a growth of 17.3 percent compared to the same period in 2022, mainly driven by higher EBITDA.
Business

Microsoft lays off 1,900 staff

The move comes after Activision Blizzard gaming buyout.
  • Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
  • Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.
Business

EDGE bags another big order

The group will supply 200 unmanned helicopters to UAE defense ministry.
  • The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA.
  • In November 2023, EDGE acquired a 52 percent majority shareholding in ANAVIA, which manufactures unmanned helicopters.
Business

Jabal Omar secures $509m Murabaha

The financing agreement was signed with Al Rajhi Bank.
  • The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam.   
  • The facility will be used to accelerate the completion of project phases under construction and pay financial obligations. 
Business

Nokia sees ‘challenging’ 2024

Last year, the company reported a profit of $739 million.
  • Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
  • Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business

Emirates Islamic profit rises 71%

The Bank’s total income reached AED 1.2 billion ($326.69 million)
  • The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
  • The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth
Business

ADNOC Drilling begins use of hybrid rigs

The rigs use high-capacity battery to reduce emissions.
  • In 2023, the company acquired 16 such rigs for a combined $327 million investment.
  • The remaining 14 newbuild rigs are expected to join ADNOC Drilling’s operational fleet progressively throughout the year.

DIB reports $1.86bn net profit

The bank's income rose by 43% YoY to $5.4 billion.
  • The bank's Balance Sheet increased to approximately $84.78 billion, up 9% YoY
  • Shareholder returns continue to grow with RoTE at 20%, up 300 bps YoY

ADNOC L&S 2024 net profit $756m

The company's revenue increased by 29 percent to $3.54 billion.
Business

Company News

Chevron $53bn Hess deal in danger

AI entity is Board Observer in IHC

Goldman Sachs, Mubadala ink pact

Lloyds Group profit is $6.2bn

Rolls-Royce back into profit

Latest News

Masdar to buy stake in Terra-Gen

Masdar to buy 50 percent stake in Terra-Gen from ECP.
Business

AstraZeneca to buy Fusion

The $2.4bn deal is its latest expansion into cancer treatments.

Sovcomflot 2023 net profit $900m   

In 2023, the firm demonstrated strong financial results.
Business

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Business

AstraZeneca to buy Amolyt for $1bn

It will pay $800 million upfront for the Lyon-based company.
  • The London-listed group added that the transaction would bolster its rare diseases division Alexion.
  • AstraZeneca's share price was up 0.1 percent in early morning London trading following the news.
Business

DP World 2023 profit is $1.5bn

The company's revenue grew 6.6 percent to $18.25 billion.
  • DP World logged a 13 percent decarbonization in Scope 1 and Scope 2 carbon emissions.
  • The cash generated from the company's operating activities rose to $4.5 billion in 2023.

Inditex posts record net profit

Inditex, the world's biggest fashion retailer, is owned by Zara.
  • The net profit of Inditex reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022
  • The figure was in line with the expectations of analysts polled by financial data firm FactSet, who predicted profits of 5.36 billion euros