Tesla Q1 sales sink 13 percent
Business
Ford’s US Q1 auto sales dip
Business
Business
McDonald Q4 profit up
McDonald's cited war in the Middle East as a drag.
- Profits in the quarter grew seven percent to $2.0 billion, while revenues increased eight percent to $6.4 billion.
- Global comparable sales grew 3.4 percent in fourth quarter, down from 8.8 percent in the third quarter and below the annual average
Business
Vodafone Q3 revenue dips
Poor display across Italy, Spain is said to be the reason for loss.
- Revenues dipped 2.3 percent to 11.4 billion euros ($12.3 billion) in the three months to the end of December, compared with a year earlier.
- "We maintained... revenue momentum in the third quarter," said chief executive Margherita Della Valle, adding the group had made "good strategic progress".
Business
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.
Business
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.
Business
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.
Business
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.
Business
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.
Business
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
Business
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.
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TikTok’s US future uncertain
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Tesla Q1 sales sink 13 percent
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Emirates expects first 777X delivery in H2 2026
Boeing had pushed back the first delivery to 2026 from 2025.
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Aramco, unit and Sinopec ink $4bn deal
The two companies will establish a joint venture company.
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Business
stc Group Q1 net profit up 11.05%
The Group reported a revenue of $5.12 billion.
- The group distributed SAR0.55 per share for the first quarter of 2025, in accordance with the dividends distribution policy approved by the General Assembly.
- Gross profit rose by 5.01 percent to SAR 9.098 million, operating profit increased by 2.02 percent to SAR 3.584 billion, and EBITDA grew by 5.25 percent to SAR 6.120 billion.
Business
SAIB reports $139 million Q1 net profit
its assets increased by 20.08 percent to $43.65bn.
- The profit growth was driven by a 4.7% year-on-year (YoY) hike in the first-quarter net special commission income, mainly due to higher returns from financing and investment
- Its clients' deposits were valued at SAR 101.66 billion, which is 14.96 percent higher than SAR 88.43 billion a year ago.
Business
Nissan forecasts $5.3bn annual net loss
Last year, it announced 9,000 job cuts worldwide.
- One of the top 10 automakers by unit sales, Nissan is heavily in debt, having trouble selling vehicles in the Chinese market.
- In February, the company had projected a much smaller annual net loss of 80 billion yen ($560 million).