BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
ADNOC Drilling approves $788m dividend
The final cash dividend of $394m for 2024 was approved at the AGM.
Business
Saudi Chemical Co announces dividend
The company will distribute $11,385,120 to its shareholders.
- Shareholders possessing a portion of the 843,200,000 shares eligible for dividends will benefit from this payout
- Each share is set to receive a dividend of 0.05 SAR, which represents a 5% dividend relative to the share par value
Business
GIB, KSA wrap up Sukuk debut
Gulf International Bank is a merchant bank in the Middle East
- The bank’s Sukuk programme is aligned with its strategic objectives to facilitate balance sheet growth and contribute to the realization of the national economic objectives
- GIB Capital’s CEO Osamah Shaker said that the bank is delighted to act as the sole arranger for the establishment of the Sukuk Programme and the Bank’s debut issuance
Business
KPMG’s global revenue touches $36bn
The company has outlined a collective investment of $4.2b.
- The announcement came in after KPMG International declared the annual globally aggregated revenues for KPMG firms of US$36b for FY23
- The financial figures highlight robust year-on-year growth of the company, reinforced by a multi-disciplinary approach
Business
Al Saqr names chairman of board
The insurance firm made a slew of new appointments.
- Saud Saleh Al-Arifi, an independent member, will be the new chairman of the board of directors
- The company named Naif Rashed Alarfaj, also an independent member, as new vice chairman
Deyaar, Arady Properties sign MoU
Deyaar is a leading real estate developer in Dubai.
- The MoU outlines the commercial objectives for the project and provides a framework for further negotiations
- Deyaar has developed strategic partnerships with renowned real estate entities in the region and beyond
Business
TAQA, GS Inima and EWEC seal deal
Abu Dhabi's Shuweihat 4 desalination project secures $444 million.
- The S4 RO project is primarily funded 71 percent through debt financing from both local and international banks.
- The financial closing comes after TAQA and GS Inima signed the water purchase agreement with EWEC in August 2023.
Business
ESG buys majority stake in UIG
The move is likely to enhance ESG’s manpower portfolio.
- ESG is a global investment, engineering and construction services business and a subsidiary of International Holding Company.
- The strategic plan aims to deploy over 30,000 skilled professionals by the end of 2024, serving various sectors.
Nike shares tumble after cost cuts
Nike promised up to $2 billion in cost savings Thursday.
- Shares fell heavily in after-hours trading as Chief Financia officer described the environment as "highly promotional" during a conference call with analysts
- Profits for the quarter ending November 30 jumped 19 percent to $1.6 billion, while revenues edged up one percent to $13.4 billion
Economy
Saudi EXIM Bank, DBK sign MoU
It will boost the trade between Saudi Arabia and Kazakhstan.
- Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products
- It will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices and provide workforce training opportunities
Business
Warner Brothers Discovery explores merger
Warner Brothers Discovery brands include CNN and HBO.
- Warner Brothers Discovery chief executive David Zaslav met with Paramount Global boss Bob Bakish for several hours to discuss the possibility of merging the companies
- Warner Brothers Discovery brands include CNN, HBO, and its eponymous film studios, while Paramount’s properties include its movie studios of the same name
BYD surpasses Tesla with record revenue
The Chinese EV giant's net profit was $5.55 billion for 2024.
Business
Company News
Salik revenue soars to US$574m
Business
GAS, SPPC ink two contracts
Business
ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
Latest News
Goldman Sachs, Mubadala ink pact
Business
AstraZeneca to buy Fusion
The $2.4bn deal is its latest expansion into cancer treatments.
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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
Business
Lego net profit falls
Its net profit fell five percent to 13.1 billion kroner ($1.24bn).
- The Danish toy giant's overall sales inched up by two percent to 65.9 billion kroner ($9.6 billion).
- Sales made directly to consumers through Lego's physical and online stores rose by four percent.