Empower okays $119.1m H2 2025 dividend
The dividend is equivalent to 43.75% of paid-up capital.
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TikTok’s US future uncertain
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Tesla Q1 sales sink 13 percent
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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
Business
P&G posts mixed quarterly results
Earnings per share dropped 12 percent to $1.40.
- The company behind Bounty paper towels, Gillette razors and Tide detergent saw its revenue rise three percent from a year ago to $21.4 billion in the quarter ending in December
- This was slightly lower than expected, and analysts are eyeing the performance of P&G and other consumer companies on whether they can keep prices up even as inflation cools
Business
Zee’s shares fall after merger fails
Disagreement over who would lead the new entity led to merger's failure.
- The initial 30 percent plunge saw Zee lose as much as 55 billion rupees ($661 million) in market value.
- "Considering that Zee still has six billion rupees cash on books... we see no bankruptcy risks," an expert said.
Business
Masdar, 3 firms sign agreement
They will establish e-methane supply chain from UAE-Japan.
- Masdar tweeted that this partnership will contribute to both nations’ shared goal of achieving carbon neutrality by 2050.
- E-methane is synthetic methane produced from carbon dioxide (CO2) and green hydrogen.
Business
Estithmar sets up issuance program
The Group said the program is valued at $933 million.
- The Program is expected to be admitted to the London Stock Exchanges International Securities Market.
- It has been rated (qaBBB) with a stable outlook at the national scale rating by Capital Intelligence Ratings Ltd (CI).
Business
United forecasts first quarter loss
The company beat analysts' expectation for the fourth quarter.
- The US airline's decision to ground its 737 MAX 9 fleet came amid heightened scrutiny of Boeing's narrow-body airliner following a recent scare on an Alaska Airlines plane
- While there were no fatalities or serious injuries in the January 5 incident, US regulators grounded 171 jets from the 737 MAX 9 fleet with the same configuration
Business
Macy’s rejects $5.8bn takeover deal
The company also owns the Bloomingdale's store chain.
- Macy's said the proposal "does not constitute a basis to enter into a non-disclosure agreement," with Arkhouse and Brigade
- In a letter to the two firms, Macy's chairman Jeff Gennette said he had "serious reservations" about their ability to finance the deal
Business
Alhokair Group wins $202m contract
Alpha Facilities Contracting Company has awarded the contract.
- The contract was awarded a project by Alpha Facilities Contracting Co., an affiliate of Al Fanar Group, to provide catering services at a residential complex in NEOM.
- It is expected that the financial impact of this partnership will begin as of Q1 2024, which will contribute to strengthening the group’s business.
Business
Tata Steel to slash 2,800 UK jobs
Tata Steel employs about 8,000 staff in the United Kingdom.
- The company confirmed the closure of two blast furnaces at the Port Talbot steelworks in Wales, according to a statement.
- The Mumbai-based conglomerate had threatened to shut the plant unless it received state aid to help decarbonize production and cut emissions.
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Tesla Q1 sales sink 13 percent
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Luberef net profit falls 7% in Q1
A fall in by-products sales leads to profit dip.
- This is in addition to a decrease in by-products crack margins, despite an increase in base oil crack margins.
- Total shareholders’ equity, no minority interest, stood at SAR 4.07 billion as of March 31, 2025.
Business
SABIC net loss $322 million
The company's net profit was $66m in Q1 2024
- Losses were driven by a SAR 1.05 billion drop in gross profit on higher feedstock prices.
- On a sequential basis, net loss shrank from SAR 1.89 billion in Q4 2024.
Business
PureHealth posts $137m Q1 net profit
The Group's revenue increased 8 percent YoY.
- EBITDA grew 5 percent year-on-year to AED 1.1 billion and net profit grew 3 percent year-on-year to AED505 million in Q1-2025.
- haista Asif, Group Chief Executive Officer at PureHealth, commented, “PureHealth’s first quarter results reflect the solid growth witnessed across all core segments."