SAIB profit jumps 17% in 2023
Business
Borouge 2024 net profit $1.24bn
The company said it will maintain a $1.3bn dividend for 2025.
Business
Sony hikes annual sales outlook
The company net profit for July-September sank 29 percent
- Sony saw net profit hitting $5.8 billion in the year to March 2024, up from the previous projection of 860 billion yen
- Annual sales were seen at 12.4 trillion yen, compared with a previous estimate of 12.2 trillion yen
Business
Dana Gas 9M net profit $126m
Profitability dropped 22% due to lower realized prices.
- The decline in profitability was also due to additional discounts on condensate sales in the Kurdistan Region of Iraq (KRI).
- The Company’s revenue for the first nine months of the year decreased 21 percent to AED 1,195 million ($326mm).
Business
Amlak Q3 net profit AED $73m
Amlak's total income for the third quarter decreased by 19%.
- Revenues from financing business decreased by 10 percent to AED 90 million during Q3 2023 as compared to AED 100 million in Q3 2022.
- The company recorded a net gain of AED 174 million on debt settlement arrangements and was able to reduce its debt burden by AED 531 million.
Business
Rabigh 9M net loss $879m
The firm said unfavorable market conditions affected margins.
- In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
- The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin
Business
Zain posts highest-ever quarterly revenue
Tower infrastructure sale among factors responsible for the performance.
- The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
- The company said it has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services.
Business
IHC 9M net profit $4.13bn
The Group's third-quarter revenues grew by 9.5 percent.
- In Q3 2023, IHC grew its total assets by 3.3 percent and reduced total liabilities by 1.3 percent (compared to December 2022).
- The Group intends to remain focused on optimizing its balance sheet and improving shareholder returns, IHC said in a statement.
Business
Amanat net profit up 73%
The company posted a 44 percent growth in revenues for 9M-period.
- Revenu growth was driven by strong performance at the Education platform up more than two times, boosted by contribution from the recently acquired Human Development Company.
- Amanat reported an increase in EBITDA by 65 percent year-on-year to AED173.7 million in 9M 2023, on track to significantly exceed the AED188 million recorded in full year 2022.
SEC reports $1.55bn Q3 profit
The company attributes the growth to surge in demand.
- Operating revenues went up to $15.19 billion, marking a 2.2% increase compared to the same period in the previous year
- The company attributed the revenue growth primarily to a surge in demand for electrical energy during the summer season
Business
Fertiglobe Q3 revenue of $525m
The firm recently launched steps to optimize its cost structure.
- In the third quarter, nitrogen prices reflected tighter market balances due to record low inventory levels.
- In the medium to longer term, the nitrogen outlook is favorable, with limited supply additions over the next several years.
Business
EDGE acquires 52% of ANAVIA
ANAVIA focuses on developing unmanned helicopters.
- ANAVIA is a Switzerland-based company that specialises in versatile vertical take-off and landing systems of up to 750 kilograms.
- ANAVIA’s unmanned helicopters can be adapted to EDGE's cross-complementary portfolio of air, land and maritime capabilities.
Company News
QatarEnergy, Mitsui ink pact
Business
SAIB profit jumps 17% in 2023
Business
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AD Ports Group, KPT ink pact
Business
solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
Bezos sells $2bn Amazon shares
He reportedly intends to sell, next July, 50 million shares of the group.
Business
ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
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Business
Etihad Atheeb 9M profit $47m
Higher revenues from various segments boosted profit.
- Allowance for impairment in trade receivables and finance charges (FCs) declined during the same period, Argaam reported.
- On a quarterly basis, the telecom operator's third quarter leapt from SAR 47.9 million in Q2 2023/24.
Business
Aramex Q4 net profit doubles
The firm reported a marginal YoY decline in Q4 revenue.
- Aramex said the revenue growth in International Express was offset by the decline in revenues from other products.
- The company posted a 2 percent YoY growth in gross profit for Q4 2023, reaching AED 389 million and remained stable for the full year.
Business
Hermes profit soars 28 percent
The luxury giant posted a profit of US$4.6bn in 2023.
- The company will disburse a 4,000-euro bonus to all employees early this year as part of "its policy of sharing the fruits of growth"
- Its sales climbed 14.5% in Japan and 12.9% in the rest of the Asia-Pacific region, with the group opening its 33rd store in China