INSEAD Day 4 - 728x90

Company News

Google to invest $6.4bn

The investment is its biggest-ever in Germany.

Pfizer poised to buy Metsera

The pharma giant improved its offer to $10bn.

Ozempic maker lowers outlook

The company posted tepid Q3 results.

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

Business

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Business
Business

ADIB issues green sukuk

The final orderbook of the green sukuk closed at $2.6 billion.
  • The issuance was met with exceptional demand, attracting interest from over 100 global and regional investors.
  • ADIB intends to allocate an amount equal to the net proceeds of this issuance to fund eligible green projects.

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.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.
Business

Company News

Shares in India’s Paytm dive 20%

Borouge full-year net profit $1bn

GSK profit in 2023 falls

CBD posts record net profit of $721m

TECOM Group net profit up 49%

Latest News

Embracer sells Borderlands

The sale is expected to be completed by June-end .
Business

BYD posts record 2023 profit

The Shenzhen-based firm is now moving quickly overseas.
Business

RSG, Hyundai Motor ink pact

The two firms will explore opportunities in various areas.
Business
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

Most Read

Business

Nasdaq edges to record

The Dow Jones Industrial Average dropped 0.8 percent.
  • All three indices finished at records the last two days, on the back of Wednesday's Federal Reserve meeting
  • The Dow Jones Industrial Average dropped 0.8 percent to 39,475.90, retreating from a serious drive at the 40,000-point level
Business

Lamborghini sales up in 2023

The deliveries sped up 9.5 percent to 10,112 vehicles.
  • 2023 was the best year ever recorded," the brand said in a press release, with sales up 12.1 percent to US$2.9 billion
  • Operating profit reached $785 million, up 17.8 percent, with operating margins widening to 27.2 percent, said Lamborghini
Business

EGA to acquire Leichtmetall

EGA is to buy 100 percent of firm from Leichtmetall Holding.
  • The transaction is expected to close during the first half of 2024, subject to obtaining regulatory approvals.
  • Leichtmetall’s production mainly consists of hard alloy billets up to 1,150 millimetres in diameter