Business
Yansab 9M net loss $134 million
The company had posted net earnings of $136m in 9M 2022.
- In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before.
- Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
Business
DP World, TPA ink pact
DP World will operate Dar Es Salaam Port in Tanzania.
- The main aim is of optimizing the port’s operations to improve transport and logistics services throughout Tanzania and its hinterland.
- The port will connect to the hinterland of sub-Saharan Africa through a network of roads, highways, railways and dedicated freight corridors.
Business
New CEO appointed in SRC
Majeed Al Abduljabbar will be the CEO from January 1, 2024.
- Al Abduljabbar has been working in the banking sector for over 15 years, including in the HSBC Bank in London.
- He also contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).
Business
Mobily 9M 2023 profit up 41%
Revenues for the period grew by 7.5 percent year-on-year.
- Higher top line pushed gross profit up 3.4 percent YoY to SAR 7.1 billion. Operating profit jumped 31.6 percent YoY to SAR 1.97 billion.
- Reflecting the increase in interest rate, finance charges for the current period increased by 22 percent YoY to SAR 510 million.
Business
EasyLease Q3 revenue $57.66m
It's net profit was AED 26.5 million ($7.21m) in Q3 2023.
- it's net profit was AED 26.5 million ($7.21m) in Q3 2023, compared to AED 32.73 million ($8.91m) YoY over Q3 2022.
- Cost-effectiveness, exceptional maneuverability and expedited travel, are driving the popularity of two-wheelers in the UAE.
Business
MAWANI and SGP sign $266m contract
They will establish a logistics zone in King Abdulaziz
- The zone will provide major logistics services, unique solutions, integrated services, and environmental systems, including warehouses and yards.
- It will also include a warehouse and re-export area to provide sorting, regional distribution, and value-added operations.
Business
EU okays takeover of Seagen
Pfizer announced in March its deal with Seagen.
- The European Commission, the bloc's powerful anti-trust authority, said it had "unconditionally approved" the transaction after a market investigation
- The firm came to major drugmakers' attention with its work on antibody-drug conjugates that are "designed to preferentially kill cancer cells"
Business
Renault shares fall as sales disappoint
The company's strategy is to sell fewer cars but at higher prices.
- Sales grew 7.6 percent to 10.5 billion euros ($11 billion) as a drop in volume was offset by price increases for its vehicle lineup
- But investors were not impressed as company shares fell more than seven percent in morning trading in the Paris stock exchange
Business
Kadi Pay okayed for BNPL solutions
The company was approved by the Saudi Central Bank.
- With Kadi Pay, six authorized companies are now offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56.
- The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs.
Business
Turkey’s Atis Yapi opens Dubai office
This is the real estate giant's first office in the UAE.
- This follows signing of agreements and MoUs worth $50.7 billion between UAE President Sheikh Mohammed bin Zayed Al Nahyan and his Turkish counterpart Recep Tayyip Erdoğan in July.
- Atış Yapı said it is set to develop a modern and competitive portfolio of residential and commercial projects in the UAE.
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Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
- In the quarter ending Mar 31, Alibaba posted sales of 260.3 billion yuan ($36.7 billion), up five percent year on year, the firm said -- but below analysts' forecasts.
- Based in eastern China's Hangzhou, Alibaba is a key player in the country's digital sector and is considered a barometer of consumer spending in the world's second-largest economy.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
- The company said it successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019.
- The company recommended a dividend of $350 million for the second half of 2023.
Business
Novartis to buy MorphoSys
The deal gives Novartis access to new blood cancer treatment.
- The all-cash deal will see Novartis offer 68 euros per share for the company, whose stock has soared in recent days amid speculation a deal was looming
- "With the planned acquisition of MorphoSys, we aim to further strengthen our leading pipeline and portfolio in oncology," said Shreeram Aradhye, Novartis' CMO.