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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.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Business

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

Business
Business

Bupa Arabia’s 9M 2023 up 27%

The third quarter net profit fell 23% compared to the Q3 2022.
  • Compared to the second quarter of 2023, the insurer's Q3 2023 declined 25.9 percent from SAR 371.35 million.
  • Insurance service result grew 41.02 percent year-on-year (YoY), or by SAR 232.01 million, driven by higher insurance revenue.
Business

Borouge reports 22% Q3 2023 net profit

The company has issued a dividend of $1.3 billion.
  • Borouge’s Value Enhancement Programme delivered a $420 million positive impact in the first nine months of 2023
  • The company has issued a dividend of $1.3 billion for the 2023 financial year, which equates to a 6.3% current dividend yield
Business

Chinese BYD posts record Q3 profit

The third-quarter profit of $1.42bn is its highest-ever single-quarter earnings.
  • The figure was in line with BYD's previous forecast of between 9.55 billion yuan and 11.55 billion yuan in quarterly earnings.
  • Electric vehicle demand has soared in recent years in China, which is the world's biggest producer of greenhouse gases in absolute terms.
Business

SABIC Agri-Nutrients profit falls

SABIC Agri-Nutrients Q3 net profit fell 55% to $280 million.
  • Revenue fell 40 percent year-on-year (YoY) to US$712 million (SAR2.67 billion) in the three months ended September 30, 2023.
  • Net profit dropped 66 percent to US$714 million (SAR 2.68 billion) in the first nine months of 2023 compared to US$2 billion a year ago.
Business

AlUla signs pact with Six Senses

Six Senses AlUla will open in Saudi Arabia in 2027.
  • Luxury hotel Six Senses AlUla will span across 1,200,000 square meters and will be built within a natural oasis adorned with lush palm groves.
  • It will feature 100 guest villas and 25 residences, which will be designed to seamlessly integrate with AlUla's breathtaking natural landscape.
Business

stc Group posts 9-month revenue

stc's revenue was $14.5 billion in January-September 2023.
  • Gross Profit for the period of 2023 reached US$7.7 billion (SAR28,875 million) with an increase of 1.8 percent compared to the same period last year.
  • Earnings before Interest, taxes, zakat, depreciation and amortization for the period reached $5 billion with a decrease of 2.35 percent compared to Jan-Sept 2023.
Business

Mulk, Ajman Holding form JV

Collaboration in the T10 Cricket League key element of the JV.
  • The joint venture will also promote the Alubond range of products, Mulk International’s premier brand and the world’s largest metal composite panel manufacturer.
  • Mulk International, has production facilities of Alubond and operations in Asia, Europe, Africa and the Middle East with a sales network of more than 100 countries. 
Business

Borouge Q3 net profit up 22%

The rise in net profit was driven by 16% increase in sales.
  • The company has committed a dividend of $1.3 billion (15.9 fils per share) for the 2023 financial year, which equates to a 6.3 percent current dividend yield.
  • Third-quarter revenue increased 6 percent quarter-on-quarter, reaching $1.5 billion, and declined 11 percent year-on-year. On a year-on-year basis, net profit declined by 9 percent
Business

Arab Bank posts net profit

It posted a profit of $630 million in January-September 2023.
  • The Group maintained its strong capital base with a total equity of $10.8 billion.
  • Excluding the impact of devaluation of several currencies against the US dollar, loans grew by 4 percent.
Business

Elm net profit up 43%

The profit growth was driven by 27% revenue increase.
  • The rise in revenue resulted from a surge in digital business revenue by 42.70 percent.
  • The third-quarter net profit grew 22.2 percent to SAR 334 million, from SAR 273.36 million in Q3 2022.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.
Business

Company News

SAIF Zone signs MoU with Tokai Optical

KACST, ACWA Power sign pact

Arab Bank Group net profit $829.6m

SIB, Noqodi sign agreement

Alaska Airlines’ Boeing 737 MAX9 resumes flight

Latest News

AstraZeneca to buy Fusion

The $2.4bn deal is its latest expansion into cancer treatments.

Sovcomflot 2023 net profit $900m   

In 2023, the firm demonstrated strong financial results.
Business

Du, Samsung ink agreement

The two companies have signed a three-year partnership.
Business
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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.