KACST, ACWA Power sign pact
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SIB, Noqodi sign agreement
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Business
FAB net profit up $3.4bn in 9M 2023
The bank reported total revenue of $5.6 billion.
- The bank reported total revenue of $5.6 billion, marking a 38% year-on-year growth
- The return on tangible equity improved to 18.3%, with Group CET1 reaching 14.2% as of September 2023
Business
Presight AI, TOTM form joint venture
The JV will develop and deploy their combined proprietary technologies.
- The joint venture agreement will establish an entity that will leverage Presight’s Big Data AI and Data Analytics capabilities.
- This will allow governments and enterprises to transform mission-critical infrastructure with intelligent new solutions that are data-driven.
Business
Sipchem 9M net profit down 67%
There was a 70% QoQ drop in net profit for the third quarter of 2023.
- The lower profit was due to a decline in revenues on lower product prices, as well as a fall in sales.
- In addition, the company's share of profits from investments in a joint venture and associates decreased, Argaam said.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
Business
Presight, Samruk-Kazyna to form JV
Samruk-Kazyna is Kazakhstan's $70bn asset sovereign wealth fund.
- The joint venture aims to accelerate digital transformation in Kazakhstan.
- Presight will deploy its AI and big data analytics solutions and technologies.
Business
Delta posts Q3 profits of $1.1b
The company’s revenues rose 11 percent to $15.5 billion.
- Delta and other US carriers have pointed to pent-up travel demand as a driver of strong results in recent quarters.
- The company described overall demand as "strong," domestic demand as "steady" and international strength as "extending through fall."
EasyJet, Airbus sign US$20bn deal
The no-frills airline will buy 157 aircraft from Airbus.
- The airline on Thursday said it had "entered into conditional arrangements" with European planemaker Airbus for 157 aircraft
- Together the deal was worth $19.9 billion and "will deliver lower fuel burn, CO2 emissions and operating costs per seat", EasyJet said
Business
Jarir’s 9M profit down marginally
The fall was attributed to an increase in non-operating expenses.
- The third-quarter net profit rose by 8 percent to SAR 296.3 million, from SAR 273.72 million in Q3 2022, driven by a 4.8 percent rise YoY in sales.
- Total shareholders’ equity, no minority interest, stood at SAR 1.79 billion as of Sept. 30, 2023, down from SAR 1.80 billion a year earlier.
Business
Birkenstock to list on NYSE
The German sandals maker has set its share price at $46.
- A total of 32.26 million ordinary shares will be offered in its initial public offering, trading under the symbol BIRK
- Birkenstock recorded revenues of $1.17 billion for the nine months ending June 30, up 21 percent from the same period in 2022
Company News
KACST, ACWA Power sign pact
Business
SIB, Noqodi sign agreement
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Vodafone Qatar 2023 profit up
Business
Microsoft lays off 1,900 staff
Business
Alibaba share buyback program up $25bn
Following the announcement, the firm's shares rise 5% in trading.
Business
ADNOC Distribution posts record EBITDA
The EDITDA of $1bn benefited from OPEX saving of $28m.
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Business
UBS to reward shareholders
Losses from costs of absorbing Credit Suisse narrow.
- The bank reported a net loss of $279 million in the final three months of 2023 -- far less than the nearly $500 million analysts had been bracing for
- The result followed a bigger, $785 million loss in the third quarter but for the full year, UBS bagged a net profit of $29 billion in 2023
Economy
QatarEnergy signs LNG deal with Petronet
QatarEnergy will supply 7.5m tons of LNG per year to Petronet.
- Qatar is one of the world's top LNG producers alongside the United States, Australia and Russia.
- The first deliveries of gas to India by QatarEnergy's LNG fleet are due from May 2028.
Business
Maqta acquires stake in Dubai Technologies
The majority stake was acquired for $7.6 million.
- The founder will retain a 40 percent stake in the company, and the existing leadership team will remain in management to deliver on the strategic growth plans.
- The company's FY2023 financial performance recorded revenues of AED70.5 million and EBITDA of AED8.4 million.