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.
Business
Sulaiman Al Habib 9M profit $405m
The Group reported a nearly 16% year-on-year rise in revenues.
- The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy.
- In Q3 2023, the net profit climbed 30 percent to SAR 544.8 million from SAR 420.6 million in Q3 2022.
Business
Eni Q3 profit drops
This drop is smaller than the 31 percent fall in Q2.
- Adjusted net profit -- a figure closely watched by the markets because it excludes exceptional items -- also fell, by 51 percent to US$1.9 billion (1.81 billion euros).
- The group's turnover fell 40 percent in the three months to US$23.5 billion (22.31 billion euros), well below analysts' expectations of US$34.4 billion (32.58 billion euros).
Business
Equinor profits tumble
The drop was due to sharply lower gas prices and offshore wind problems.
- Adjusted earnings, which excludes certain exceptional elements, fell by 67 percent from the same period last year to $8.0 billion.
- Revenue came in at $26 billion, a drop of nearly $18 billion from last year. Net profit plunged 73 percent to $2.5 billion.
Business
UDC posts net profit of US$63m
The net profit has been reported for the first nine months of 2023.
- The company said that the Earnings per Share (EPS) amounted to US$0.01 (QR 0.065) as of September 30, 2023.
- UDC is a Qatari public shareholding company and the master developer of The Pearl and Gewan Islands.
Business
QFZ, Samsung C&T ink MoU
The two will collaborate in green, sustainable technologies.
- Both the parties will work together to achieve sustainability objectives within the free zones in Qatar through energy transition.
- QFZ, Samsung C&T will also explore co-investment opportunities in green infrastructure within the free zones.
Business
Mashreq’s net profit surges 122%Â
The Return on Equity also achieved a record high, reaching 32.1%.
- The ROE also achieved a record high, reaching 32.1% during the same period, doubling compared to the performance in the first nine months of 2022
- The bank's non-interest income reached $626 million, marking an 8.1% year-on-year growth in the first three quarters of 2023
Business
TotalEnergies Q3 profit up 1.5%
The French energy firm earned a net profit of $6.7 billion.
- Oil and gas prices surged last year following Russia's invasion of Ukraine, leading to windfall profits at energy firms.
- While oil prices are still high in historical terms, the main crude oil contract was down 14 percent last quarter compared to the same period last year.
Business
PIF, Pirelli establish a JV Â
The JV will set up a facility to make tires in Saudi Arabia.
- PIF will hold a 75 percent stake in the new JV with Pirelli holding the remaining 25 percent.
- The JV will manufacture high-quality tires for passenger vehicles, under the Pirelli brand, in the Kingdom.
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TECOM 2023 net profit $299m
Business
EDGE Group, Indra form JV
Business
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Salik revenue soars to US$574m
Business
GAS, SPPC ink two contracts
Business
ADIB 2023 net profit $1.4bn
Business
QFC signs two MoUs
Business
GM reports US sales dip, that of EVs grew
The big Detroit automaker reported 659,601 US sales during the period.
Business
Xiaomi posts solid quarterly sales growth
The company is Chinese smartphone and household tech giant.
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Business
Boeing guilty plea deal filed
The plea deal must be approved by a federal court judge.
- The plea deal must be approved by a federal court judge and it includes an additional $243.6 million to be paid by Boeing on top of a previous fine of the same amount
- Boeing conspired to defraud US air traffic safety regulators about the Max 737 while the aircraft was being certified, according to the filing
Business
Tesla auto deliveries beat expectations
Electric carmaker Tesla saw its shares surge on Tuesday.
- Tesla said it delivered around 444,000 vehicles worldwide in the April-June period, exceeding consensus estimates compiled by FactSet
- Of the total figure, 422,405 involved Model 3 and Model Y vehicles. Tesla gave no detailed breakdown of the other autos delivered