MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
Business
Amanat acquires stake in Sukoon
Amanat will own 85 percent of the post-merger entity.
- The merger creates the largest pan-GCC post-acute care provider with 400 operational beds and an additional 300 bed expansion underway.
- Following completion adjustments, Amanat Holdings will own 85 percent of the post-merger entity.
Business
Sahara Q1 net profit $125m
The net profit plunged by more than 56 percent compared to Q1 2022.
- The company said in a Tadawul disclosure that its revenue of 2 billion riyals in Q1 was 11.11 percent less than 2.3 billion in the first quarter of 2022.
- Earnings per share was 0.65 riyal during the first three months of 2023, lower than 1.48 in Q1 2022.
Business
Novartis Q1 profit at $2.3bn
Heart disease, cancer medicines helped enhance revenue.
- Novartis said that its operating profit would likely increase in the high single-digits this year.
- The group would prioritize "high-value" medicines" across five core areas to drive its productivity.
Business
Samsung SDI unveils $3bn JV with GM
The firm will build an electric vehicle battery plant in the US.
- The location of the facility has not yet been determined but it is expected to be in full gear and ready to start mass production in 2026.
- It was expected to create thousands of jobs and the new factory would be equipped with "an annual production capacity of more than 30 gigawatts-hour".
Business
Coca-Cola profits surge
Coca-Cola's profits came in at $3.1 billion, up 12% from 2022.
- Sales volumes grew three percent thanks to increases at sporting events, movie theaters and other away-from-home venues.
- The company benefited from the reopening of China's economy, but noted that activity is still below pre-pandemic levels.
Business
Multiply Group, Media 247 sign pact
The Group will acquire a 55 percent stake in Media 247.
- The investment in Media 247 falls under the buy and build vertical strategy of acquiring profitable companies, Multiply Group said.
- Media 247 assets include over 45 exclusive outdoor premium hoardings, unipoles and 3D structures spread across Dubai's strategic locations.
Business
Maqta Gateway buys TTEK
The total acquisition cost comes to US$26.7 million.
- This move will reinforce Maqta Gateway's market position as a leading digital trade and holistic single window solution provider.
- TTEK’s solutions use over 1.5 million risk indicators and AI predictive modeling to establish more reliable border security controls.
Business
Bed Bath & Beyond files for bankruptcy
The firm was a regular on the Fortune 500 list of biggest American companies.
- The home goods chain filed voluntary petitions for relief under Chapter 11 at the United States Bankruptcy Court.
- The New Jersey-based retailer, sold everything from shower curtains and soaps to vacuum cleaners and duvet covers.
Business
P&G earnings solid on higher pricings
Its Q1 profits rose 1% to $3.4 billion, on a 4% increase in revenues.
- P&G shares rose 2.7 percent in pre-market trading following the results, which were better than expected.
- While there was a fall in sales volumes, this was offset by a 10 percent surge in product pricing -- boosting sales gains.
Business
Nokia Q1 earnings down
Nokia's share price was down seven percent at $4.35.
- Nokia's earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet.
- Despite the mixed results, Nokia remains on track to "deliver another year of growth in 2023," said an official.
Company News
DEWA Q3 2023 revenue $2.5bn
Business
MIS net profit $7.1m in 9M 2023
Business
Emaar 9M net profit $1.1bn
Business
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AstraZeneca Q3 profit swells
Business
Al Ansari 9M profit US$105m
Business
ADIB issues green sukuk
Business
Aramco to acquire 40% stake in GO
Gas & Oil is one of the largest retail and storage firms in Pakistan.
Business
SABIC announces 16% H2 cash dividend
The dividend of $1.27 billion is payable on Mar 4, 2024.
Business
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Business
ENEC, X-energy sign agreement
The firms will collaborate on nuclear energy technologies.
- The MoU was signed at COP28 and comes in line with ENEC’s recently announced ADVANCE Program.
- The central aim of ENEC’s ADVANCE program is to harness the latest advancements in nuclear energy technologies.
Business
Bosch to cut 1,500 jobs
The firm said the cuts will be completed by the end of 2025.
- Bosch is facing major structural changes when it comes to transmissions as the shift to electromobility gathers pace.
- The company stressed there would be no compulsory redundancies in the forthcoming cuts, in line with a recent agreement.
Business
Shell eyes $6bn in Nigeria
The investment opportunities are being explored in offshore gas projects.
- Nigeria, the continent's top economy and major oil producer, is seeking to attract more foreign investment since President Bola Ahmed Tinubu came to office in May.
- OPEC member Nigeria has seen its oil output on the decline in recent years due to widespread theft from pipelines and attacks and high operating costs deterring on-shore investors.