solutions by stc, Devoteam ink MoU
The aim is to foster avenues for collaboration in technology.
Business
Business
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.
- The company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion.
- In the oil transportation sector, Bahri's revenues have increased by SAR 2.01 billion, the company said in a bourse filing.
Business
Credit Suisse shares down
The bank has lost 81% of its value since Greensill bankruptcy.
- Shares in Switzerland's second largest bank plunged quickly by 14.3 percent to reach 2.139 Swiss francs.
- Despite a huge restructuring effort, the value of Credit Suisse has dropped repeatedly on the stock market.
Business
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022.
- The final dividend will be distributed to shareholders in April 2023, and the company has committed to paying $1.3 billion in dividends for 2023.
- Borouge reported an increase of 8.2 percent in revenues to $6.7 billion and net profit for the year was $1.4 billion in 2022.
Business
VW to cut e-car prices
The price drop is seen as a direct response to cuts by Tesla.
- Volkswagen will start selling its ID.3 electric car model from March end for less than $42,000.
- That is a 3,000-euro markdown from the current ID.3 price tag, putting it on par with US rival Tesla's popular Model Y.
Business
Credit Suisse delays yearly report
Delay has had no effect on its annual financial statement.
- The publication of the yearly report which includes information about the company's functioning, was due on Thursday
- The bank had reported a net loss of 7.3bn Swiss francs ($7.9 billion) - the biggest since 2008, in its 2022 financial statement
Business
CVC to invest in WTA
The company likely to buy 20 percent stake.
- The WTA tour includes more than 70 events annually but it has suffered financially from suspending tournaments in China and Hong Kong.
- Liberty Media bought CVC's stake from Formula One in 2016 but the firm owns an Indian Premier League franchise.
Business
Ducab 2022 revenues up 19%
The company said the metal business alone grew by over 23 percent.
- The cable business increased by more than 9 percent during the same period, the company said.
- Ducab Group recently announced the opening of its new headquarters in the Indian city of Bengaluru.
Business
Lego to gain market share
Excluding currency effects, the sales gain was 11 percent.
- For 2022, net profit at the Danish firm rose four percent to a record 13.8 billion kroner ($1.98 billion).
- The company has been buoyed both by sets based on franchises such as Star Wars and Harry Potter.
Business
ADIB to pay $462m cash dividend
The bank had posted a net profit of $985 million for 2022.
- This represents an increase from 31 fils per share in 2021 and constitutes 49.2 percent of the bank's net profit for the year.
- The bank posted a net profit of $985 million (AED3.62 billion) in 2022, a 55 percent increase from the previous year.
Business
Trafigura to receive $135m loan
The loan will support Trafigura's procurement from the UAE.
- ADEX contributed $125 million of the total facility to support Trafigura’s working capital needs, including exports of metals, minerals and refined hydrocarbons from the UAE.
- SMBC financed the remaining $10 million and undertook the facility agent and coordinator role.
Company News
Lufthansa Q3 profit $1.3bn
Business
Lootah Biofuels inks MoU
Business
Latest News
stc, Microsoft to collaborate
Business
ACWA Power 9M net profit up 22%
Business
SABIC 9M net loss $277m
Business
Masdar, Taaleri acquire 8 energy projects
The hybrid renewable energy projects in Poland have 1Gw capacity.
Business
Alaska Airlines to buy Hawaiian Airlines
Based in Seattle, Alaska Airlines serves the western US.
Most Read
Business
Zain KSA expands 5G network
The company launched the first zero-emission 5G network.
- The network expansion supports Zain KSA’s strategic goal of accelerating the nationwide digital transformation by providing high-speed digital services
- The 5G network expansion complements Zain KSA's growing portfolio of bespoke 5G applications and pioneering solutions in artificial intelligence (AI)
Business
Pure Health announces IPO
The company will offer 1.11bn shares at AED3.26 per share.
- The subscription period will open on 6th December 2023 and will close on 11th December 2023 for both the Tranches.
- The company intends to list its shares on ADX on 20th December 2023.
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
- The platform will make investments in businesses where they have matured past many of the risks that face earlier stage ventures.
- They must manage and minimize the execution risks associated with expansion in middle-market investments.