Business
PIF to acquire stake in Tamimi Market
The Saudi wealth fund will acquire a 30% stake in the gorcery chain.
- PIF owns several strategic investments in the consumer goods and retail sector, such as Noon.com, an online Middle East shopping platform.
- Tamimi Market Company has a track record over a period of more than 40 years in Saudi Arabia, with over 100 stores and five distribution centers.
Business
ADNOC L&S Q1 net profit $144m
The net profit increased by 79 percent over Q1 2022.
- ADNOC L&S is the sixth ADNOC unit that will be listed on the Abu Dhabi Securities Market on Thursday following an Initial Public Offering that raised $796 million recently.
- The company reported a revenue of $592.2 million for the first quarter, compared to $312.95 million for the same period in 2022.
Business
Credit Suisse fails NYSE listing criteria
Under NYSE rules, shares must trade for at least $1 for 30 consecutive days.
- Credit Suisse is listed in New York under a "Depositary Shares" scheme that allows foreign firms to sell stock in the United States.
- Its share price crumbled under the pressure of fears of contagion from the collapse of three US regional banks.
Business
PIF-owned SRC completes $933m sukuk
The issue is part of the SAR 20 billion local sukuk program.
- The PIF established the Saudi Real Estate Refinance Company in 2017 for the growth and sustainability of residential real estate financing in the kingdom.
- This was the sixth tranche within the program denominated in Saudi riyals and supported by government guarantees.
Business
First Mills IPO price SAR60 per share
This implies a market capitalization of $888 million.
- The total offering size is SAR 999 million ($266 million). SNB Capital is the lead manager, financial advisor, book-runner and underwriter on the potential offering.
- A total of 1.67 million shares, representing 10 percent of the total offer shares, will be allocated to retail investors. The retail offering will run from June 6 to June 7.
Business
Yanbu Cement to pay $62.93m in dividends
The cash dividend of SAR1.50 per share will be paid for H1 2023.
- In a Tadawul filing, the firm said the eligibility and distribution dates for the cash dividends will be 31 May and 20 June 2023, respectively.
- The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.
Business
Advanced secures $586m loan
The five-year financing was secured by promissory notes.
- The Sharia-compliant financing from Alawwal Bank will be used to pay back the existing credit facilities and for financing general corporate purposes.
- Advanced Petrochemical saw its first quarter net profit drop by nearly 74 percent year on year, from 164 million riyals in Q1 2022 to 43 million riyals in Q1 2023.
Business
Bupa Arabia Q1 net profit $50.28m
Compared to the last quarter of 2022, net profit fell by 1.4 percent
- Net investment income rose by 24.2 percent year on year and net other revenue doubled YoY.
- Other operating expenses rose 20.4 percent YoY and gross written premiums increased 28.1 percent YoY.
Business
East Pipes net profit $26.63m
The company had posted a loss of 3.2 million riyals the previous year.
- The growth in net profit was driven by a 141 percent year-on-year (YoY) surge in revenue to SAR 1.4 billion.
- The company's board also announced that SAR31.50 million in dividends was distributed to the company's shareholders.
Business
Gazprom 2022 profit at US$15bn Â
With Europe off limits, Gazprom has turned toward Asia.
- Gazprom said, "Profit margins were impacted by an increase in tax payments in the second half of the year."
- Western sanctions have heavily impacted the company headed by Alexei Miller, a close ally of President Vladimir Putin.
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Schneider Electric, Charge&Go ink pact
The aim is to develop EV charging facility in the UAE.
Business
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Business
Ghitha 2023 revenue at $1.2bn
Ghitha reported an operating profit of $69 million in 2023.
- Ghitha's revenue milestone indicates a significant growth rate of over 100 percent compared to 2022.
- This is due to the successful execution of strategic acquisitions and expansion across diverse categories.
Business
Dubai Investments buys GFP stake
GFP secures nearly $60 million in equity financing to expand its network.
- GFP aims to create the leading fertility network in the region, and one of top 10 globally, according to a statement.
- Saudi Arabia will be the focus of the investment. GFP’s facility in Riyadh is currently under construction and is due to commence operations later this year.
Business
Hamad Al Marar is EDGE CEO
EDGE has a local and global orderbook of over $5billion.
- Al Marar succeeds Mansour AlMulla, who is returning to ADQ Group following a successful two-year managerial secondment to EDGE.
- He will utilize his leadership skills and experience within the UAE’s defense industry to guide the group into the next phase of its evolution.