Business
East Pipes, Aramco sign $480m contract
The firm will manufacture pipes for the global energy giant.
- East Pipes said the financial impact of the 12-month contract will show in the second half of 2023 and the first quarter of 2024.
- On 14 May, the company signed a contract with Abdullah Ibrahim Al Sayegh & Sons, valued at SAR81 million, for supplying steel pipes to the firm.
Business
Maaden Q1 net profit down 81%
The company posted a net profit of $111 million.
- The company said in a statement that the net profit was impacted by lower EBITDA of SAR 2.18 billion (Q1 2022 SAR 4.40 billion).
- Argaam reported that the decline in profit was driven by lower average selling prices of all products except gold and higher cost of sales.
Business
Emaar EC Q1 losses $45m
The losses, however, narrowed from $141m in Q4 2022.
- Argaam reported that the company's gross operating loss increased by SAR 3.3 million from SAR32.2 million in Q1 2022 to SAR 35.5 million the first quarter of this year.
- Total shareholders’ equity, excluding minority interest, fell to SAR 6.48 billion as of March 31, 2023, from SAR 7.61 billion a year earlier.
Business
Empower to run DXB’s cooling system
The airport's cooling systems have a total capacity of 110,000 RTs.
- The cooling capacity is equivalent to 11 times the consumption of Burj Khalifa, the world's tallest tower, valued at AED 1.1 billion.
- Emirates Central Cooling Systems Corporation (Empower) is the world's largest district cooling services provider.
Business
BT to axe 55,000 employees
BT employs 130,000 staff, including contractors.
- The news follows the axing this year of tens of thousands of jobs across the global tech sector.
- BT is implementing further cutbacks, having slashed costs under a plan launched three years ago.
Business
Walmart hikes 2023 profit forecast
Two thirds of Walmart sales originate from US.
- Walmart now sees full-year adjusted profits of $6.10 to $$6.20 per share, up from the prior range of $5.90 to $6.05.
- Profits were $1.7 billion, down 18.5 percent from the year-ago period. Revenues were $152.3 billion, up 7.6 percent.
Business
easyJet H1 loss $382m
Aviation sector is flying high after a tumultuous period
- The carrier added that revenues soared 80 percent to £2.7 billion ($3.36bn) on higher ticket prices and increased capacity.
- Costs, however, leapt 52 percent to £3.1 billion ($3.85bn) on a "significantly" increased jet fuel bill and "industry-wide" inflationary pressures.
Business
Saudi German Health Q1 profit $13.33m
The company achieved a 145 percent growth compared to Q1 2022.
- SGH generated total revenues of SAR628 million in Q1 2023, the highest the group has ever achieved in a single quarter.
- On a group level, the group served a total of 21,000 inpatients and 495,000 outpatients in Q1 2023 and four new facilities were added to the network.
Business
Aramco appoints two Presidents
The new appointments meant for upstream and downstream business.
- Nasir K. Al-Naimi, who has been apponted as President of its Upstream business, has held the position of Upstream Executive Vice President since April 1, 2021.
- Mohammed Y. Al Qahtani, President of its Downstream business, has served as Aramco’s Downstream Executive Vice President since September 13, 2020.
Business
Al Seer Marine secures ADNOC investment
The cornerstone investment in ADNOC Logistics is valued $70m.
- The move comes as part of the company’s strategy to diversify its investment portfolio, the company said.
- Al Seer Marine was the sixth IHC Group company to list on the ADX in 2021. The company has a portfolio of services including management and training.
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GIB, KSA wrap up Sukuk debut
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Al Saqr names chairman of board
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Ryanair quarterly profit dives 93%
The carrier flies mostly throughout Europe.
QatarEnergy, Excelerate sign agreement
Under the 15-year deal, they will supply LNG to Bangladesh.
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Business
KACST, ACWA Power sign pact
The aim is to develop technologies for clean energy.
- The center will conduct studies, scientific research, and work to attain technical development in clean energy and water sector.
- It will also work in developing solar energy technologies, energy storage technologies to support future energy networks.
Business
Arab Bank Group net profit $829.6m
The Group posted a 52% increase in net income compared to 2022.
- Total Assets grew by 6 percent to reach $68.3 billion and loans grew by 5 percent to reach $37.1 billion.
- The Board has recommended to the shareholders the distribution of 30 percent cash dividends for the financial year 2023.
Business
SIB, Noqodi sign agreement
The Noqodi platform will enable digital payments.
- This pact aims to improve digital and electronic payment offerings available to SIB's corporate and individual business customers.
- SIB's business clients will gain access to a broader range of digital payment solutions for seamless fee payments across various products.