ESG 2023 net profit at US$187m
The firm posted a year-on-year net profit rise of 316 percent.
Business
Business
Apple to spend $1bn on chip hub
The investment will be spread over the next six years.
- This comes on top of an earlier one-billion-euro commitment announced in 2021, when Apple made Munich the European headquarters of its "Silicon Design Centre."
- The move is part of Apple's strategy to develop its own chips for iPhones, iPads, MacBooks and other products, in order to reduce reliance on outside suppliers
Business
Tesla to open plant in Mexico
The plant is going to be established in Monterrey.
- "The plant is going to be established in Monterrey," Lopez Obrador told reporters after speaking with Musk.
- He said the US company had promised to address the problem of water scarcity in Monterrey.
Business
Yahsat 2022 revenue up 6%
The company recorded a revenue of $433 million for 2022.
- For the twelve-month period, Yahsat delivered growth in revenue and adjusted EBITDA, which increased 6 percent and 7 percent respectively year-on-year.
- Other highlights include Adjusted EBITDA of AED946 million ($258 million), up 7 percent year-on-year, delivering a margin of 60 percent.
Business
SABIC 2022 profit down 28%
The firms said margins will continue to be under pressure in H1.
- The net profit of SABIC, which is one of the largest petrochemical companies in the world, after taxes was 16.5 billion riyals ($4.4 billion).
- In a statement, SABIC said that its fourth quarter 2022 net income was 290 million riyals, 84 percent lower compared to Q4 2021.
Business
Bayer 2022 profits $4.3 billion
The profit in 2021 was 1 billion euros, the company said.
- Sales rose by 8.7 percent to 50.7 billion euros, in line with analyst expectations.
- The results were boosted by record sales in the company's agricultural division, up more than 15 percent year-on-year to 25 billion euros.
Business
SABIC Agri profit $2.7 bn
The net profit for the year nearly doubled compared to 2021.
- The company's sales (revenue) nearly doubled to 18.98 billion riyals in 2022 from 9.59 billion riyals the previous year.
- The increase in net profit was due to an increase in average selling prices of company's products, increase in quantities sold of company products.
Business
Ericsson to cut 8,500 jobs
Most of the layoffs would be implemented in H1 2023.
- Ericsson, which had a total of 105,000 employees at the end of 2022, last month posted disappointing full-year 2022 earnings.
- Ericsson said 1,400 of the job cuts were in Sweden, which had already been announced earlier this week.
Business
Eni posts record profit in 2022
Sales jumped 73 percent to 132.2 billion euros.
- Sales jumped 73 percent to 132.2 billion euros, beating analyst expectations
- But oil and gas production fell by four percent to 1.61 million barrels per day of oil equivalent
Business
IAG flies back into annual profit
Net profit came in at $457m, compared to 2.9bn euros loss in 2021.
- IAG announced Thursday the acquisition of Air Europa for 500 million euros from the Spanish company Globalia.
- IAG said it recruited 7,400 colleagues last year after axing about 10,000 on Covid fallout.
Business
Rolls-Royce sinks into net loss
Turnover however soared by more than a fifth to £13.5 bn.
- Rolls posted a net loss of almost £1.3 billion ($1.5 billion), after a profit after tax of £120 million the previous year.
- Rolls added that it would announce the outcome of a strategic review in the second half.
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e& net profit up 20% in Q3
Business
Maaden posts net loss in Q3
Business
NMDC, AD Ports Group ink MoU
Business
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Bupa Arabia’s 9M 2023 up 27%
Business
Mumtalakat, Investcorp ink pact
The firms have jointly launched a climate investment platform.
Business
Eve Air Mobility, flynas ink MoU
The firms will explore starting eVTOL services in Saudi Arabia.
Business
Amazon releases AI chatbot
"Q" will be available only to the company's AWS cloud.
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Business
Ooredoo, QNBN sign agreement
The two companies will jointly develop Doha Port.
- The agreement represents a strategic partnership and reflects a commitment to driving innovation to build a more connected Qatar.
- Qatar National Broadband Network was established to implement the highest global standards in evolving telecommunication infrastructure.
EasyJet rebounds into annual profit
Profit after tax stood at £324 million.
- Profit after tax stood at $409 million in the 12 months to the end of September on higher demand and increased fares, EasyJet said
- "We see a positive outlook for this year with airline and holidays bookings both ahead year on year," EasyJet chief executive said in the statement.
Fashion giant Shein to go public
Shein was valued at $66 billion earlier this year.
- The company was valued at $66 billion earlier this year, and a public presence by the company in the United States could make huge waves on Wall Street
- Shein recorded $23 billion in revenue and $800 million in net profit in 2022, Journal said reporting that firm has told investors it has posted new records in 2023