Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Hyundai to sell Russian plant
Business
Bayanat, Yahsat to merge
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Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Business
Arabian Cement Q1 net profit $13.11m
The net profit increased by 17 percent in Q1 compared to Q1 2022,
- The revenue for the first quarter reached SAR240.1 million, less 7.4 percent from SAR259.3 million during the same period last year.
- The company attributed the rise in net profit to an increase in the average selling price, decrease in cost of sales and decrease in selling and distribution expenses.
Business
Aramex Q1 net profit down 49%
Aramex said revenue was impacted by currency fluctuations, etc.
- Net Q1 profit declined by 49 percent YoY to $6.54m due to a mix of factors, including currency devaluation in certain markets.
- The company said its revenues -- which declined marginally by 1 percent YoY to AED 1.43 billion -- were driven by stable performance in International Express.
Business
Foxconn Q1 profit dips 56%
Foxconn blamed the plunge on weakened demand.
- The net profit of Foxconn dropped 56 percent during the first quarter of 2023, compared to 2022 Q1, with a net profit $417 million.
- Foxconn said its sale is likely to drop during the second quarter of 2023 as well, citing 'slow season' as a reason for it.
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
Business
Emirates Group yearly profit $3bn
The group declared a dividend of $1.2 billion to its owner.
- The Emirates airline business alone banked $2.9 billion after returning a $1.1 billion loss in the previous financial year.
- The Middle East's biggest airline had posted a $5.5 billion loss for Covid-ravaged 2020-2021, its first in over three decades.
Business
Nissan 2022 profit $1.6bn
The company sold 3.16 million vehicles for the year to march 2023.
- Nissan registered a net profit of 220 billion yen for the financial year 2022, pipping its original predicted profit of 220 billion yen.
- The company said the gains were the result of sales improvements and cost-cutting, as well as favorable foreign exchange rate fluctuations.
Business
stc Q1 revenue $4.84 billion
This is the company's highest-ever quarterly revenue.
- The company will distribute a total of SAR1.99 billion in cash dividends to the shareholders for the first quarter of 2023.
- The company's net profits reached SAR 3.10 billion, an increase of 2.44 percent over the first quarter of 2022.
Business
Savola Group net profit up 45%
The company posted a net profit of $104 million for the quarter.
- The net profit was up despite higher operating expenses, higher net finance cost and higher zakat and income tax expenses.
- Revenues increased in the Retail, Food Processing and Frozen Food segments by 11 percent, 2 percent and 15 percent, respectively.
Business
Burjeel Holdings Q1 profit $33m
The company posted Q1 revenue of US$299 million.
- Firm's revenue increased by 11.6 percent year-on-year and net profit by 43.4 percent reflecting strong growth.
- Burjeel Holdings continue to review partnership opportunities in the Middle East and Africa region.
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Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
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ESG buys majority stake in UIG
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Hyundai to sell Russian plant
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Bayanat, Yahsat to merge
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Alaska Airlines’ Boeing 737 MAX9 resumes flight
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JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
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Microsoft lays off 1,900 staff
The move comes after Activision Blizzard gaming buyout.
- Alongside the layoffs, Blizzard president Mike Ybarra said he was leaving the company.
- Microsoft launched its blockbuster takeover in January 2022, an acquisition that made it the world's third-largest gaming company by revenue.
Business
EDGE bags another big order
The group will supply 200 unmanned helicopters to UAE defense ministry.
- The unmanned VTOL systems will be manufactured by Switzerland-based EDGE entity, ANAVIA.
- In November 2023, EDGE acquired a 52 percent majority shareholding in ANAVIA, which manufactures unmanned helicopters.
Business
Jabal Omar secures $509m Murabaha
The financing agreement was signed with Al Rajhi Bank.
- The term of the facility is two years, Jabal Omar said in a statement to Tadawul, according to Argaam.
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.