Business
Beema’s Q1 profit soars
The firm recorded a jump in the net profit to US$3.73mn.
- In 2022, Beema achieved gross written premiums of $108 million, an increase of 6.8 percent from 2021
- It reported a total shareholders' income of $28.46 million and a total shareholders' profit of $15.54 million in 2022
Business
Pfizer Q1 profit at $5.5bn
Profit fell on declining COVID-19 vaccine revenues.
- Shares of the pharma giant edged higher as Pfizer CEO touted an "unprecedented" number of new launches.
- Revenues fell 29 percent to $18.3 billion following a $10 billion drop from COVID-19 vaccine Comirnaty.
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.
- The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
- The highest standards of food safety in line with International biosecurity standards will be followed.
Business
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.
- The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
- With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Business
TotalEnergies Q1 profit up 12%
The firm had sold its oil sands activities in Canada to SunCor Energy.
- TotalEnergies revealed that the net profit during the first three months was $5.6 billion in 2023.
- Jump in oil, gas prices post Russia-Ukraine war boosted TotalEnergies' profit to $20.5bn in 2022.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Business
Gulf bank Q1 net profit $56.50m
The bank's return on assets improved marginally to 1 percent.
- Gulf Bank recorded an operating income of KD 46.4 million for the first three months of 2023, and an operating profit before provisions of KD 25 million for the same period.
- The operating profit has increased by KD 3.2 million or 15 percent for the first quarter of 2023 compared to the same period of last year.
Business
NBF Q1 net profit up 151 percent
The bank's operating profit rose by 35.7 percent compared with Q1 2022.
- Operating income reached AED 554.1 million, up 34.2 percent compared to AED 412.8 million in the corresponding period of 2022.
- Loans and advances and Islamic financing receivables rose by 2.3 percent to reach AED 27.5 billion compared to AED 26.9 billion at 2022 year-end.
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Hyundai to sell Russian plant
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AviLease, SDH Wings Sign MoU
Business
JADCO, EGG ink MoU on development of agriculture in Saudi Arabia
RIYADH, SAUDI ARABIA - The Ministry of Environment, Water and Agriculture witnessed the signing of a memorandum of understanding (MoU)...
Business
Vodafone Qatar 2023 profit up
The 2023 net profit of Vodafone Qatar increased to $148 million.
Business
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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. Â
- The facility will be used to accelerate the completion of project phases under construction and pay financial obligations.Â
Business
Nokia sees ‘challenging’ 2024
Last year, the company reported a profit of $739 million.
- Nokia and its Swedish rival Ericsson have launched cost-cutting programmes as their customers have reduced spending amid a slowing global economy.
- Nokia said last year it could cut its workforce by up to 14,000 people, reducing costs by up to 1.2 billion euros by 2026
Business
Emirates Islamic profit rises 71%
The Bank’s total income reached AED 1.2 billion ($326.69 million)
- The growth can be attributed to the upward trajectory of both funded and non-funded income, indicating enhanced business sentiment
- The Bank’s total income reached AED 1.2 billion ($326.69 million) in the fourth quarter of 2023, marking a noteworthy 24% year-on-year growth