Etihad unveils new A321LR aircraft
A321LR features First Suite - a private, enclosed space with a sliding door.
Business
Business
Rosneft 2022 profit at $10.5bn
Firm said non-monetary factors played a role in earnings.
- Western powers have imposed sanctions against Russia due to the Ukraine war.
- Rosneft said that the profit level forms a solid basis for paying dividends.
Business
Arabian Drilling posts profit
The company posted a 23% increase in revenue.
- The capital expenditure rose materially by 606 percent with a total spending of SAR 1.7 billion.
- The company said the "strong cash position" achieved in 2022 was driven by the proceeds generated from the IPO of SAR 872 million
Business
Presight IPO oversubscribed
The G24 data analytics firm received $496 million in its offering.
- Presight offered 1.35 billion shares, equivalent to 24.24% of its paid-up capital.
- The company is expected to begin trading on the Abu Dhabi Exchange on Mar 27, 2023.
Business
NBF approves dividend for 2022
The profit of 6% of paid-up capital will be paid as bonus shares.
- The bank’s shareholders also approved the Chairman’s and Directors’ Reports, and the Internal Shari’ah Supervision Committee Report for NBF Islamic.
- The shareholders confirmed the appointment and remuneration of the bank’s external auditors, PricewaterhouseCoopers (PwC) for 2023.
Business
Deliveroo 2022 loss at $355m
The firm's revenue rose 14 percent to nearly US$2.4 billion.
- Deliveroo exited Australia and the Netherlands in 2022, after departing from Spain in 2021.
- The company expanded into Qatar last year as it pursues a growth plan of action in Middle East.
Business
DP World 2022 revenue up 58%
The EBITDA increased by 31 percent to $5 billion.
- In a statement to WAM, DP World announced that revenue increased by AED23.31 billion in 2022, compared to 2021, supported by acquisitions and like-for-like revenue growth.
- It added that cash generated from operating activities increased by 20.6 percent to a record AED16.34 billion in 2022, compared to AED13.55 billion in 2021.
Business
TAQA to pay dividend
The company also announced new dividend policy for 2023-25
- Similar to the previous policy, TAQA will continue to pay the fixed dividends on a quarterly basis.
- The company expanded the size of its Board of Directors from nine to eleven and elected members for a three-year term.
Business
SEC 2022 net profit $4 billion
The Saudi utility company will pay $774m cash dividend.
- The company said its total shareholders' equity increased by 2.2 percent to SAR 257.1 billion, from SAR 251.6 billion in 2021.
- The company, which is the Middle East's biggest utility company, said its revenue increased by nearly four percent to SAR 72 billion in 2022.
Business
Meta to slash 10,000 jobs
The firm also announced 5,000 other roles would remain unfilled.
- Meta had suffered a rough 2022 amid a souring economic climate, which forced advertisers to cut back on marketing.
- The company is also under pressure for making a huge gamble on the metaverse, the world of virtual reality.
Business
Bahri posts $277m net profit
The profit increased by more than 440 percent compared to 2021.
- The company attributed the increase in net profit to the increase in revenues—which rose by more than 60 percent to SAR 8.58 billion.
- In the oil transportation sector, Bahri's revenues have increased by SAR 2.01 billion, the company said in a bourse filing.
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Spotify cuts 17% jobs
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HPDC, HDC ink agreement
Business
Emirates Steel Arkan signs $2bn deal
The 5-year, iron-ore pellets supply deal was signed with BSC.
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Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
Aramco Digital, Intel to join hands
The aim is to help develop of Open RAN technologies.
- The facility is expected to drive innovation, foster technological advancements and contribute to the digital transformation landscape in the Kingdom.
- This collaboration aims to align with Saudi Arabia's Vision 2030, which focuses on technological advancements and economic diversification.
Business
Mammoet, Aertssen sign agreement
The two firms will provide heavy-lifting solutions in Qatar.
- Mammoet said in a statement that the collaboration will "capitalize on the individual strengths and capabilities of both companies".
- The solutions range from small mobile cranes for quick operations to complex engineered heavy lifting and transport projects.