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HMG 2023 net profit $544m
The rise was due to the hospitals and pharmacy segments.
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UPS says will cut 12,000 jobs
The move comes as UPS seeks to "align" its resources. -
Qatar expects 11.4% revenue dip in 2024 budget on lower oil prices
Finance Minister Ali bin Ahmed Al Kuwari attributed the decrease in revenues to the adoption of an average oil price of $60 per barrel for 2024 instead of $65 per barrel in 2023, based on the international institutions estimates for oil prices in 2024, and the conservative estimates for oil... -
AD Ports net profit up
It posted a 189% jump in revenue in Q3 to US$1.15bn. -
Aramex Q3 net profit down
It posted a five-percent decline in revenues to US$367m. -
stc Group posts 9-month revenue
stc's revenue was $14.5 billion in January-September 2023. -
Mercedes-Benz profit slumps
The carmaker's net profit plunged 7% to US$3.9bn in Q3. -
ADCB profit up 22 percent
The bank's operating income rose 23% to US$3.32 billion. -
Deutsche Bank profit down
Its net profit for the third quarter dropped to US$1.09bn. -
NMDC posts bumper profits
Its revenues for the first nine months stood at US$3bn. -
Palms Sports posts Q3 profit
Its revenues rose 77% to US$92m in the same period. -
Porsche sales revenue up
The sports car maker posted gains one year after its IPO. -
Saudi Arabia projects 2024 budget deficit at 1.9% of GDP
The kingdom's finance ministry estimated expenditures for 2024 to be at US$333.5 billion. According to the ministry, the projection is based on the government's fiscal objectives to expand strategic spending at the sectoral and regional levels, broaden and diversify the economic base, as well as improve public services, among others. -
Surplus in overall balance makes UAE’s economy robust
"The fiscal policy bolstered economic growth and the competitive business environment, leading to the UAE being ranked as the fastest-growing economy in the year 2022," adds Dubai's Deputy Ruler, Deputy Prime Minister, and Minister of Finance Sheikh Maktoum bin Mohammed, praising the Ministry of Finance’s team for their efforts. -
Hotel revenues in Oman grow 27.8% to $318 million in July
Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of July 2023, up by 27.8 percent over the corresponding period in 2022. Statistics issued by the National Centre for Statistics and Information (NCSI) show that the total number of hotel... -
Al Hammadi H1 2023 net profit $43.5m
In Q2 2023, net profit jumped 25.7% to $21.8 million. -
Lebanon to ban Barbie film for allegedly promoting homosexuality
BEIRUT, LEBANON - Lebanon's culture minister said on Wednesday he had asked authorities to ban hit movie "Barbie" for purportedly "promoting homosexuality", as anti-LGBTQ rhetoric soars in one of the Middle East's more liberal countries. "It was decided... to send a request to Lebanon's General Security agency... to take all necessary... -
Dubai Taxi Corporation unveils digital transformation plan 2022-2025
Dubai, UAE--Dubai Taxi Corporation (DTC) has launched its strategic plan for digital transformation 2022-2025 designed to improve the quality of the service it provides to customers. The plan seeks to accomplish a host of strategic goals highlighted by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future.... -
STC reports record revenues in H1 2023
The company's gross profit reached $4,929 million. -
DIB logs 15% net profit growth
The bank recorded a total income of $2.53 billion. -
UAE Government’s Q1 revenues total $31.3 billion
Abu Dhabi, UAE - The UAE government’s revenues amounted to AED115.6 billion ($31.3 billion) and its expenditures totaled AED92.5 billion ($25.0 billion) in the first quarter of 2023, the preliminary results of the UAE Government Finance Statistics Report for the first quarter of 2023, published by the Ministry of Finance... -
Tesla earnings rise to $2.7bn
Revenues surged 47 percent to $24.9 billion. -
QIB posts 7.7% profit rise
The net profit shot up to US$538m in H1 of 2023. -
Qatar Airways’ profits fall
Its net profit dropped 21% to US$1.21bn in 2022-2023. -
Iraq’s oil export revenues in June hit $7 billion, says SOMO
Baghdad, Iraq - Iraq's Ministry of Oil has said that the country's crude oil exports reached over 100 million barrels in June, generating revenue of approximately $7.115 billion. The preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO) revealed that the majority of these exports - amounting to almost... -
Combined profit of capital market institutions in Saudi Arabia falls
RIYADH, SAUDI ARABIA - The combined profit of capital market institutions in Saudi Arabia dropped 19 percent to US$306 million (SAR 1.15 billion) in Q1 2023, from US$381 million (SAR 1.43 billion) in the same period last year, the Capital Market Authority (CMA) said in a recent report. Revenues fell... -
ZATCA sets criteria for target firms to apply phase II of e-invoicing
RIYADH, SAUDI ARABIA - The Zakat, Tax and Customs Authority (ZATCA) has set the criterion for selecting target establishments in the sixth group to apply the integration phase of e-invoicing which includes all establishments with revenues (subject to value-added tax (VAT)) exceeding SR70 million during 2021 and 2022. ZATCA has... -
Ajman hotels posts 3% increase in revenues in Q1 2023
AJMAN, UAE - Ajman hotels and serviced apartments recorded a three percent growth in hotel revenues in the first quarter of 2023 compared to the corresponding period in 2022. The increase occurred mostly due to higher demand that is pushing the Average Daily Room (ADR) Rate, making investment in hotels... -
Russian oil exports hit post-invasion high, says IEA
PARIS, FRANCE -  Russia's oil exports rose in April to the highest level since its invasion of Ukraine, boosting revenues by US$1.7 billion despite Western sanctions, the International Energy Agency said on Tuesday. The Paris-based organization said Russian exports increased by 50,000 barrels per day to 8.3 million bpd last month, estimating... -
Airbus Q1 net profit at $514m
The company delivered 127 aircraft in Q1 of 2023. -
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent. -
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the sector - since the collapse of Silicon Valley Bank and two other banks - showed the industry is benefiting from the Federal Reserve's shift towards higher interest rates and from... -
Borouge to pay huge dividend
The company has paid a total of $975m in dividends for 2022. -
Alpha Dhabi posts $2.88bn profit
The net profit exceeded the Group's target of AED10 billion. -
Entertainment may add 4.2% to Saudi GDP by 2030
As the number of companies operating in the industry expected to exceed 2,500, the sector is likely to create 450,000 job opportunities in the Kingdom. -
TECOM reports $0.54bn revenue
The group maintained a healthy debt profile. -
ExxonMobil posts bumper profits
The oil company's profits during Q4 stood at $12.8bn. -
ExxonMobil 2022 profit at $55.7bn
Results reflect higher production of oil, natural gas. -
Iraq’s oil revenues in 2022 hit four-year high of $115 billion
These revenues follow a spike in prices following Russia's invasion of Ukraine in February 2022, and OPEC producers' subsequent reluctance to increase production. In Oct the oil cartel decided to cut production quotas to maintain price levels, with a reduction of "two million barrels per day". -
Qatar’s budget surplus exceeds $21bn in 9 months
The surplus is mainly due to control over expenditures and the rise in revenues with the recovery in oil prices. -
Qatar posts budget surplus of $8bn in third quarter
Doha, Qatar - Qatar posted a budget surplus of QR 30 billion ($8 billion) for the third quarter of 2022, the Finance Ministry announced Tuesday. In its briefing on the budget, the Ministry said that the total revenues for this quarter amounted to QR 81.8 billion ($22 billion), of which... -
Turkey’s auto sector grows 6% from Jan-Nov 2022
The sector witnessed the manufacturing of 1,210,331 cars in the period. -
Ryanair earns bumper profit
It posted a net profit of $1.36bn in H1. -
du revenues vault 10.5%
It posted $863.17m in revenues for the first nine months of 2022. -
‘UAE government revenues rose by 26% in 2021’
ABU DHABI, UAE - In the UAE the revenues at the federal level increased by 26 percent from US$100 billion (AED367.9 billion) in 2020 to $126.3 billion (AED463.9 billion) in 2021, says the Ministry of Finance (MoF) data released Tuesday. The MoF released the preliminary government finance statistics data for... -
GM posts Q3 profit of US$3.3b
US automaker was bolstered by strong vehicle pricing. -
Qatar’s oil and gas revenues rise 67% in H1 of 2022
Data released from the Ministry of Finance showed that oil and gas revenues increased to $32 billion, compared to $19 billion in the first half of 2021. -
IHG H1 profits surge to $216mn
IHG said it would resume its interim dividend -
Fertiglobe revenue up 105%
The EBITDA grew 155 percent to $770 million in Q2 2022 -
e& HI profit up 2.5%
The company’s consolidated revenues reached AED 26.3bn. -
US stocks on defensive amid inflation and slowdown anxiety
Wall Street stocks were mixed early Wednesday, treading water after the prior session's pullback that came amid worries over soaring inflation and an economic slowdown. After last week's rally, stocks were back on the defensive Tuesday, falling hard after downcast consumer confidence reading. But early in the session Wednesday "there...