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News

11 March 2024 11:02 AM GASCO’s net profit rises 6% YoY in 2023

Riyadh – Mubasher: National Gas and Industrialization Company (GASCO) recorded a 6.17% year-on-year (YoY) increase in net profit to SAR 227.30 million in 2023 from SAR 214.10 million. The company’s revenues grew 18.16% YoY to SAR 2.45 billion last …

Financial Results

10 March 2024 01:53 PM GFH leads Cenomi Centers’ $500m sukuk offering

Mubasher: GFH Financial Group has acted as the joint lead managers and bookrunners for the issuance of a $500 million sukuk by Arabian Centres Company (Cenomi Centers), according to a press release. The five-year offering registered a total order …

Companies Investments

10 March 2024 00:05 PM Saudi Tadawul Group logs 8% lower profits in 2023; dividends recommended

Riyadh – Mubasher: The net profits of Saudi Tadawul Group Holding Company declined by 8.12% to SAR 390.10 million in 2023 from SAR 424.60 million a year earlier. The group witnessed 1.60% year-on-year (YoY) lower revenues at SAR 1.07 billion as of …

Financial Results

10 March 2024 10:16 AM Saudi Home Loans posts 97.5% lower net profits in 2023

Riyadh – Mubasher: Saudi Home Loans Company (SHL) registered SAR 2.32 million in net profit during 2023, lower by 97.57% year-on-year (YoY) than SAR 95.88 million. The earnings per share (EPS) plummeted to SAR 0.02 last year from SAR 0.96 in 2022, …

Financial Results

7 March 2024 02:51 PM Chemanol’s board appoints new CEO

Riyadh – Mubasher: The board of directors of Methanol Chemicals Company (Chemanol) has approved appointing Sabri Abdullah Al Ghamdi as the new CEO. Al Ghamdi will keep his responsibilities as a board member and a managing director, according to a …

Board of Directors

7 March 2024 01:31 PM Riyadh Cables’ net profit jumps 47% YoY in 2023; dividends recommended

Riyadh – Mubasher: The net profits of Riyadh Cables Group Company surged 47.36% YoY to SAR 518.49 million in 2023 from SAR 351.86 million. Revenues grew 14.20% YoY to SAR 7.82 million last year from SAR 6.85 million, according to the annual …

Financial Results

7 March 2024 00:34 PM Marafiq posts 38% YoY net profit plunge in 2023; dividends proposed

Riyadh – Mubasher: The net profit of Power and Water Utility Company for Jubail and Yanbu (Marafiq) dropped 37.82% YoY to SAR 525.79 million in 2023 from SAR 845.65 million a year earlier. The company’s revenues shrank 1.78% YoY to SAR 6.38 …

Cash Dividends

6 March 2024 03:41 PM Al Rajhi Bank issues $1bn sustainable sukuk

Riyadh – Mubasher: Al Rajhi Bank has concluded the issuance of $1 billion USD-denominated Shari’ah-compliant sustainable Sukuk. A total of 5,000 sukuk were sold for $200,000 per each, according to a bourse filing. The sukuk have a maturity of five …

Banking and Finance

6 March 2024 01:57 PM GFH to sell Khaleeji Bank's AT1 Certificates for $75m

Mubasher: GFH Financial Group has signed an agreement with Southern Star Investments WLL to sell a portion of its ownership in the Khaleeji Bank’s Additional Tier 1 (AT1) Certificates. The transaction was concluded at a nominal value of $74.96 …

Banking and Finance

6 March 2024 09:35 AM CMA nods to capital hike of Bank Albilad, Aldrees

Riyadh – Mubasher: The Capital Market Authority (CMA) has approved the requests of Bank Albilad and Aldrees Petroleum and Transport Services Company to increase their capital. The Saudi lender will raise its capital by granting one bonus share for …

Banking and Finance

5 March 2024 02:55 PM Amak records SAR 54.5m net profits in 2023

Riyadh – Mubasher: The net profits of Al Masane Al Kobra Mining Company (Amak) plunged by 56.79% to SAR 54.58 million in 2023 from SAR 126.33 million a year earlier. Amak recorded an annual drop of 16.28% in revenue to SAR 487.89 million as of 31 …

Financial Results

5 March 2024 00:54 PM Tasnee’s net profit plunges 74% YoY in 2023

Riyadh – Mubasher: National Industrialization Company (Tasnee) logged a 73.80% year-on-year (YoY) drop in net profit to SAR 174.60 million in 2023 from SAR 666.30 million in 2022. The company’s revenue declined by 8.13% YoY to SAR 3.56 billion …

Financial Results

5 March 2024 10:41 AM Seera Group sells Uber’s stake for SAR 380m

Riyadh – Mubasher: Seera Group Holding has completed the sale of its stake of around 1.24 million shares in Uber for SAR 380 million. The transaction has yielded SAR 164.60 million in additional gains for the group in the period after September …

Companies Investments

4 March 2024 01:52 PM Cenomi Retail expands in Uzbekistan with 8 brands

Riyadh – Mubasher: Fawaz Abdulaziz Alhokair Company (Cenomi Retail) signed an agreement to bring eight international brands to the Uzbekistani market. The eight brands include the Zara store, at the newly developed Tashkent City Mall, and …

Companies Investments

4 March 2024 01:30 PM Al Rajhi Bank to issue USD-denominated sukuk

Riyadh – Mubasher: Al Rajhi Bank has announced plans to issue USD-denominated sukuk under its international sukuk programme. The offering is expected to be conducted through a special purpose vehicle to local and international investors, according …

Sukuk and Islamic Finance

4 March 2024 11:31 AM Red Sea International secures SAR 196m facility from SAB

Riyadh – Mubasher: The Fundamental Installation for Electric Work Company (First Fix), a subsidiary of Red Sea International Company increased its loan from Saudi Awwal Bank (SAB) to SAR 196.10 million, according to a bourse filing. The unit …

Companies Investments

3 March 2024 11:34 AM Cenomi Centers completes $500m sukuk issuance

Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) has concluded the issuance of international USD-denominated Shari’ah-compliant Sukuk worth $500 million. A total of 2,500 sukuk were sold at a price of $200,000 per each, according to a …

Sukuk and Islamic Finance

3 March 2024 09:42 AM Bawan’s profits exceed SAR 136m in 2023; dividends for H2-23 proposed

Riyadh – Mubasher: Bawan Company recorded an annual drop of 16.46% in net profit to SAR 136.04 million during January-December 2023, compared to SAR 162.85 million. The revenues inched down by 0.37% year-on-year (YoY) to SAR 3.35 billion in 2023 …

Cash Dividends

29 February 2024 11:32 AM Alinma Bank issues $1bn tier 1 capital certificates

Riyadh – Mubasher: Alinma Bank has completed the issuance of $1 billion USD-denominated additional tier 1 capital certificates. A total of 5,000 certificates were sold at $200,000 for each and an annual yield of 6.50%, according to a bourse …

Bonds

28 February 2024 11:39 AM Luberef’s profits shrink to SAR 1.5bn in 2023; dividends proposed

Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) posted 23.68% year-on-year (YoY) lower net profits at SAR 1.50 billion in 2023, compared to SAR 1.97 billion. Luberef posted revenues amounting to SAR 9.48 billion as of 31 December 2023, …

Cash Dividends

28 February 2024 11:15 AM Retal Urban Development posts over 17% YoY lower profits in 2023; dividends unveiled

Riyadh – Mubasher: Retal Urban Development Company reported a 17.66% year-on-year (YoY) decline in net profit to SAR 202.35 million in 2023 from SAR 245.74 million a year earlier. On the other hand, revenues surged 23.52% YoY to SAR 1.36 billion …

Cash Dividends

28 February 2024 10:35 AM Astra Industrial’s net profits up in 2023; revenues hit SAR 2.8bn

Riyadh – Mubasher: The net profits of Astra Industrial Group edged up by 0.21% to SAR 475.32 million in 2023 from SAR 474.31 million a year earlier. Revenues amounted to SAR 2.85 billion last year, up 10.19% from SAR 2.59 billion in 2022, …

Financial Results

27 February 2024 05:56 PM Shaker Group’s net profit soars 99% YoY in 2023

Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) recorded a 99.28% year-on-year (YoY) surge in net profit to SAR 65.42 million in 2023 from SAR 32.83 million. Revenues grew by 19.19% YoY to SAR 1.23 billion last year from …

Financial Results

27 February 2024 05:30 PM SABIC shifts to loss in 2023; revenues plummet 23% YoY

Riyadh – Mubasher: The board members of Saudi Basic Industries Corporation (SABIC) turned to loss during the financial year 2023, reporting a net loss of SAR 2.77 billion, compared to a net profit of SAR 16.53 billion a year earlier. Revenues …

Financial Results

27 February 2024 11:59 AM Cenomi Centers to offer USD-denominated Sukuk

Riyadh – Mubasher: Arabian Centres Company (Cenomi Centers) plans to issue USD-denominated Shari’ah-compliant Sukuk, according to a bourse statement. The Saudi firm also announced a tender offer on its existing $500 million Trust Certificates due …

Sukuk and Islamic Finance