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News

15 May 2024 10:47 AM GFH sees 13% higher profits to owners in Q1-24

Mubasher: The net profits attributable to the shareholders of GFH Financial Group hit $27.13 million in the first quarter (Q1) of 2024, up 13.03% year-on-year (YoY) from $24 million. Total income stood at $162.97 million in the January-March 2024 …

Financial Results

15 May 2024 10:45 AM Seera posts 7% YoY higher net profit in Q1-24

Riyadh – Mubasher: Seera Group Holding’s net profit grew 7.01% year-on-year (YoY) to SAR 61 million in the first quarter (Q1) of 2024 from SAR 57 million. Revenues surged 35.76% YoY to SAR 1.07 billion in Q1-24 from SAR 794 million, according to …

Financial Results

15 May 2024 10:03 AM Sinad Holding posts SAR 14m losses in Q1-24; accumulated losses reported

Riyadh – Mubasher: Sinad Holding Company registered SAR 14 million in net loss during the first quarter (Q1) of 2024, an annual plunge of 34.88% from SAR 21.50 million. The revenues hit SAR 443.90 million in the January-March 2024 period, up 6.37% …

Financial Results

14 May 2024 04:58 PM CMA greenlights capital hike of Budget Saudi, Bena Steel Industries

Riyadh – Mubasher: The Capital Market Authority (CMA) passed the requests of United International Transportation Company (Budget Saudi) and Bena Steel Industries Company to increase their capital. Budget Saudi will raise its capital to SAR 781.66 …

Corporate Actions

14 May 2024 11:22 AM Ma’aden records 134% higher profits in Q1-24; revenues down

Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) achieved net profits valued at SAR 981.69 million in the first quarter (Q1) of 2024, up 134.05% from SAR 419.41 million a year earlier. Revenues declined by 8.66% year-on-year (YoY) to SAR …

Financial Results

13 May 2024 03:03 PM Riyadh Cables achieves SAR 169m in Q1-24 interim financials

Riyadh – Mubasher: Riyadh Cables Group Company generated 35.31% year-on-year (YoY) higher net profits at SAR 168.99 million in the first quarter (Q1) of 2024, compared to SAR 124.89 million. The revenues stood at SAR 2.03 billion in January-March …

Financial Results

13 May 2024 11:00 AM Arabian Drilling’s net profit rises over 3% YoY in Q1-24

Riyadh – Mubasher: Arabian Drilling posted a 3.54% year-on-year (YoY) increase in net profit to SAR 146 million in the first quarter (Q1) of 2024 from SAR 141 million. Revenues surged 24.13% YoY to SAR 967 million in Q1-24 from SAR 779 million, …

Financial Results

12 May 2024 04:28 PM SPARK appoints Al Naimi as new Chairman with expertise in Saudi upstream giants

Riyadh – Mubasher: Saudi industrial hub King Salman Energy Park (SPARK) has appointed Nasir Al Naimi as its new Chairman to support Saudi Arabia’s endeavours to become a global hub for trade, transport, and logistics solutions and services. Al …

Board of Directors

12 May 2024 04:08 PM Shaker Group’s net profit rises 12% YoY in Q1-24

Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) logged a 12.08% year-on-year (YoY) increase in net profit to SAR 32.24 million in the first quarter (Q1) of 2024 from SAR 28.77 million. Revenues grew by 19.24% YoY to SAR …

Financial Results

12 May 2024 00:27 PM Astra Industrial generates 22% higher net profits in Q1-24 financials

Riyadh – Mubasher: Astra Industrial Group recorded a 21.85% year-on-year (YoY) surge in net profit to SAR 149.74 million during the first quarter (Q1) of 2024, compared to SAR 122.88 million. The Saudi firm posted revenues valued at SAR 842.88 …

Financial Results

9 May 2024 06:32 PM Saudi Cable’s board recommends capital increase via rights issue

Riyadh – Mubasher: The board of Saudi Cable Company suggested, in its 8 May 2024 meeting, a capital hike through a rights issue, according to a bourse disclosure. The company would raise the capital by SAR 400 million upon the approvals of the …

Management Decisions

9 May 2024 05:45 PM Sumou Real Estate obtains CMA approval for capital raise

Riyadh – Mubasher: Sumou Real Estate Company has received the Capital Market Authority’s (CMA) nod for increasing its capital to SAR 500 million from SAR 375 million, according to a bourse filing. Upon the decision of the regulatory authority, …

Management Decisions

9 May 2024 05:23 PM Retal’s Q1-24 net profits leap 50%; revenues cross SAR 500.5m

Riyadh – Mubasher: The net profits after tax of Retal Urban Development Company hiked by 49.92% to SAR 62.28 million in the first quarter (Q1) of 2024, versus SAR 41.54 million in Q1-23. The Saudi firm generated  revenues valued at SAR 500.63 …

Financial Results

9 May 2024 04:38 PM Alujain Corporation turns profitable at nearly SAR 6m in Q1-24

Riyadh – Mubasher: Alujain Corporation shifted to net profits of SAR 5.62 million during the first quarter (Q1) of 2024 against net losses of SAR 20.88 million in Q1-23. The company also swung to profitability in Q1-24 compared with the previous …

Financial Results

9 May 2024 01:48 PM GASCO records higher net profits at over SAR 78.5m in Q1-24

Riyadh – Mubasher: The net profits of National Gas and Industrialization Company (GASCO) increased by 7.67% year-on-year (YoY) to SAR 78.60 million in the first quarter (Q1) of 2024, versus SAR 73 million. The Saudi firm posted revenues valued at …

Financial Results

9 May 2024 01:08 PM Jamjoom Pharma registers SAR 103m net profits in Q1-24

Riyadh – Mubasher: Jamjoom Pharmaceuticals Factory Company (Jamjoom Pharma) achieved 22% year-on-year (YoY) higher net profits at SAR 102.96 million in the first quarter (Q1) of 2024, versus SAR 84.40 million. Revenues amounted to SAR 385.46 …

Financial Results

8 May 2024 08:28 PM Saudi Ceramics achieves 6% higher net profits in Q1-24

Riyadh – Mubasher: Saudi Ceramic Company (Saudi Ceramics) recorded a 5.82% annual growth in net profit to SAR 15.56 million during the first quarter (Q1) of 2024 from SAR 14.70 million. The earnings per share (EPS) edged up to SAR 0.19 at the end …

Financial Results

8 May 2024 04:42 PM Nofoth announces 2023 dividend recommendation

Riyadh – Mubasher: The board of Nofoth Food Products Company proposed a cash dividend worth SAR 0.20 per share for 2023. During its 7 May 2024 meeting, the board recommended paying 20% of the SAR 48 million capital as dividends for last year, …

Board of Directors

8 May 2024 03:46 PM Air Cairo chooses Seera’s Almosafer as exclusive agent in Saudi Arabia

Riyadh – Mubasher: Egypt’s hybrid national airline Air Cairo has partnered with the Saudi travel company Almosafer, a subsidiary of Seera Group Holding, to become the exclusive general sales agent (GSA) of Air Cairo in Saudi Arabia, according to a …

Global Economy

7 May 2024 06:39 PM SEC obtains $1bn loan from SNB

Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed a $1 billion bilateral Murabaha loan agreement with the Saudi National Bank (SNB). The funding deal, which was penned on 7 May 2024, holds a five-year duration period with an option of …

Banking and Finance

7 May 2024 06:12 PM Savola Group registers 11% decrease in Q1-24 net profit

Riyadh – Mubasher: Savola Group posted an 11.21% decline in net profit to SAR 348.71 million during the first quarter (Q1) of 2024 compared with SAR 392.75 million in Q1-23. The earnings per share (EPS) went down to SAR 0.66 as of 31 March 2024 …

Financial Results

7 May 2024 02:41 PM Saudi Home Loans records 89% YoY profit hike in Q1-24

Riyadh – Mubasher: Saudi Home Loans Company (SHL) logged an 88.63% year-on-year (YoY) surge in net profit to SAR 4.61 million in the first quarter (Q1) of 2024 from SAR 2.44 million. Net income from special commission of financing jumped 16.10% …

Financial Results

7 May 2024 00:57 PM S&P assigns ‘A-’ rating to Saudi GIG; outlook stable

Riyadh – Mubasher: S&P Global Ratings has assigned Gulf Insurance Group (GIG) a long-term financial strength rating of ‘A-’ with a stable outlook. The rating agency based its assessment on several strengths, including the company’s capital …

Ratings

7 May 2024 09:37 AM Americana Restaurants records 52% lower profits to owners in Q1-24

Mubasher: Americana Restaurants International, listed on the Abu Dhabi Securities Exchange (ADX) as well, logged net profits attributable to the owners valued at $28.02 million in the first quarter (Q1) of 2024. The quarterly net profits plummeted …

Financial Results

6 May 2024 06:43 PM Amlak International’s net profits decline to nearly SAR 9m in Q1-24

Riyadh – Mubasher: Amlak International Finance Company achieved net profits after Zakat and tax worth SAR 8.60 million during the first quarter (Q1) of 2024, marking a 22.04% decrease from SAR 11.03 million in Q1-23. On a quarterly basis, the net …

Financial Results