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News

7 May 2024 11:57 AM 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 …

Banking and Finance

7 May 2024 08:37 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 05:43 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 …

Banking and Finance

6 May 2024 02:58 PM Bawan’s Q1-24 profits fall 15.5%; revenues near SAR 884m

Riyadh – Mubasher: Bawan Company posted a 15.57% year-on-year (YoY) decrease in net profit to SAR 29.15 million during the first quarter (Q1) of 2024, compared to SAR 34.53 million. The Saudi firm posted revenues amounting to SAR 883.87 million in …

Financial Results

6 May 2024 01:27 PM Fitness Time unveils Q1-24 financials, dividends

Riyadh – Mubasher: Leejam Sports Company (Fitness Time) logged net profits valued at SAR 94 million in the first quarter (Q1) of 2024, an annual rise of 49.20% from SAR 63 million. The listed firm posted 24.18% higher revenues at SAR 344 million …

Cash Dividends

6 May 2024 10:22 AM Academy of Learning eyes 50% capital hike

Riyadh – Mubasher: The board members of Academy of Learning Company recommended a 50% capital increase to SAR 90 million from SAR  60 million by granting one bonus share for every two owned shares. The Saudi firm will transfer an amount of SAR 30 …

Management Decisions

5 May 2024 06:48 PM SAB’s net profits surpass SAR 2bn in Q1-24

Riyadh – Mubasher: Saudi Awwal Bank (SAB) recorded a 15.75% year-on-year (YoY) growth in net profit to SAR 2.04 billion during the first quarter (Q1) of 2024, compared with SAR 1.76 billion. On a quarterly basis, SAB’s net profits in Q1-24 were …

Financial Results

5 May 2024 04:40 PM Amak logs 54% YoY profit decline in Q1-24

Riyadh – Mubasher: Al Masane Al Kobra Mining Company (Amak) posted a 53.96% year-on-year (YoY) decrease in net profit to SAR 15.12 million in the first quarter (Q1) of 2024 from SAR 32.85 million. Revenues declined by 5.96% YoY to SAR 134.49 …

Financial Results

5 May 2024 04:09 PM Luberef’s net profit plummets 46% YoY in Q1-24

Riyadh – Mubasher: Saudi Aramco Base Oil Company (Luberef) logged a 46.36% year-on-year (YoY) drop in net profit to SAR 239.01 million in the first quarter (Q1) of 2024 from SAR 445.67 million. Revenues went up 21.59% YoY to SAR 2.18 billion in …

Financial Results

5 May 2024 01:29 PM Alinma Bank announces SAR 621m dividends for Q1-24

Riyadh – Mubasher: Alinma Bank will disburse cash dividends totalling SAR 621.38 million for 2.48 billion eligible shares for the first quarter (Q1) of 2024. The Saudi lender will distribute a dividend per share of SAR 0.25 after deducting Zakat, …

Board of Directors

5 May 2024 01:00 PM Tasnee shifts to SAR 72m net losses in Q1-24 on lower sales volume

Riyadh – Mubasher: National Industrialization Company (Tasnee) turned to net losses standing at SAR 72.10 million during the first quarter (Q1) of 2024, against net profits worth SAR 82.10 million in Q1-23. Tasnee attributed the incurred losses to …

Financial Results

5 May 2024 11:58 AM Saudi GIG swings to loss in Q1-24

Riyadh – Mubasher: Gulf Insurance Group (GIG) shifted to losses during the first quarter (Q1) of 2024, recording a net loss after Zakat attributable to shareholders of SAR 20.21 million, compared to a net profit of SAR 56.69 million. Insurance …

Banking and Finance

5 May 2024 10:54 AM Saudi Tadawul Group’s net profit jumps 122% YoY in Q1-24

Riyadh – Mubasher: The net profits of Saudi Tadawul Group Holding Company surged 121.91% year-on-year (YoY) to SAR 201.50 million in the first quarter (Q1) of 2024 from SAR 90.80 million. Revenues leapt 72.80% YoY to SAR 387.60 million in Q1-24 …

Financial Results

2 May 2024 05:07 PM Marafiq’s net profit plummets 60% YoY in Q1-24

Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) logged a 59.90% year-on-year (YoY) drop in net profit to SAR 42.79 million in the first quarter (Q1) of 2024 from SAR 106.72 million. Revenues grew 8.55% YoY to SAR …

Financial Results

2 May 2024 10:43 AM Academy of Learning inks MoU with Saudi human resources ministry

Riyadh – Mubasher: Academy of Learning Company has signed a memorandum of understanding (MoU) with Saudi Arabia’s Ministry of Human Resources and the Taalum organisation. Under the MoU, the company will qualify and train social security …

Companies Investments

2 May 2024 10:36 AM EIC posts 114% higher profits in Q1-24 initial results

Riyadh – Mubasher: Electrical Industries Company (EIC) recorded a 114.09% year-on-year (YoY) surge in net profit to SAR 75.23 million during the first quarter (Q1) of 2024, compared to SAR 35.13 million. Revenues jumped by 42.59% to SAR 542.08 …

Financial Results

2 May 2024 08:00 AM Alkhorayef Water pens 15-year agreement with NWC

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company inked a long-term deal with National Water Company (NWC) on 29 April 2024, according to a bourse fling. Valued at SAR 1.72 billion, the agreement covers the operation and …

Companies Investments

1 May 2024 03:55 PM Ooredoo unveils QAR 913m net profits in Q1-24, dividends

Mubasher: The net profits attributable to the shareholders of National Mobile Telecommunications Company (Ooredoo) reached QAR 912.93 million in the first quarter (Q1) of 2024. The generated net profits were lower by 5% year-on-year (YoY) than QAR …

Financial Results

1 May 2024 01:30 PM Ma'aden to increase capital for additional stake in Saudi JV

Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) penned a deal to acquire the entire shares of Mosaic Phosphates B.V. in Ma’aden Wa’ad Al Shamal Phosphate Company (MWSPC). Ma’aden inked the share purchase and subscription agreement (SPSA) …

Companies Investments

1 May 2024 11:38 AM Ladun Investment inks 2-year deal with UK's Cheval Collection

Riyadh – Mubasher: Ladun Investment Company has signed a contract with UK-based Cheval Collection to manage and operate the Cheval Ladun residential tower located on King Fahd Road in Riyadh. The contract was signed on 30 April 2024 for a duration …

Companies Investments

1 May 2024 10:29 AM Alinma Bank’s net profit leaps 35% YoY in Q1-24

Riyadh – Mubasher: Alinma Bank reported a 35.55% year-on-year (YoY) surge in net profit to SAR 1.31 billion in the first quarter (Q1) of 2024 from SAR 969.90 million. The earnings per share (EPS) hit SAR 0.64 in Q1-24, up from SAR 0.46 in Q1-23, …

Financial Results

30 April 2024 02:19 PM Takween's net losses shrink nearly 84.5% YoY in Q1-24

Riyadh – Mubasher: Takween Advanced Industries Company logged an 84.48% year-on-year (YoY) plunge in net losses to SAR 3.99 million in the first quarter (Q1) of 2024 from SAR 25.75 million. Revenues declined by 21.26% YoY to SAR 183.14 million in …

Financial Results

30 April 2024 11:22 AM Almunajem Foods acquires 23% additional stake in Balady Poultry

Riyadh – Mubasher: Almunajem Foods Company has signed a binding share purchase agreement with existing shareholders in Balady Poultry Company. Under the agreement, Almunajem Foods will buy around 1.51 million shares, representing 23% of …

Mergers and Acquisitions

29 April 2024 03:42 PM Bank Albilad’s net profits hike to SAR 643m in Q1-24

Riyadh – Mubasher: The net profits of Bank Albilad increased by 14.85% to SAR 643.10 million in the first quarter (Q1) of 2024 from SAR 559.90 million in Q1-23. The clients’ deposits witnessed an annual growth of 7.82% to SAR 113.74 billion as of …

Financial Results

29 April 2024 00:39 PM SNB’s profits exceed SAR 5bn in Q1-24

Riyadh – Mubasher: The Saudi National Bank (SNB) logged net profits amounting to SAR 5.04 billion in the first quarter (Q1) of 2024, up 0.35% year-on-year (YoY) from SAR 5.02 billion. SNB reported 7.44% higher clients’ deposits at SAR 656.26 …

Financial Results