Gulf Insurance Group (GIG), one of the leading insurance companies in the Middle East, announced its annual financial results for the period ending on 2023-12-31, showing a strong performance across its business segments. The company reported an increase in insurance revenue by SR 84 million or +5.7% as compared to the previous year, reaching SR…
Category: MENA
Corporate news and announcements from the stock markets of Middle East and North Africa.
Advanced Petrochemical signs EPC contracts for the first IPA plant in the Middle East
Advanced Petrochemical Company (ADVANCED), a leading producer of polypropylene in Saudi Arabia, announced that its subsidiary, Advanced Polyolefins Industry Company, has signed Engineering, Procurement and Construction Contracts (EPC) with SGC eTEC Co., Ltd. and SGC Arabia Co. Ltd. for the construction of an Isopropanol (“IPA”) plant in Jubail Industrial City, Saudi Arabia. The total contract…
The Saudi Investment Bank to issue bonus shares worth 2.5 billion SAR
The Saudi Investment Bank (SAIB) announced that its Board of Directors has recommended to the Extraordinary General Assembly a capital increase of 25% by issuing bonus shares to the bank’s shareholders. The capital increase will raise the bank’s capital from 10 billion SAR to 12.5 billion SAR, by capitalizing 2.5 billion SAR from the Statutory…
Modern Mills sets IPO price range and kicks off book-building
RIYADH: Modern Mills Company (MMC), a leading milling and nutrition company in Saudi Arabia, has announced the price range for its initial public offering (IPO) of 30% of its share capital, as well as the start of the institutional book-building period. The price range for the IPO has been set at SAR 44 to SAR…
Americana Restaurants delivers $2.41 billion revenue in FY 2023
ABU DHABI: Americana Restaurants, the leading restaurant operator in the MENA region and Kazakhstan, announced its financial results for the year 2023, showing revenue growth, margin improvement, and dividend payout despite challenging market conditions. The company, which operates popular brands such as KFC, Pizza Hut, Hardee’s, and Krispy Kreme, reported revenues of $2.4 billion, up…
Union Properties posts record net profit of AED 811 million in 2023
DUBAI: Union Properties PJSC (UPP) announced its preliminary financial results for the fiscal year 2023, registering a record net profit of AED 811 million, up by 2607% from 2022. The company’s operating profit also grew by 60%, reaching AED 508 million. The company attributed its exceptional performance to its strategic approach, market position, and diversified…
Orient Insurance posts record profits of AED 636 Million in 2023
DUBAI: Orient Insurance Company (PJSC), a subsidiary of Al-Futtaim Group and a leader in the insurance market, announced today its impressive financial performance for the year ending on 31/12/2023. The company reported a net profit of AED 636 million, a 23% increase from AED 519 million in 2022. Its insurance revenue also rose by 28.4%…
DP World Marine Services launches new direct service for fruit exporters in Colombia and Panama
DUBAI: DP World Marine Services, a leading global provider of shipping solutions, has launched a new direct service for fruit exporters in Colombia and Panama. The service connects four ports in Colombia – Turbo, Santa Marta, Cartagena, and Barranquilla – and the port of Manzanillo in Panama, providing the best coverage for containerised cargo in…
Emirates Steel Arkan posts 18% rise in net profit in 2023
ABU DHABI: Emirates Steel Arkan, a leading steel producer in the UAE, announced on Tuesday that it achieved a net profit of AED 601.9 million in 2023, an increase of 18% from AED 510.2 million in 2022. The company attributed the growth to higher sales volumes, improved product mix, and operational efficiency. The company also…
ADNOC Gas reports strong financial results and growth investments in 2023
ABU DHABI, UAE: ADNOC Gas, a world-class integrated gas processing company, announced its consolidated financial results for Q4 2023 and FY 2023, showing a strong performance driven by volume growth and a positive pricing environment. The Company’s Q4 2023 revenue increased by 7% year-on-year to $6.3 billion, processed volumes rose to 912 TBTU, enough to…
Invictus Investment reports record revenue and expands to 10 new markets in 2023
ABU DHABI, UAE: Invictus Investment Company PLC (ADX: INVICTUS), a leading agro-food enterprise in the Middle East, Africa and Asia, announced its financial results for the 12 months ended December 31, 2023, with a revenue growth of 35% year-on-year to AED 8.1 billion – its highest annual revenue as a listed company. The company also…
Arabian solutions and Center3 to build SAR 150 million data centers
RIYADH: A new partnership between Arabian Internet and Communications Services Company (solutions) and Digital Centers for Data and Telecommunications Company (Center3) will see the creation of cutting-edge data center infrastructure in the Middle East. Arabian Internet and Communications Services, a leading ICT service provider, and Center3, a subsidiary of Saudi Telecom Company (stc), have signed…