BAHRAIN: Arig recorded consolidated net profit of US$ 9.2 million attributable to shareholders for the first half of year 2019 ended June 30, 2019 as against loss of US$ 22.4 million reported in the corresponding period last year. Arig is one of the largest Arab-owned, professional reinsurance providers in the Middle East and Africa and…
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Islamic Arab Insurance posts 4.7% growth in earnings
DUBAI: Islamic Arab Insurance Company, (SALAMA) reported net profit for H1 2019 ended June 30, 2019 increased 4.7% to AED 33.3 million from AED 31.8 million in H1 2018. Gross written premium (GWP) grew by 18.8% from AED 547 million in H1 2018 to AED 650 million in H1 2019. Plan holder’s assets under management…
UK-funded Karandaaz to promote sustainable energy and economic development
KARACHI: A UK commitment to provide financing for renewable energy and energy efficiency to Pakistan’s industrial Small and Medium Enterprises (SME) sector has been signed by the Department for International Development (DFID). As part of DFID’s Sustainable Energy and Economic Development (SEED) programme, Karandaaz will invest over £15 million to promote renewable energy generation and…
Dana Gas reports 483% increase in net profit to $140mn
SHARJAH, UAE: Dana Gas, the Middle East’s largest regional private sector natural gas company, announced H1 2019 ended June 30, 2019 net profit jumped 483 % to $140 million compared with $24 million in H1 2018. This was mainly due to the recognition at fair value of certain reserve based earn out entitlements amounting to…
KIA introduces first-ever all wheel vehicle in Pakistan
KARACHI: KIA Lucky Motors (KLM) has launched the much-awaited, Pakistan’s first all-wheel 2000 CC SUV. KIA Sportage is Pakistan’s first All-Wheel Drive car with 100,000 km or 4 years warranty. KIA Sportage comes in two models- top of the line being an All-Wheel Drive (AWD) version, which is a first of its kind in Pakistan…
MCB posts 14% growth in earnings
KARACHI: MCB Bank Limited (MCB) unveiled its 2QCY19 ended June 30, 2019 consolidated net earnings at Rs5.41 billion (EPS Rs4.59) versus Rs4.76 billion (EPS Rs3.99) recorded during the same quarter last year, exhibiting a rise of 14%YoY in profitability. Earnings of the bank arrived in-line with estimates. Consistent with previous payouts, MCB declared interim cash…
UBL posts 48% growth in earnings
KARACHI: United Bank Limited (UBL) unveiled its 2QCY19 ended June 30, 2019, standalone net earnings at Rs5.38 billion (EPS Rs4.39) versus Rs3.63 billion (EPS Rs2.96) recorded during the same quarter last year, exhibiting a significant rise of 48% YoY, primarily due to low-base effect as UBL booked hefty one-off pension charge (Rs2.0 billion) in 2QCY18….
Al Meera signs new store at The Mall
DOHA: Al Meera Consumer Goods Company has announced the signing of its new store at “The Mall”. Al Meera’s The Mall branch will mark Al Meera’s 54th store in Qatar. Al Meera’s upcoming branch at “The Mall” is the latest addition to a number of store openings under its network, a release issued to Qatar…