Arabian Shield Cooperative Insurance Co. has released its annual financial results for the year ending December 31, 2023, showcasing significant growth across all sectors. The company’s insurance revenues soared to SAR 1,145,711 thousand, marking a 24.71% increase from the previous year’s SAR 918,720 thousand. This remarkable upturn is attributed to the expansion of business across…
Saudi Advanced Industries Co. reports 48.49% growth in net profit in 2023
RIYADH: Saudi Advanced Industries Co. (SAIC) has released its annual financial results for the year ended December 31, 2023, showcasing a significant surge in profitability and revenue. The company’s sales/revenue climbed by 55.23% to SAR 180.15 million, up from SAR 116.05 million the previous year. This remarkable growth is also reflected in the gross profit,…
FIPCO posts 22.45% increase in net profit during 2023
RIYADH: Filing and Packing Materials Manufacturing Co. (FIPCO) has released its annual consolidated financial statements for the fiscal year ended December 31, 2023. The company reported a decrease in sales/revenue by 8.71% from the previous year, down to SAR 238 million from SAR 260.7 million. Despite the downturn in sales, FIPCO achieved a 22.45% increase…
Allianz Saudi Fransi reports robust financial performance for 2023
RIYADH: Allianz Saudi Fransi Cooperative Insurance Co. has announced its annual financial results for the year ending December 31, 2023, showcasing significant growth in key financial metrics. The company’s insurance revenues soared to SAR 862,625.07, marking a 17.26% increase from the previous year’s SAR 735,650.28. This surge is attributed to the expanded business in the…
KSA’s First Mills forms First Food Supplies Company
JEDDAH, KSA: The First Milling Company, a leading agro-industrial enterprise, has announced the launch of its fully-owned subsidiary, the First Food Supplies Company. The new venture is set to bolster the parent company’s ambitious growth plans and strategic goals. With an initial capital injection of SAR 100,000, the First Food Supplies Company is poised to…
NADEC signs partnership with United Feed company to boost local meat production
RIYADH: The National Agricultural Development Company (NADEC) has announced a new partnership with the United Feed Company, part of Al Muhaidib Group to enhance food security and support the agricultural sector. The collaboration, endorsed by His Excellency Eng. Abdulrahman bin Abdulmohsen Al-Fadley, Minister of Environment, Water, and Agriculture, aims to establish a specialized limited liability…
Navigating the Shifting Sands of Interest Rates in Real Estate Investment
The landscape of real estate investment is ever-changing, and recent signals from the Federal Reserve suggest that this fluidity will continue. As investors, it’s crucial to understand that the dynamics of interest rates, as discussed in the Federal Open Market Committee (FOMC) meetings, do not guarantee a predictable rise in property values. Instead, a strategic…
United Rentals buys Yak Access, Yak Mat and New South Access & Environmental Solutions
United Rentals, Inc. (NYSE: URI) has successfully completed the acquisition of leading matting solution providers Yak Access, LLC, Yak Mat, LLC, and New South Access & Environmental Solutions, LLC, collectively known as “Yak.” The deal, valued at approximately $1.1 billion in cash, was finalized with funding sourced from newly issued senior unsecured notes and the…
Azitra Inc. Reports Full-Year Financial Results and Provides Business Update
Azitra Inc. (NYSE American: AZTR), a trailblazer in precision dermatology, today announced its financial outcomes for the year ending December 31, 2023, alongside a comprehensive business update. Financial Highlights: Operational Milestones: Pipeline Prospects: Azitra’s strategic advancements and robust pipeline position the company as a significant player in the dermatological landscape, promising a future of innovative…
AMCON Distributing Company has acquired Burklund Distributors
OMAHA: AMCON Distributing Company, a prominent distributor of consumer goods, has announced the strategic acquisition of Illinois-based Burklund Distributors Inc. This move will enable AMCON to extend its service to approximately 7,400 retail locations across 32 states from Burklund’s distribution centers in East Peoria and Fairview Heights. The acquisition, slated for completion in the third…
GaAs Labs sells Mission Microwave to J.F. Lehman Affiliate
GaAs Labs LLC has divested its portfolio company, Mission Microwave Technologies LLC, known for its advanced GaN-based amplifiers and upconverters for satellite communications, to an affiliate of the investment firm J.F. Lehman Company. The sale marks a new chapter for Mission Microwave, which under the guidance of GaAs Labs’ John and Susan Ocampo, has seen…
Engro Fertilizers takes action to reinforce urea pricing regulations
KARACHI: Engro Fertilizers, a leading agricultural support company, has taken decisive steps to ensure the enforcement of urea pricing guidelines in line with the Government’s directives. The move aims to guarantee the availability of urea to farmers at officially sanctioned prices. In a series of dealer conferences held in Lahore, Multan, and Hyderabad, Engro Fertilizers…