https://arab.news/7nhh9
RIYADH: Car rental company Budget Saudi saw its share rise by 0.21 percent to SR48 at the closing of Sunday, following the announcement of its first half result.
The company posted a slight profit surge of 5 percent to SR123 million ($33 million) for the first half of 2022.
This was an increase from SR117 million in the prior-year period, according to a bourse filing.
The rise in profit was attributed to an increase in revenues of 2 percent to SR479 million compared to the same period last year.
This follows the agreement by Aljozoor Alrasekha Trucking Co., Budget Saudi subsidiary, to buy a 70 percent stake in Overseas Development’s subsidiaries in Saudi Arabia, Kuwait, and the UAE earlier this week.
CEO Fawaz Danish told Argaam that the potential takeover is expected to boost the company’s finances since logistics demand is expected to rise.
In a separate announcement, Budget Saudi said that it is seeking approval from shareholders for the purchase of up to 7 million of its shares to be held in treasury.
Shareholders of Budget Saudi are to receive an interim dividend of SR0.5 per share for the first half of 2022.
RIYADH: UAE-based ride sharing company Swvl has terminated its estimated $100 million acquisition of UK SaaS platform, Zeelo.
Zeelo revealed that the deal has been dropped by mutual agreement amid a market downturn, MAGNiTT reported.
“The deal that was agreed no longer made sense right for the parties, not just in terms of the transaction, but also in terms of the growth opportunity,” co-founder and CEO of Zeelo, Sam Ryan, said in a statement.
Swvl has recently announced a 30 percent reduction in headcount as part of plans to achieve profitability by 2023.
The company has also made four acquisitions since 2021 and is currently listed on Nasdaq.
RIYADH: Egypt’s capacity of renewable energy projects has doubled during the fiscal year 2021/22.
Zooming in, Abu Dhabi’s Masdar is weighing a binding offer for a 40 percent stake in Iberdrola’s German offshore wind farm, Reuters reported citing a source close to the matter.
Looking at the bigger picture:
Through a micro lens:
RIYADH: Saudi Arabian Mining Co., known as Ma’aden, has begun commercial production for its Ammonia 3 plant within the third phosphate project, which can produce 1.1 million tons of ammonia per year.
The Ammonia 3 plant, which has reached stabilization in trial operations, is expected to impact the company’s financial results during the second quarter of 2022, according to a bourse filing.
The plant belongs to Ma’aden Fertilizer Co., part of the Third Phosphate Project, which is 100 percent Ma’aden-owned.
RIYADH: Gulf Cooperation Council indexes recovered during July on the back of strong earnings and global recovery, reversing two consecutive months of decline.
The MSCI GCC index hit a six-month high of 6.1 percent in July, broadly in line with global equity markets, according to data by Kamco Invest.
Oman experienced the largest monthly gain of 9.9 percent, closely followed by Qatar and Saudi Arabia with gains of 9.7 percent and 5.9 percent, respectively.
The ADX and DFM markets in the UAE lagged behind with smaller gains of 3.1 percent and 3.6 percent, respectively.
The strong growth during the month of July has added strength to the performance of GCC markets for the year.
The MSCI GCC index gained 7.4 percent since the start of the year, with double-digit gains in Qatar and Abu Dhabi at 15 percent and 13.8 percent, respectively.
Oman and Kuwait were next with gains of around 10 percent while Saudi Arabia’s TASI showed a gain of 8.1 percent.
This was driven by gains across all sectors with the performance chart for the month showing gains across the board.
RIYADH: Kuwait-based gifting e-commerce platform Teeela plans to expand into Saudi Arabia and the UAE markets after raising $3.75 million in a pre-series A funding round led by Saudi investors.
The round was led by Saudi investment firm Wealth Well with participation from other Saudi investors like Mad’a Investment Co. and Al-Akeel family.
“This funding will underpin our regional expansion, support product development and strengthen our ability to attract top regional talent to be part of our journey,” Abdulwahab Al-Khulaifi, co-founder and CEO of Teeela said in a statement.
The deal will strengthen Teeela’s regional presence beyond its Kuwait headquarters as it targets the Middle East’s $30 billion gifting market, including family products, children’s goods and toys, it said in a press release.
Founded in 2017, the company offers a large selection of toys as well as customizable and personalized gifting options.
