Sunday, 14 May 2023
#Kuwait: Agility's revenue for Q1 soars to $1.04bn; net profit up 20%
Kuwait: Agility's revenue for Q1 soars to $1.04bn; net profit up 20%
Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, has reported earnings of KD15.3 million (or 6 fils per share) for the first quarter of 2023, up 20% over the same period last year.
Announcing its financial results for the first three months ended March 31, 2023, Agility said its ebitda increased 78.1% to KD60.4 million, while its revenue grew 142.7% to KD 320.5 million and net revenue increased 178.6%.
The Kuwaiti group said it enjoys a healthy balance sheet with KD3.6 billion in assets. Its net debt stood at KD821.6 million as of March 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 39.8 million for the first quarter of 2023.
On a like-for-like basis - excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 - Agility’s ebitda increased 30% to KD44 million, and revenue grew 17%.
Agility Vice Chairman Tarek Sultan said: "Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time."
Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, has reported earnings of KD15.3 million (or 6 fils per share) for the first quarter of 2023, up 20% over the same period last year.
Announcing its financial results for the first three months ended March 31, 2023, Agility said its ebitda increased 78.1% to KD60.4 million, while its revenue grew 142.7% to KD 320.5 million and net revenue increased 178.6%.
The Kuwaiti group said it enjoys a healthy balance sheet with KD3.6 billion in assets. Its net debt stood at KD821.6 million as of March 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 39.8 million for the first quarter of 2023.
On a like-for-like basis - excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 - Agility’s ebitda increased 30% to KD44 million, and revenue grew 17%.
Agility Vice Chairman Tarek Sultan said: "Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time."
#Saudi's Morabaha Marina aims to raise up to $83.4 million in IPO -statement | Reuters
Saudi's Morabaha Marina aims to raise up to $83.4 million in IPO -statement | Reuters
Saudi Arabia's Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth.
The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement.
The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. The company did not disclose an expected trading date.
Net proceeds from the share sale will be used to strengthen the company's capital base to support future growth.
Morabaha Marina Financing Company offers Sharia-compliant financial services to individuals and small and medium sized enterprises in Saudi Arabia.
Saudi Arabia's Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth.
The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement.
The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. The company did not disclose an expected trading date.
Net proceeds from the share sale will be used to strengthen the company's capital base to support future growth.
Morabaha Marina Financing Company offers Sharia-compliant financial services to individuals and small and medium sized enterprises in Saudi Arabia.
Real Madrid lose $440 million sponsorship battle with #AbuDhabi fund | Reuters
Real Madrid lose $440 million sponsorship battle with Abu Dhabi fund | Reuters
Spanish soccer's Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, sources with knowledge of the case told Reuters.
Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honour a sponsorship deal under which it would acquire rights to name the Santiago Bernabeu stadium for 20 years.
"The arbitral tribunal constituted under the rules of the Court of International Trade in Paris has ruled in favour of (Mubadala)," the source told Reuters.
In 2014, Real agreed a strategic partnership with Abu Dhabi fund International Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul.
The project was meant to add a striking new roof and exterior to the current structure and include a hotel and a shopping centre, to help the world’s richest club by income boost its revenue.
Spanish soccer's Real Madrid have lost a $440 million court battle with Abu Dhabi sovereign investor Mubadala (MUDEV.UL) over the proposed sponsorship of its stadium in Madrid, sources with knowledge of the case told Reuters.
Real Madrid had claimed 400 million euros ($440 million) from Mubadala because it said the Abu Dhabi sovereign investor failed to honour a sponsorship deal under which it would acquire rights to name the Santiago Bernabeu stadium for 20 years.
"The arbitral tribunal constituted under the rules of the Court of International Trade in Paris has ruled in favour of (Mubadala)," the source told Reuters.
In 2014, Real agreed a strategic partnership with Abu Dhabi fund International Petroleum Investment Co (IPIC), now Mubadala, to help finance a planned stadium overhaul.
The project was meant to add a striking new roof and exterior to the current structure and include a hotel and a shopping centre, to help the world’s richest club by income boost its revenue.
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