BNPL Super App ZoodPay secures $38m for quick expansion across the Middle East and Central Asia

BNPL Super App ZoodPay secures $38m for quick expansion across the Middle East and Central Asia
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Updated 11 November 2021

BNPL Super App ZoodPay secures $38m for quick expansion across the Middle East and Central Asia

BNPL Super App ZoodPay secures $38m for quick expansion across the Middle East and Central Asia

RIYADH: The “Buy Now Pay Later” (BNPL) Super App ZoodPay has successfully raised $38 million in a Series B fundraising, MAGNiTT reported.

Global investors, including London-based VC Sturgeon Capital, and Zain Group’s venture capital arm ‘Zain Ventures’, participated in the funding.

ZoodPay will use the funding to accelerate its growth and expansion across the Middle East and Central Asia, stimulating local and cross-border e-commerce transactions through its marketplace ZoodMall and ‘Buy Now Pay Later’ solutions.

Headquartered in Switzerland, the ZoodPay & ZoodMall app already has more than 8 million users and ten offices across the Middle East and Central Asia. 

The business commits to delivering a "Swiss quality" shopping experience and cross-border services to merchants and shoppers across fast-growing fintech and e-commerce emerging markets such as Uzbekistan, Iraq, Jordan, Lebanon, and Kazakhstan.

The third quarter of the year proved consistent with the stellar year of FinTech across MENA, Turkey, and Pakistan. 

Observing a 55 percent quarter-on-quarter growth of funds backing FinTech across MENAPT, the industry observed yet another quarterly record as most recently recorded in the third quarter of 2021, according to MAGNiTT.

VC investors across MENAPT have been targeting online payment solutions and financial structuring services, as observed in FinTech Funding Rounds 2021 YTD, the startup data platform said.


Saudi Cement, Tabuk report lower H1 profits, extending downward trend

Saudi Cement, Tabuk report lower H1 profits, extending downward trend
Updated 15 sec ago

Saudi Cement, Tabuk report lower H1 profits, extending downward trend

Saudi Cement, Tabuk report lower H1 profits, extending downward trend

RIYADH: Tabuk Cement Co. and Saudi Cement Co. experienced weak profitability in the first half of 2022, in line with declining profits in the Kingdom’s cement sector.

Tabuk Cement revealed that it turned in losses of SR4.43 million ($1.2 million) during the first half of 2022 as a result of an increase in sales costs, according to a bourse filing.

Despite lower profit, the cement producer Tabuk’s first-half revenues increased by 8 percent to SR136 million.

Meanwhile, profits of Saudi Cement Co. were down 20 percent to SR164 million during the first half of 2022, coupled with a 14.6 percent decline in sales and revenues for the six-month period.

The rise in general and administrative expenses as well as an increase in financial charges contributed to Saudi Cement’s profit, it said.


McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
Updated 18 min 56 sec ago

McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
  • The company closed all its restaurants in Ukraine and Russia in March
  • McDonald's said it was working with suppliers to get products to restaurants

DUBAI: McDonald’s Corp. said on Thursday it plans on reopening its restaurants in Ukraine over the next few months in an early sign of western businesses returning to the country, even as the conflict with Russia continues.
The company closed all its restaurants in Ukraine and Russia in March, with McDonald’s selling most of its restaurants in Russia to one of its local licensees in May.
“After extensive consultation and discussion with Ukrainian officials, suppliers, and security specialists, and in consideration of our employees’ request to return to work, we have decided to institute a phased plan to reopen some restaurants in Kyiv and western Ukraine” Paul Pomroy, McDonald’s head of international operated markets, said in a message to employees.
The company said it was working with suppliers to get products to restaurants and bringing employees back on site with enhanced safety protocols.
McDonald’s had 109 restaurants in Ukraine, but did not specify how many it planned to reopen.


Saudi National Bank eyes additional sukuk issuance

Saudi National Bank eyes additional sukuk issuance
Updated 21 min 8 sec ago

Saudi National Bank eyes additional sukuk issuance

Saudi National Bank eyes additional sukuk issuance

RIYADH: The Saudi National Bank has mandated SNB Capital Co. to advise on the proposed issuance of an additional riyal-denominated sukuk, it said in a bourse filing on Thursday.

The amount and terms of the offering, which seeks to strengthen the bank’s capital base, will be determined subject to market conditions.

SNB Capital will act as the sole book-runner, lead arranger, and lead manager of the potential offer.


Petro Rabigh sees 54% profit surge on improved market conditions

Petro Rabigh sees 54% profit surge on improved market conditions
Updated 41 min 47 sec ago

Petro Rabigh sees 54% profit surge on improved market conditions

Petro Rabigh sees 54% profit surge on improved market conditions

RIYADH: Saudi chemicals maker Rabigh Refining and Petrochemical Co. made profits of SR2.1 billion ($560 million) in the first half of 2022, thanks to better market conditions.

The firm, better known as Petro Rabigh, announced in a bourse filing that profit is up 54 percent from SR1.4 billion in the same period last year.

This came in line with a 53 percent rise in revenue during the six-month period to SR32.5 billion, compared to SR21.2 billion a year earlier.

The improved results were achieved due to “favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins,” the company noted.

 In addition, a once-off income of SR236 million was realized during the current quarter as an early settlement of long-term loans.

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TASI rises as earnings report wave buoys stocks, Ma’aden leads: Closing bell

TASI rises as earnings report wave buoys stocks, Ma’aden leads: Closing bell
Updated 51 min 45 sec ago

TASI rises as earnings report wave buoys stocks, Ma’aden leads: Closing bell

TASI rises as earnings report wave buoys stocks, Ma’aden leads: Closing bell

RIYADH: Saudi Arabia’s benchmark index ended the week’s final session higher on the back of another round of first-half corporate earnings results.

TASI edged 0.8 percent higher to finish at 12,530, while the parallel Nomu market added 0.92 percent to end at 22,023.

This was led by a 9.97 percent leap in Ma’aden, topping the gainers, after its first-half profit soared 232 percent to SR6.2 billion.

The Kingdom’s largest valued bank Al Rajhi added 0.57 percent, while the Kingdom’s oil giant Saudi Aramco gained 2.38 percent.

Astra Industrial Group climbed 5.24 percent, after its first-half profit soared 202 percent to SR318 million ($85 million).

ACWA Power added 0.11 percent, after it recorded a 21 percent jump in profits to SR542 million for the first half of 2022.

Saudi Electricity Co. rose 0.58 percent, after it obtained an international syndicated loan of $3 billion.

Saudi Industrial Services Co. shed 0.61percent, after earning SR3.9 million in the first half of 2022, down 93 percent from the same period last year.

Savola Group slipped 1.76 percent, after it entered an SR459 million agreement to sell its shares in Knowledge Economic City Co.

Following the announcement, shares of  Knowledge Economic City increased by 3.85 percent.

Eastern Province Cement Co. shed 0.33 percent, after posting a 41 percent drop in profit to SR72 million in the first half.

Saudi Vitrified Clay Pipes Co. declined 1.19 percent, after its net losses widened by 661 percent to SR9 million during the first half of 2022.

Saudi Co. for Hardware slipped 3.56 percent to lead the fallers since the opening bell, after it turned into losses of SR19 million during the first half of 2022.