Latest news with #SR3
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Marvel Rivals Ignite announced with a $3 million prize pool
The ES TIMES — NetEase Games has officially unveiled Marvel Rivals Ignite, the largest esports competition to date for the co-op hero-based shooter, with a whopping $3 million (SR11,250,000) prize pool. Of this amount, $1 million (SR3,750,000) will be allocated to the Grand Finals, setting a new standard for competitive gaming. This massive tournament spans five major regions - the Americas, EMEA, China, Asia, and Oceania - and represents a significant leap forward compared to previous Marvel Rivals events, which had a maximum prize pool of $500,000 (SR1,875,000) distributed across regional invitational tournaments. In its statement, NetEase described the event as a showcase of "glory, resilience, and absolute cinema," with hints at exciting confrontations between iconic heroes and villains. Marvel Rivals Ignite is scheduled to kick off in May 2025, though full details about the tournament format, qualification, and team selection remain unannounced. It is currently unclear whether the competition will be open to all players or limited to invited teams, as has been the case with previous tournaments like the Marvel Rivals Championships. However, the scale and scope of this announcement signals a bold step toward building a sustainable, global esports ecosystem around the game. After a period of relative calm following the launch of Season 2, the announcement of Marvel Rivals Ignite is seen as the boost the competitive scene needs. As NetEase continues to drive expansion through major initiatives, it is clear the studio is committed to making Marvel Rivals a mainstay in the esports world. Fans and aspiring competitors should stay tuned for updates, as more details about the tournament are expected to be announced in the coming weeks. Sami Belhamra – Esports and Gaming writer
Zawya
28-04-2025
- Business
- Zawya
Saudi Awwal Bank records $560mln net profit for 1Q 25
Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025. For the first three months of 2025, SAB recorded net profit after zakat and income tax of SR2,135 million, representing a 5% year-on-year increase. Total operating income rose 5% to SR3,620 million. Lubna Olayan, Chair of SAB, commented: 'Despite challenging global macroeconomic conditions, we remain confident in Saudi Arabia's growth story and proud of SAB's role in supporting growth through disciplined and quality focused funding. SAB achieved an 8% growth in total loans quarter-on-quarter, driven by robust retail loan growth of 6% and an 8% growth in corporate activity. Net loans and advances reached SR279 billion, marking 22% growth from SR229 billion in 1Q24. Customer deposits also increased to SR290 billion, up 9% from SR266 billion in 1Q24. Meanwhile, total equity rose 14% from SR63 billion in 1Q24 to SR72 billion. Despite a lower interest rate environment, SAB's net special commission income continued to grow, reflecting the bank's increased resilience and operational strength. We are proud to be the partner of choice for internationally-minded customers, and continue to play a leading role in supporting the growing number of cross-border customers coming into the Kingdom.' Ms. Olayan stated: 'We have maintained positive jaws, indicating effective cost management relative to income growth. Asset quality remains very strong, and our loan growth has been well-matched by strong deposit capture, ensuring a healthy funding base and a resilient capital position. As expected, this translated into a return on tangible equity of 15.8%. In addition, SAB had an exceptional quarter in corporate loan originations diversified across a number of key sectors. Our mortgage business achieved its best quarter since 1Q24 with a closing mortgage portfolio of SR38bn – marking 2x increase in size from when SAB commenced the strategy. In recognition of our efforts to integrate sustainability as a core strategic pillar across operations, we are proud that SAB was recognized as the 'Sustainability Program of the Year 2024' at the Saudi Capital Markets Forum, making the bank the first financial institution in the Kingdom to receive this recognition. The award acknowledges the bank's prominent role in advancing environmental, social, and corporate governance practices within the Saudi economy and market. In addition, Global Finance also honored SAB as the 'Best Trade Finance Provider' marking our fifth consecutive year receiving the recognition. Ms. Olayan added: 'Our results reflect our strategic direction, characterized by robust revenue growth and solid loan performance. As we navigate a dynamic global environment, our commitment to innovation and sustainability, in addition to our strategic partnership with HSBC, position us well to capitalize on future opportunities. This progress could not have been achieved without the commitment and support of our board members, senior management team, and employees. I would also like to thank our regulators — the Saudi Central Bank and the Capital Market Authority — for their guidance and assistance.' Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom's economic growth and social development. SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader region. SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank's paid-up capital is SR 20.5 billion, following its legal merger with Alawwal Bank on 14th March 2021, when it was formerly known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.
Zawya
28-04-2025
- Business
- Zawya
Saudi: STC reports strong first-quarter 2025 results with 11% rise in net profit
Saudi Arabia - stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics. Revenues for the first quarter reached SR19,210 million, an increase of 1.60% compared to the same quarter last year. Gross profit rose to SR9,098 million, marking a 5.01% increase year-on-year, while operating profit reached SR3,584 million, up 2.02%. Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) climbed to SR6,120 million, reflecting a 5.25% growth compared to the comparable quarter last year. Net profit for the first quarter rose to SR3,649 million, an increase of 11.05%. In line with its dividends distribution policy approved by the General Assembly, stc announced a distribution of SR0.55 per share for the first quarter of 2025. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, emphasized that the Group's ambitious strategy and forward-looking vision had delivered an excellent performance in the first quarter. He noted the company's achievement of 1.60% revenue growth, 5.01% gross profit growth, and an impressive 11.05% rise in net profit compared to the same period last year. The GCEO affirmed that these results reflect the Group's unwavering commitment to innovation, operational efficiency, sustainable growth, and creating added value for shareholders, customers, and the broader digital economy. Eng. Alwetaid also highlighted several strategic milestones achieved early in 2025, further strengthening stc's position in the telecommunications and information technology sector. Among these was a new global milestone as the Group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain the SAS-UP license certification from the GSMA. The GCEO stressed that this achievement complements stc's ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the Kingdom. In line with its commitment to enhancing the region's digital communication infrastructure, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This project, beginning with the Saudi-Oman corridor, aims to enhance regional connectivity by creating an integrated ground fiber network with two backup routes, linking submarine cable landing stations on the Red Sea in Saudi Arabia to counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both countries. This agreement reaffirms stc Group's commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region's economic growth. Additionally, stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group's ability to deliver advanced technological solutions tailored to diverse sectors, reaffirming its commitment to advancing an integrated digital economy and leading the future of smart technology in the Kingdom and beyond. In a further demonstration of its commitment to excellence in digital services, stc enhanced its telecommunications network at the Two Holy Mosques during the holy month of Ramadan. By strengthening its infrastructure to meet peak demand, the Group achieved a 120% increase in connection speeds, ensuring an exceptional communication experience for visitors during the busiest periods. Finally, stc Group reaffirmed its commitment to continuing its pioneering journey by enabling digital transformation and driving national economic growth through strategic initiatives that empower various sectors. The Group aims to further solidify its position as a key partner in building a sustainable digital future aligned with the Kingdom's aspirations and its vision for a diversified, innovation-driven economy. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
stc reports strong first-quarter 2025 results with 11% rise in net profit
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics. Revenues for the first quarter reached SR19,210 million, an increase of 1.60% compared to the same quarter last year. Gross profit rose to SR9,098 million, marking a 5.01% increase year-on-year, while operating profit reached SR3,584 million, up 2.02%. Earnings before interest, taxes, zakat, depreciation, and amortization (EBITDA) climbed to SR6,120 million, reflecting a 5.25% growth compared to the comparable quarter last year. Net profit for the first quarter rose to SR3,649 million, an increase of 11.05%. In line with its dividends distribution policy approved by the General Assembly, stc announced a distribution of SR0.55 per share for the first quarter of 2025. Commenting on the results, Eng. Olayan Alwetaid, CEO of stc Group, emphasized that the Group's ambitious strategy and forward-looking vision had delivered an excellent performance in the first quarter. He noted the company's achievement of 1.60% revenue growth, 5.01% gross profit growth, and an impressive 11.05% rise in net profit compared to the same period last year. The GCEO affirmed that these results reflect the Group's unwavering commitment to innovation, operational efficiency, sustainable growth, and creating added value for shareholders, customers, and the broader digital Alwetaid also highlighted several strategic milestones achieved early in 2025, further strengthening stc's position in the telecommunications and information technology sector. Among these was a new global milestone as the Group successfully localized the software for eSIM technology in collaboration with Thales, making stc the first telecom operator in the world to obtain the SAS-UP license certification from the GCEO stressed that this achievement complements stc's ongoing efforts to support local content in the ICT sector through business localization and the transfer of manufacturing and technical expertise to the line with its commitment to enhancing the region's digital communication infrastructure, stc signed a strategic agreement with Ooredoo to establish an international ground fiber network corridor between Saudi Arabia and Oman. This project, beginning with the Saudi-Oman corridor, aims to enhance regional connectivity by creating an integrated ground fiber network with two backup routes, linking submarine cable landing stations on the Red Sea in Saudi Arabia to counterparts on the Arabian Sea in Oman, passing through dedicated data centers in both agreement reaffirms stc Group's commitment to delivering advanced communication solutions, enhancing intercontinental connectivity, and driving digital transformation to support the region's economic stc Group strengthened its position in cloud computing and artificial intelligence by signing an agreement with Amazon Web Services (AWS). This partnership significantly boosts the Group's ability to deliver advanced technological solutions tailored to diverse sectors, reaffirming its commitment to advancing an integrated digital economy and leading the future of smart technology in the Kingdom and a further demonstration of its commitment to excellence in digital services, stc enhanced its telecommunications network at the Two Holy Mosques during the holy month of strengthening its infrastructure to meet peak demand, the Group achieved a 120% increase in connection speeds, ensuring an exceptional communication experience for visitors during the busiest stc Group reaffirmed its commitment to continuing its pioneering journey by enabling digital transformation and driving national economic growth through strategic initiatives that empower various Group aims to further solidify its position as a key partner in building a sustainable digital future aligned with the Kingdom's aspirations and its vision for a diversified, innovation-driven economy.
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025. For the first three months of 2025, SAB recorded net profit after zakat and income tax of SR2,135 million, representing a 5% year-on-year increase. Total operating income rose 5% to SR3,620 million. Lubna Olayan, Chair of SAB, commented: 'Despite challenging global macroeconomic conditions, we remain confident in Saudi Arabia's growth story and proud of SAB's role in supporting growth through disciplined and quality focused funding. SAB achieved an 8% growth in total loans quarter-on-quarter, driven by robust retail loan growth of 6% and an 8% growth in corporate activity. Net loans and advances reached SR279 billion, marking 22% growth from SR229 billion in 1Q24. Customer deposits also increased to SR290 billion, up 9% from SR266 billion in 1Q24. Meanwhile, total equity rose 14% from SR63 billion in 1Q24 to SR72 billion. Despite a lower interest rate environment, SAB's net special commission income continued to grow, reflecting the bank's increased resilience and operational strength. We are proud to be the partner of choice for internationally-minded customers, and continue to play a leading role in supporting the growing number of cross-border customers coming into the Kingdom.' Ms. Olayan stated: 'We have maintained positive jaws, indicating effective cost management relative to income growth. Asset quality remains very strong, and our loan growth has been well-matched by strong deposit capture, ensuring a healthy funding base and a resilient capital position. As expected, this translated into a return on tangible equity of 15.8%. In addition, SAB had an exceptional quarter in corporate loan originations diversified across a number of key sectors. Our mortgage business achieved its best quarter since 1Q24 with a closing mortgage portfolio of SR38bn – marking 2x increase in size from when SAB commenced the strategy. In recognition of our efforts to integrate sustainability as a core strategic pillar across operations, we are proud that SAB was recognized as the 'Sustainability Program of the Year 2024' at the Saudi Capital Markets Forum, making the bank the first financial institution in the Kingdom to receive this recognition. The award acknowledges the bank's prominent role in advancing environmental, social, and corporate governance practices within the Saudi economy and market. In addition, Global Finance also honored SAB as the 'Best Trade Finance Provider' marking our fifth consecutive year receiving the recognition. Ms. Olayan added: 'Our results reflect our strategic direction, characterized by robust revenue growth and solid loan performance. As we navigate a dynamic global environment, our commitment to innovation and sustainability, in addition to our strategic partnership with HSBC, position us well to capitalize on future opportunities. This progress could not have been achieved without the commitment and support of our board members, senior management team, and employees. I would also like to thank our regulators — the Saudi Central Bank and the Capital Market Authority — for their guidance and assistance.' Saudi Awwal Bank (SAB) is one of the largest banks in the Kingdom, with a history in Saudi Arabia spanning over 90 years. Over the past nine decades, it has been an active partner in supporting the Kingdom's economic growth and social development. SAB is a leading corporate and institutional international bank in the Kingdom with a top Wealth & Personal Banking proposition. SAB is also a leader in trade finance, foreign exchange, debt wholesale banking, digital service innovation, and ESG, in Saudi Arabia and the broader region. SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank's paid-up capital is SR 20.5 billion, following its legal merger with Alawwal Bank on 14th March 2021, when it was formerly known as the Saudi British Bank (SABB). SAB operates under the supervision and regulation of the Saudi Central Bank, and is a partner of the HSBC Group.
