World Business

London: British pharmaceutical group AstraZeneca announced Friday a 23-percent jump in net profit for the third quarter and a new programme aiming for annual savings of $1.5 billion. Profit after tax increased to $3.12 billion in the July-September period compared with the third quarter of last year thanks in large part to its cancer treatments, Britain's biggest drugs company said in a statement. Welcoming also a rise in revenue, chief executive Pascal Soriot said AstraZeneca had "multiple potential blockbuster" drugs in late-stage development. Its savings programme will cost $2.0 billion before delivering the desired yearly benefits. "AstraZeneca is in a catalyst-rich period with more than 180 pipeline projects driving its next wave of growth and scientific innovation," the company said. "To capitalise on this opportunity, the company has initiated the Reshaping for Sustainable Growth programme to... invest behind its industry-leading pipeline and transformative technologies." AstraZeneca said the savings generated would be reinvested into the drugs pipeline. Group revenue grew seven percent to $16.2 billion in the third quarter from a year earlier, with oncology accounting for 48 percent of the total. The company said it remained on track to meet a 2030 target of $80 billion in group annual revenue, up from nearly $59 billion last year. It predicts sales in the United States to account for half of the target. Increasingly pivoting to the US market, AstraZeneca in February began listing its shares directly on the New York Stock Exchange to attract more investors. The group added Friday that net profit reached $8.7 billion for the first nine months of the year. Following the updates, AstraZeneca's share price jumped 3.1 percent on the London stock exchange, where the benchmark FTSE 100 index was up slightly overall. The group is also increasing its focus on China and earlier this year said it would invest $15 billion in the country by 2030 to expand manufacturing and research. Alongside its blockbuster cancer drugs, AstraZeneca has also been developing a weight-loss treatment, given the popularity of GLP-1 drugs such as Novo Nordisk's Wegovy and Eli Lilly's Mounjaro.

Qatar Business

As part of its efforts to deepen international engagement and strengthen ties with African countries, Sheikh Mohammed bin Hamad bin Faisal Al-Thani, Chairman of Qatar Diamond Exchange (QDE) welcomed H E Samuel Matekane, Prime Minister and Minister of Defence and National Security of the Kingdom of Lesotho, and Hon. Limpho Justice Tau, Minister of Foreign Affairs and International Relations of the Kingdom of Lesotho, to the Business Innovation Park Building at Park at Ras Bufontas Free Zone. The visit provided an opportunity to introduce Qatar Diamond Exchange’s vision, discuss developments in the international diamond industry and explore potential areas of cooperation between Qatar and Lesotho. During the visit, the Prime Minister and accompanying delegation were given a tour of the Exchange, providing an overview of its planned operations, infrastructure and services designed to support the trade of diamonds and precious stones.

Qatar Business

DOHA: Gulf International Services (GIS), yesterday reported a net profit of QR145m for the nine-month period ended 30 September 2026, with an earnings per share of QR0.078. The Drilling segment’s performance had normalized by early 3Q-2026, with all previously temporarily suspended offshore rigs returning to operation, while onshore activities remained stable. This supported improved performance during the quarter. The segment continues to focus on maximizing asset utilization, maintaining operational readiness, and effectively supporting customer requirements. During the quarter, three jack- up rigs secured contract extensions with an existing client for an additional period up to four years. These extensions reflect the client’s continued confidence in the Company’s operational performance and increase stable utilization levels over the medium term. A leased offshore jack-up rig from an international shipyard went out of contract in the current quarter. Performance in the aviation segment improved during 3Q 2026, driven by the return to service of most aircraft, which supported recovery of domestic flying activity following a subdued first half of the year. The segment remains focused on cost optimization, fleet readiness, and operational resilience to effectively support client requirements. Al Koot Insurance continued to deliver solid operational performance during the period, supported by disciplined execution of its business and operational strategies. Its resilient business model enabled the segment to maintain stable results and remain a consistent contributor to the Group. The catering segment was impacted by higher food and operating costs during the period, reflecting continued logistical constraints and increased input costs. Consequently, Amwaj recorded a modest decline in net profit. For the nine-month period ending 30 September 2026, the Group reported lower revenue compared to the corresponding period of the previous year, primarily reflecting reduced contributions from the drilling and aviation segments. The drilling segment was impacted by the temporary suspension of several offshore rigs in 1H-26 and some onshore rigs remaining off contract during the current period. GIS will host an Investor Relations (IR) earnings call with investors to present its latest financial results on, 5 November 2026, at 1:30pm Doha time.