The crown prince of Saudi Arabia, Muhammad bin Salman, came to Washington this week. As far as you know, what was his agenda. >> Well, just the arrival and the welcoming ceremony already has been a great success for the crown prince to be welcomed in an unprecedented way to the White House with this um military band, military on horseback escorting him into the White House and the flyover.the president personally walking him through already shows both the respect that the president has for him and the partn ...

Nov 21, 2025 1:15 PM Eastern Standard Time Chemtrade Logistics Income Fund Announces Closing of the Acquisition of Polytec, Inc. Share TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) ("Chemtrade†or the "Fund†) today announced that it has completed the previously announced acquisition of Polytec, Inc. ("Polytec†), a southeastern United States-based provider of turnkey water treatment solutions, for US$150 million. Chemtrade financed the transaction by drawing on its credit facil ...

Let's talk about some of these commitments. We've heard from the president, from the crown prince. Yesterday, I was in the Oval Office.The 600 billion quickly became 1 trillion just in a matter of 60 seconds. And when you look through some of the deals that they're talking about, you hear the words commitments, M. O.use. At what point do you think these deals will actually be inked, more solidified. Well, this is actually a relationship that is quite reciprocal.Both countries benefit from co-investing with ...

I think we're past any doubts. Mistras Group, Inc. ( MG ) wasn’t as broken as it looked —but the question now is, do they still have enough juice to push just above my price target?I’m an equity analyst and founder of Goulart’s Restaurant Stocks, a research firm focused on the U.S. restaurant industry — from quick-service and fast casual to fine dining and niche concepts. I lead all thematic research and valuation efforts, applying advanced financial modeling, sector-specific KPIs, and strategic insights to ...

Key Takeaways State Street signs a strategic agreement with Albilad Capital to strengthen Saudi securities services.The deal aligns with Vision 2030 and aims to enhance efficiency and market competitiveness in the Kingdom.STT plans to expand its footprint by leveraging ETF capabilities and introducing investment services.State Street Corporation (STT) has entered a strategic co-operation agreement with Albilad Capital to support the latter’s securities services offerings in Saudi Arabia, reaching a mileston ...

Core Insights - BK Technologies Corporation (BKTI) has shown strong stock performance, gaining 5.2% since reporting Q3 2025 results, outperforming the S&P 500's 0.6% rise [1] - The company reported a significant revenue increase of 20.9% year-over-year, reaching $24.4 million, primarily driven by federal orders [2] - Gross margin improved to 49.9%, up from 38.8%, due to tariff-related price increases and a favorable product mix [2] - Net income rose 45.8% to $3.4 million, with diluted EPS increasing to $0.87, a 38.1% rise from the previous year [3] Financial Performance - Revenue for Q3 2025 was $24.4 million, up from $20.2 million in Q3 2024, reflecting a 20.9% increase [2] - Operating income increased by 85.6% to $4.8 million, resulting in an operating margin of 19.8% [2] - SG&A expenses rose 40.6% to $7.3 million, attributed to higher stock-based compensation and investments in sales and marketing [2] - Adjusted EBITDA increased 68.9% to $5.3 million, with an adjusted EBITDA margin of 21.5% [3][6] Balance Sheet Strength - Cash and cash equivalents increased to $21.5 million from $7.1 million at year-end 2024, with no debt reported [5] - Working capital improved to $33.8 million from $23 million, and shareholders' equity rose to $40.9 million from $29.8 million [5] Management Commentary - Management characterized the quarter as "excellent," highlighting strong revenue growth and margin expansion, particularly from federal orders [8] - The company emphasized its asset-light model and favorable payable and receivable terms as key to strong cash generation [6] - A forthcoming "Vision 2030" framework was mentioned, aimed at further margin expansion and capital allocation priorities [10] Market Dynamics - Revenue growth was influenced by the timing of U.S. federal government orders ahead of the fiscal year-end [11] - Gross margin benefited from earlier price increases and a shift towards the higher-priced BKR 9000 product [12] - The ongoing federal government shutdown introduced uncertainty, with some customers requesting shipment holds [14] Future Outlook - BKTI reiterated its full-year 2025 targets, including high-single-digit revenue growth and a gross margin of at least 47% [15] - Management expressed confidence in exceeding the gross margin target, with year-to-date gross margin already at 48.2% [16] - Development of the BKR 9500 multiband mobile radio is ramping up, with expected revenue contribution starting in 2027 [16] Other Developments - No acquisitions or restructuring actions were announced during the quarter, but potential M&A remains part of the long-term strategy [17]

Core Insights - Vodacom Group Limited reported strong interim results for the six months ended September 30, 2025, highlighting resilience and agility in a stable macroeconomic environment, marking an ideal start to its Vision 2030 ambitions [1] Financial Performance - Group service revenue increased by 12.2% to R65.8 billion, with a normalized growth of 13.6%, exceeding medium-term targets for double-digit growth [2] - Total Group revenue rose by 10.9% to R81.6 billion, with a normalized increase of 12.1% [2] - Operating free cash flow surged by 71.0% to R10.0 billion, and Group free cash flow improved to R2.7 billion from a negative R1.076 billion in the previous year [3] - The net debt to EBITDA ratio decreased from 1.1x to 0.9x, and return on capital employed (ROCE) improved by 3.8 percentage points to 26.3% [3] Regional and Segment Performance - Egypt was the standout performer with service revenue growth of 42.3% (48.3% normalized) driven by strong campaigns and data traffic growth of 21.9% [4] - The International business segment reported service revenue growth of 12.2% (13.3% normalized) to R16.7 billion, with a substantial EBITDA increase of 35.0% (33.8% normalized) [5] - Services beyond traditional mobile connectivity contributed 21.8% of Group service revenue, indicating successful diversification [6] Associate Performance - Safaricom's service revenue grew by 11.1% in local currency, contributing to the Group's operating profit growth, with Group EBITDA increasing by 14.7% to R30.5 billion [7] - Headline earnings per share (HEPS) rose by 32.3% to 467 cents per share, and an interim dividend of 330 cents per share was declared, reflecting a 15.8% increase [7] Financial Services Growth - Financial services revenue grew by 20.3% (21.5% normalized) to R8.0 billion, with 93.7 million financial services customers, a 13.1% increase [8] - M-Pesa processed over US$476.8 billion in transaction value over the last year, solidifying its position as Africa's largest mobile money platform [8] Challenges in South Africa - South Africa's service revenue growth was modest at 2.2% to R31.7 billion, with EBITDA declining by 5.3% to R15.5 billion and operating profit reducing by 11.0% [10][12] - The prepaid segment faced challenges, with revenue decreasing by 1.6% to R13.2 billion and a 7.4% decline in the prepaid customer base [12] Strategic Developments - The acquisition of a 30% stake in Maziv received approval, expected to enhance network expansion [12] - The long-standing "Please Call Me" legal dispute was settled out of court, positively impacting interim results [12]

Previously, we reported that Saudi Arabia is digging in for a "long and shallow" oil price war as it looks to regain market share from rivals like U.S. shale producers and OPEC+ members who have been exceeding their production quotas. This comes after Saudi Arabia made significant production sacrifices to support prices for over three years, which allowed competitors to increase their output. Saudi Arabia has also been hedging its oil price bets by rapidly diversifying its economy away from fossil fuels in ...

Core Insights - Saudi Arabia's economy is projected to grow by 4.8% to 5.1% in 2025 and 6.5% in 2026 [1] - Non-oil activities now constitute 56% of real GDP, surpassing oil and government sectors for the first time [1] - Vision 2030 aims to reduce reliance on oil and government spending by promoting private sector innovation and technological advancement [1] Economic Growth Projections - Total GDP growth is expected to be 4.8% to 5.1% in 2025 [1] - GDP growth is projected to reach 6.5% in 2026 [1] Sector Composition - Non-oil activities account for 56% of real GDP [1] - This marks the first time non-oil activities have surpassed oil and government sectors [1] Vision 2030 Objectives - The initiative focuses on reducing dependence on oil and government spending [1] - Emphasis is placed on fostering innovation, productivity, and technological advancement in sectors such as AI, healthcare, energy, and defense [1] - Some mega-project targets, particularly in tourism, have been achieved ahead of schedule, with certain targets met seven years early [1]

Financial Data and Key Metrics Changes - Q3 revenues reached $1.3 billion, a 1% increase year-over-year, slightly below previous expectations [6][19] - Adjusted EPS for Q3 was $5.61, down 3% compared to the previous year [20] - Adjusted EBITDA for the quarter was $349 million, resulting in an adjusted EBITDA margin of 25.9%, a decrease of 170 basis points from the prior year [20][22] Business Line Data and Key Metrics Changes - CCM reported Q3 revenue of $1 billion, essentially flat year-over-year, with adjusted EBITDA of $303 million, down 8% compared to the prior year [21] - CWT reported Q3 revenue of $346 million, up 3% year-over-year, but organic revenue declined 8% due to lower volumes [22] Market Data and Key Metrics Changes - The ongoing challenges in both residential and non-residential new construction are attributed to higher interest rates and economic uncertainty [5][9] - Housing prices have risen over 45% since 2020, with the median home price exceeding $430,000, creating affordability issues [9] Company Strategy and Development Direction - The company is focused on its Vision 2030 strategy, emphasizing product innovation, operational excellence, and strategic M&A to enhance capabilities [10][18] - Recent acquisitions are expected to create value by expanding capabilities and addressable markets, with a goal of two to three acquisitions each year [14][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to create shareholder value despite near-term challenges, citing strong demand for reroofing and ongoing innovation [9][10] - The company revised its full-year 2025 guidance to flat revenue, anticipating continued macroeconomic and distribution channel uncertainties [17][24] Other Important Information - The company repurchased 800,000 shares for $300 million and raised its dividend by 10%, marking the 49th consecutive annual increase [10][16] - The company expects to generate approximately $1 billion of cash flow from operating activities this year, supporting ongoing investments and capital returns [17][24] Q&A Session Summary Question: Impact of destocking in Q3 and outlook for Q4 - Management noted normal seasonal patterns for destocking, with some additional effects from M&A integration, but no major impact expected [33][35] Question: Leveraging the Carlisle experience in a competitive environment - Management highlighted the importance of efficient labor use and enhanced customer service to gain market share amid declining new construction [40][41] Question: Pricing outlook and CapEx investments - Pricing for CCM is expected to remain flat, while CapEx guidance was slightly reduced due to ambitious project timelines [47][48] Question: Price versus volume dynamics in CCM - Pricing was flat in the CCM segment, with volume also flat, and raw material costs negatively impacting results [56][58] Question: Outlook for EBITDA margins in Q4 - Expected adjusted EBITDA margin for CCM in Q4 is around 26%, with CWT margins expected to decline due to lower organic volumes [63][64] Question: Market share outlook amid distribution disruptions - Management indicated no long-term changes in market share, with temporary effects due to distributor channel issues expected to resolve [66][67] Question: Direct sales model positioning - The company has lagged competitors in direct sales but is adapting to market changes and enhancing direct engagement with end users [73][75] Question: Pricing expectations for CWT amid raw material pressures - Pricing for CWT is expected to decline slightly, with mixed trends in raw material costs impacting pricing strategies [89]