LONDON: BP almost trebled its annual net profit to $9.4 billion (€8.2 billion) last year as oil prices soared in 2018, the British energy giant announced Tuesday.
Profit after tax rocketed from $3.4 billion in 2017, “primarily affected by higher oil prices and favorable foreign exchange” rates, BP said in a statement.
Fourth-quarter net profit stood at $766 million, up from $27 million in the final three months of 2017.
However, it was well down on 2018 third-quarter net profit of $3.35 billion, which was fueled by surging oil prices before they cooled approaching the new year.
BP chief executive Bob Dudley said the group was benefitting also from “capital discipline.”
“And we’re doing this while growing the business — bringing more high-quality projects online, expanding marketing in the downstream and doing transformative deals such as BHP,” he added in the statement.
In 2018, the world’s biggest miner BHP sold its US shale oil and gas operations to BP for $10.5 billion.
Oil prices meanwhile surged in the latter part of 2018 on tight supply concerns but have since fallen back sharply, in line with volatility seen across financial markets.
BP on Tuesday added that its full-year production of oil and gas grew 2.4 percent to 3.7 million barrels per day.
It said that 2019 output was expected to be higher thanks to major production projects.
“The actual reported outcome will depend on the exact timing of project start-ups, acquisition and divestment activities, OPEC quotas and entitlement impacts in our production-sharing agreements,” BP said.
Also last year, BP took a further hit of $3.2 billion in financial costs linked to a deadly explosion on a BP-leased drilling rig in 2010 that unleashed the worst environmental disaster in US history.
It expects a further charge of $2.0 billion this year, taking BP’s total bill so far for the Gulf of Mexico catastrophe to around $70 billion.
“Numbers from BP paint a picture of a company operating above expectations across all of its businesses,” noted Michael Hewson, chief market analyst at CMC Markets UK.
“The decline in oil prices in the fourth quarter, from four-year peaks of $85 a barrel saw profits decline slightly from the lofty levels” in the previous quarter, he added.
BP rival Royal Dutch Shell last week posted an 80 percent increase in annual net profit to $23.4 billion on higher oil prices and big cost cutting.
“Global oil majors are performing strongly at present, but these numbers from BP are superlative,” said Richard Hunter, head of markets at Interactive Investor.
“The Gulf of Mexico spill surprisingly still gets a mention ... although the figure is beginning at last to dwindle.”
BP annual profit soars to $9.4bn on surging oil prices
BP annual profit soars to $9.4bn on surging oil prices
- Profit after tax rocketed from $3.4 billion in 2017
- Fourth-quarter net profit stood at $766 million
Early-stage funding momentum stable in MENA region
RIYADH: Startups operating in the Middle East and North Africa region have witnessed multiple funding rounds across various sectors in recent weeks, as they aim to push geographical boundaries and increase offerings.
This momentum builds on the record $7.5 billion funding received by startups in 2025, representing a 225 percent increase compared to the previous year, according to Wamda data.
The report revealed that Saudi Arabia emerged as the most funded ecosystem, raising $5 billion across 211 deals, followed by the UAE with $2 billion, and Egypt with $263 million.
Wamda revealed that investment momentum in the MENA region accelerated in the second half of 2025, with 310 startups raising $5.7 billion, compared to $2 billion raised in the first six months.
The sustained momentum in early-stage funding reflects continued investor interest in the region amid global economic headwinds.
KNOT Technologies raises $1m
Egypt-based KNOT Technologies, an AI-native ticketing and access control platform, has raised $1 million in a pre-seed funding round, led by A15, an early-stage venture capital firm headquartered in Cairo.
In a press statement, KNOT Technologies said that the funding will be used for product development, international expansion, and deeper integrations across the live events ecosystem.
“Ticketing has become a financial black hole, with value leaking into unregulated channels and no modern tools to prevent it. Organizers lack visibility and control, and fans are paying the price. That is why we started KNOT, to unlock real economic value and rebuild trust between businesses and their customers,” said Ahmed Abdalla, co-founder and CEO of KNOT.
Karim Beshara, founder at A15, said that the VC firm decided to invest in KNOT because the company is tackling a “complex global problem with a genuinely novel approach.”
Beshara added: “Their technology has the potential to reshape how trust and identity work in ticketing, and we believe they are uniquely positioned to lead this transformation.”
OpenCX raises $7m
OpenCX, a Jordan-based AI-native enterprise customer communication platform, has raised $7 million in a seed funding round led by Y Combinator and X by Unifonic.
In a press statement, the company said the round also witnessed the participation of Shorooq, acting as a fund manager, and Sadu Capital.
The firm added that the funding will be used to accelerate growth across global enterprise customers, as it prepares to explore the Gulf market.
The company is also preparing to expand its presence in Saudi Arabia, where it plans to establish a regional office in the coming months as part of its broader Gulf Cooperation Council strategy.
OpenCX is an AI-powered enterprise customer communication platform that automates over 70 percent of customer interactions across voice, chat, email, and messaging channels.
Designed for complex, high-volume, and regulated environments, OpenCX enables enterprises to scale customer engagement with empathy, reliability, and operational confidence.
“Enterprises today aren’t struggling with customer support volume alone— they’re struggling with complexity,” said Mohammad Gharbat, CEO and co-founder of OpenCX.
He added: “Our focus has always been on helping organizations scale confidently, without customer communication becoming a limiting factor. OpenCX is built to operate where the stakes are high, the workflows are complex, and trust matters.”
Grove closes $5m seed round
Grove, a Saudi-based agriculture tech startup, has closed a $5 million seed round led by Outliers VC with participation from a group of angel investors.
Founded in 2024 and headquartered in Riyadh, the company is specialized in producing and marketing fresh agricultural products directly to consumers through strategic partnerships with local farmers, according to a press statement.
The company connects farms, markets, and households, operating as a vertically coordinated system rather than a loose collection of suppliers, ensuring the entire harvest finds its optimal path to value that is designed around what the actual consumer wants.
The latest funding comes as the Kingdom’s agricultural market continues to expand, with the sector valued at an estimated $31.5 billion and plant-based food imports reaching $10.7 billion in 2025.
“For generations, farming was rooted in responsibility to the land and community. Over time, short-term commercial pressure has pushed practices that damage soil, water, and long-term sustainability. At Grove, we are restoring that balance by equipping farmers with the data, tools, and incentives needed to protect resources and build for the future,” said Mohammed bin Ghanam, co-founder of Grove.
Mohammed Al-Meshekah, Outliers VC founder, said: “What drew us to Grove was not just the product, but the team’s ability to rethink the relationship between farmers and the market. Their integrated approach brings quality back to the center, reconnects consumers with the source, and positions Grove as a key contributor to a more resilient and sustainable food system in Saudi Arabia.”
Dataroid raises $6.6m to boost global expansion
Dataroid, a Turkiye-based AI-powered digital analytics and customer engagement platform, has completed a $6.6 million pre-series A investment round led by the FinAI Venture Capital Fund of Tacirler Asset Management.
According to a press statement, the round also witnessed the participation of Tacirler Asset Management Future Impact Venture Capital Fund and Endeavor Catalyst.
With the new investment, the company plans to expand its operational footprint across new geographies, particularly in Europe, the Middle East and Africa.
The funding will also be used to accelerate the company’s global marketing efforts and strengthen its self-service analytics capabilities through ongoing AI-powered product development initiatives.
“Working with banks in Turkiye that reach tens of millions of digital customers gives Dataroid a strong foundation for global expansion. As the market-leading digital analytics platform for banking and financial services in Turkiye, our platform today enhances the digital experience of more than 120 million users,” said Fatih İşbecer, co-founder of Dataroid.
He added: “We see expanding this value to new markets as a priority. With this new funding, we aim to strengthen Dataroid’s AI-focused capabilities in line with customer needs and accelerate our global marketing initiatives to bolster our presence in international markets, particularly across EMEA and Western Europe.”
Resquad AI raises $1.5m to scale recruitment capabilities
Saudi-based Resquad AI, a recruitment platform powered by artificial intelligence technology, raised $1.5 million in a seed funding round led by SRG, with participation from a group of angel investors.
In a press statement, the company said that the funding will support its regional and international expansion plans and accelerate its growth in the global technology recruitment market.
Resquad AI is also preparing for the official launch of its platform, an AI-powered Software-as-a-Service solution and global B2B marketplace for developers, enabling companies to access technical talent beyond geographical boundaries.
Commenting on the funding round, Abdullah Al-Jaafari, founder and CEO of Resquad AI said that the investment is expected to support the company’s vision of building a global recruitment ecosystem driven by innovation and high-impact partnerships across both the public and private sectors, with a strong focus on expansion across the GCC.
Founded in 2024, Resquad AI has now established its presence in 52 countries, positioning itself as one of the Saudi platforms supporting cross-border recruitment.
