Al Hammadi Holding’s profits surpass $49.06mln in 9M-22; earnings in Q3 leap 1,495%
Al Hammadi Holding, formerly known as Al Hammadi Company for Development and Investment, achieved net profits after Zakat and tax worth SAR 184.17 million in the first nine months (9M) of 2022. The 9M-22 net profits were higher by 131.89% year-on-year (YoY) than SAR 79.42 million, according to the interim financial results. Meanwhile, […]
Saudi’s ACWA Power aims to grow its asset portfolio to $230bln by 2030
Saudi-headquartered global developer of energy and water projects ACWA Power expects its asset portfolio to hit $230 billion by 2030 from $75 billion at present, Arab News reported, citing Vice Chairman and CEO Paddy Padmanathan. The Tadawul-listed company’s power generation capacity currently stands at 42 gigawatts (GW), which could be increased up to three times […]
PowerChina is implementing 59 projects in MENA under Belt and Road Initiative
PowerChina announced on Thursday that it is implementing 59 projects in 13 countries in the Middle East and North Africa region under the Belt and Road Initiative. A press statement by the Chinese construction giant, which is ranked as world’s largest engineering contractor by trade publication ENR, listed key projects delivered or under implementation in […]
SISCO posts 69% lower profits in 9M-22 interim results
Saudi Industrial Services Company (SISCO) generated SAR 18.30 million in net profit after Zakat and tax during the first nine months (9M) of 2022, lower by 68.82% than SAR 58.70 million in 9M-21. Revenues amounted to SAR 717 million in the January-September 2022 period, an annual drop of 2.28% from SAR 733.70 million, […]
Saudi: Walaa Cooperative Insurance’s losses shrink in 9M-22; accumulated losses announced
The net losses before Zakat of Walaa Cooperative Insurance Company reached SAR 43.84 million in the first nine months (9M) of 2022, down 5.59% from SAR 46.43 million in 9M-21. The loss per share settled at SAR 0.80 in the January-September 2022 period, compared to SAR 0.89 in 9M-21, according to the interim […]
Aldawaa Medical Services logs nearly $57.6mln profits in 9M-22
Aldawaa Medical Services Company generated net profits after Zakat and tax worth SAR 215.93 million in the first nine months (9M) of 2022, an increase of 26.97% from SAR 170.07 million in 9M-21. The firm registered revenues worth SAR 3.91 billion in the January-September 2022 period, up 4.76% year-on-year (YoY) from SAR […]
Astra Industrial’s profits exceed $103.6mln in 9M-22 interim financial
Astra Industrial Group’s net profits after Zakat and tax amounted to SAR 388.65 million in the first nine months (9M) of 2022, higher by 158.10% than SAR 150.57 million in 9M-21. Revenues jumped by 7.21% year-on-year (YoY) to SAR 1.86 billion in the January-September 2022 period, versus SAR 1.73 billion, according to the […]
Saudi’s Zain KSA posts 41% rise in Q3 net profit
Saudi-listed Mobile Telecommunication Company Saudi Arabia (Zain KSA) saw its net profit jump by more than 40% in the third quarter of the year on the back of higher visitor traffic and revenue from B2B and 5G operations. Net profit for the quarter reached SAR85 million ($22.6 million), up by 41.67% from a year ago. […]
Saudi bank lending could take a hit in 2023 without liquidity support
Saudi banks are likely to require further central bank liquidity injections after interbank spreads rose sharply in October and as lending growth continues to outpace deposit growth, Fitch Ratings said in a new report. Sector loans increased by 12.5% in nine-month 2022, compared with 8% for deposits, loans/deposits ratio (LDR) for Saudi banks collectively to […]
Saudi Printing registers $1.6mln losses in 9M-22 : accumulated losses unveiled
Saudi Printing and Packaging Company incurred net losses after Zakat and tax worth SAR 6.24 million in the first nine months (9M) of 2022, an annual plunge of 86.63% from SAR 46.66 million. Revenues jumped by 34.41% year-on-year (YoY) to SAR 767.81 million during the January-September 2022 period, compared to SAR 571.25 million, […]