Saudi Electricity Company’s net profit falls on higher costs
State-controlled Saudi Electricity Company has posted a decline in net profit despite higher demand, as operating and maintenance costs increased. Net profit for the second quarter of the year reached SAR5.5 million, down by 5.6% compared to SAR5.8 million a year ago, the company said in a statement on the Saudi Stock Exchange (Tadawul) Monday. […]
Egypt Aluminum, EMPC reply to news reporting PIF’s potential investment
Egypt Aluminum and the Egyptian Media Production City Company (EMPC) have made two statements on Sunday in line with the news reporting that Saudi Arabia’s Public Investment Fund (PIF) aims to invest in the two companies. Egypt Aluminum revealed that it is currently studying increasing the company’s capital, adding that it will present the transaction […]
Saudi wealth fund PIF boosts US holdings with stakes in Alphabet, JPMorgan Chase, Amazon
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has bought minority stakes in a string of top American companies including Alphabet Inc., JPMorgan Chase & Co., American Tower Corporation, Amazon.com, Inc. and Zoom Video Communications, according to a regulatory filing. The PIF disclosed stakes worth $464 million in Alphabet, the parent company of […]
Misr Clearing signs agreement with Saudi Clearing
Misr Central Clearing, Depository, and Registry signed a memorandum of understanding (MoU) with the Saudi Securities Clearing Centre (Muqassa) to bolster relations and enhance economic cooperation between the two countries. The agreement aims to foster the exchange of experiences and information in the field of securities clearing to come up with a more reliable […]
Tawuniya’s profits exceed $67.2mln H1-22 interim results
The Company for Cooperative Insurance (Tawuniya) registered net profits before Zakat of SAR 252.19 million during the first half (H1) of 2022, higher by 2.21% year-on-year (YoY) than SAR 246.74 million. The earnings per share (EPS) edged up to SAR 1.65 in the first six months (6M) of 2022, versus SAR 1.62 in the […]
King Abdulaziz Port in Saudi posts record container throughput in June
The King Abdulaziz Port in Dammam, managed by Saudi Global Ports (SGP), has set a new container throughput record by handling 188,578 TEUs during June 2022, surpassing the previous record set in 2015 by 867 TEUs. The record-breaking performance comes on the back of soaring import and export volumes, which boosted the port’s productivity while […]
Saudi Arabia’s Kingdom Holding invests in Russian energy companies
Saudi Arabia’s Kingdom Holding invested in Russian energy groups Gazprom, Rosneft and Lukoil between Feb. 22 and March 22, it said on Twitter on Sunday. Many Western nations have imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24. The Kingdom Holding investments fall within the company’s 12.8 […]
J&J talc powder sold in Saudi Arabia does not contain asbestos: SFDA
The Saudi Food and Drug Authority (SFDA) confirmed that the talcum powder that is manufactured by Johnson & Johnson (J&J), which is sold in Saudi Arabia, does not contain asbestos. The SFDA’s confirmation came after a person inquired about the measures that the authority will take, especially after the published news of J&J’s decision […]
Saudi billionaire’s Kingdom Holding invested $3.4bln globally since 2020
Saudi investment firm Kingdom Holding Co. (KHC) disclosed that it has made investments worth more than SAR 12.8 billion ($3.4 billion) since 2020, including in major Russian energy companies. Kingdom’s total investments amounted to SAR 4.33 billion in 2020, SAR 3.75 billion in 2021 and SAR 4.73 billion in 2022, a filing on Tadawul bourse […]
Dubai’s Depa wins $30mln project in Saudi’s Red Sea region
Interior design and specialty contractor Depa Plc said on Monday that its interior fit-out unit won a project worth approximately AED 110 million ($30 million) within a development in the Red Sea region of Saudi Arabia. This is the second significant hospitality project awarded to Depa within this development, the Nasdaq Dubai -listed Depa said […]