Saudi Aramco’s Amin Nasser: a homegrown engineer who reached the top
At an industry event this year in Riyadh, the Saudi energy minister paused at about 9 p.m. in front of some 1,000 people and told them it was bedtime for Amin Nasser, the chief executive of state-owned oil producer Saudi Aramco. He was not joking. Over a career of four decades, Nasser has earned […]
Saudi Tadawul Group reports 24% decline in profit on higher expenses
Saudi Tadawul Group, the bourse’s owner and operator, on Sunday reported an almost 24% decline in second-quarter profit as expenses, including salaries, rose. Net profit in the quarter ended June 30 fell to 137.7 million riyals ($36.68 million) from a 181.1 million riyals in the year-earlier period. The group said operating expenditures increased 16.6% […]
Saudi Aramco profit soars on higher prices and refining margins
State oil giant Saudi Aramco reported a soaring 90% rise in second-quarter profit on Sunday, beating analyst expectations and propelled by higher oil prices, volumes sold and refining margins. The company expects “oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts,” Aramco chief executive […]
Saudi ACWA Power Q2 net profit up 27% on lower impairments, higher other income
Saudi Arabian utility developer ACWA Power posted a net profit of SAR 389.9 million ($104 million) after zakat and tax for Q2 2022, a 27% higher than in the year-ago period. The growth was mostly driven by higher share of net results of equity accounted investees, lower impairments and higher other income, the Tadawul-listed company […]
Astra Industrial’s net profits for H1-22 soar 202%
Astra Industrial Group logged net profit after Zakat and tax worth SAR 317.78 million during the first half (H1) of 2022, a yearly surge of 202.06% when compared to SAR 105.20 million. Earnings per share (EPS) stood at SAR 3.97 during the six-month period ended 30 June 2022, compared to SAR 1.32 in the […]
GASCO posts lower profits at $28mln in H1-22
National Gas and Industrialization Company (GASCO) has registered net profits after Zakat and tax of SAR 104.70 million during the first half (H1) of 2022, down 13.97% from SAR 121.70 million in H1-21. The revenues increased by 1.04% year-on-year (YoY) to SAR 989.10 million in the January-June 2022 period, compared to SAR 978.90 million, […]
Korean firm, Aramco to set up special steel project at Spark
South Korea’s steel conglomerate SeAH Group has set up a joint venture with Saudi energy giant Aramco to produce special steel pipes, a report said. SeAH Changwon Integrated Special Steel Corp, the group’s special steel maker, said the joint venture, SeAH Gulf Special Steel Industries (SGSI), will accelerate the expansion of the group in the […]
Arabian Cement’s profits hit $23.2mln in H1-22; dividends proposed
Arabian Cement Company has registered net profits after Zakat and tax of SAR 86.90 million during the first half (H1) of 2022, lower by 13.53% than SAR 100.50 million in H1-21. Revenues amounted to SAR 490.30 million in January-June 2022, an annual plunge of 11.58% from SAR 554.50 million, according to the interim financial […]
Saudi Airlines Catering turns profitable at $21.06mln in H1-22
Saudi Airlines Catering Company has turned to net profits after Zakat and tax of SAR 78.80 million during the first half (H1) of 2022, versus net losses of SAR 47.50 million in H1-21. The company generated sales worth SAR 808.10 million during the January-June 2022 period, an annual leap of 57.40% from SAR 513.40 […]
Elm logs $118.4mln profits in H1-22 interim results
Elm Company’s net profits after Zakat and tax surged by 59.14% during the first half (H1) of 2022 to SAR 444 million, compared to SAR 279 million in H1-21. The Saudi firm generated revenues worth SAR 2.13 billion in H1-22, an annual hike of 18.98% from SAR 1.79 billion, according to the interim financial […]