Dar Al-Arkan Q4 profit dips

Updated 08 January 2013
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Dar Al-Arkan Q4 profit dips

RIYADH: Saudi Arabia's largest real estate company, Dar Al-Arkan, said its fourth-quarter net profit halved from the same time the year before as finance costs rose and property sales generated lower margins.
Net income for the three months ending Dec. 31 was SR 144 million versus SR 290 million in the prior-year period. Gross profit in the quarter fell by 10.2 percent, the company said in a bourse statement.
Dar said its lower gross margins on property sales were "attributable to the geographical location of the properties". In the past, much of its profit has come from selling land in Saudi Arabia and it has said it is working on a plan to diversify revenue sources in order to stabilize its income. It also cited higher operating expenses and finance charges and lower non-operative income for the fall in profit.
The company said in November it had outstanding debt of around SR 4.4 billion, with sukuk of SR 750 million and SR 1.69 billion maturing in May 2014 and February 2015 respectively. It also has short-term murabaha Islamic loans with local and international banks, which it plans to roll over. Net profit for 2012 was SR 989 million, a fall of 9.1 percent from 2011.


Workers to strike at three Total North Sea oil and gas platforms

Updated 16 August 2018
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Workers to strike at three Total North Sea oil and gas platforms

LONDON: Workers at three of French oil company Total’s North Sea oil and gas platforms will go ahead with a 24-hour strike on Monday despite holding talks with the company on Thursday in a dispute over pay and conditions, the Unite union said.
The three platforms are Alwyn, Elgin and Dunbar.
“The scheduled 24-hour stoppage on Monday (20 August) will still go ahead as planned,” Unite said in an emailed statement.
The workers are striking over proposed changes to their working rotas and pay.
The union said its officials had met representatives from Total on Thursday where the union made a series of counter-proposals, to be discussed at talks scheduled for Aug. 23.
Unite said further strikes are planned for Sept. 3, Sept. 17, Oct. 1, Oct. 15 and Oct. 29.
The fields account for about 10 percent of Britain’s gas output, while their oil production contributes about 45,000 to 50,000 barrels per day (bpd) to the Forties and Brent Blend crude streams.
Workers have already held four strikes at the sites as part of the dispute.
The latest, a 12-hour strike on Aug. 13, contributed to a near 4 percent rise in prompt British wholesale gas prices.