Binladin plans local currency sukuk sale

Updated 04 June 2013
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Binladin plans local currency sukuk sale

JEDDAH: Saudi Binladin Group, one of the largest construction firms in the Kingdom, is meeting investors over a potential local currency sukuk sale, two banking sources aware of the deal said.
BNP Paribas and the investment banking arm of Gulf International Bank are arranging the investor meetings, which began on Saturday and are likely to last for around two weeks, the sources said, speaking on condition of anonymity as the information is not public.
A spokesman for Binladin Group was not immediately available for comment.
No size or pricing of the privately placed issue has been decided yet, although it will have a 364-day lifespan. The proceeds will be used to fund projects, one of the sources said.
Given the amount of liquidity local investors have to deploy, a sukuk offering from a leading construction firm in the kingdom is likely to attract high demand — previous issues from the company have been oversubscribed.
The sukuk sale is the latest from the firm and the fourth which has a 364-day tenor — the last one, an SR 1 billion ($ 266.7 million) offering was completed in August, with previous deals in July 2010 and July 2011.
Binladin Group has already completed one local currency sukuk in 2013.
It priced a 1.3 billion riyals Islamic bond with a 2.5-year lifespan, arranged by the investment banking arm of Banque Saudi Fransi, in April.


Samsung Electronics reports 52% jump in Q1 net profit

Updated 26 April 2018
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Samsung Electronics reports 52% jump in Q1 net profit

  • Profits bump thanks to strong demand for memory chips, smartphones
  • Net profit for the January to March period hit 11.69 trillion won ($10.8 billion)

SEOUL:  Samsung Electronics reported a 52 percent jump in its first quarter net profit Thursday, thanks to strong demand for memory chips and its latest flagship smartphone.
Net profit for the January to March period hit 11.69 trillion won ($10.8 billion), up from 7.68 trillion won a year earlier, the company said in a regulatory filing.
Operating profit was a record 15.64 trillion won, in line with the estimate of 15.6 trillion won suggested in a preliminary guidance report released earlier this month.
“The semiconductor business posted solid earnings — 11.55 trillion won in operating profit on a 20.78 trillion won revenue — on strong demand for memory chips,” the company said in a statement.
Total sales grew 19.8 percent to 60.56 trillion won and Samsung expects the memory business to maintain its strong performance in the second quarter.
But generating overall earnings growth across the company will be a challenge due to weakness in the display panel segment and a decline in profitability in the mobile business in the face of rising competition, it said.