Revenues of Top 100 Saudi Companies hit SR679bn in 2013

Updated 10 July 2014
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Revenues of Top 100 Saudi Companies hit SR679bn in 2013

Revenues of Top 100 Saudi Companies registered a marginal growth of 0.51 percent to SR679.41 billion by the end of 2013 compared to SR676.96 billion in 2012, according to a financial report.
Revenues of top 10 companies represented 64.4 percent of the 100’s total revenues at SR437.1 billion, the report filed and analyzed by Al-Eqtisadiah daily said.
The petrochemical sector was the biggest contributor to the overall revenues at 45.4 percent at the value of SR308.4 billion, followed by the telecom and IT sector at 11.6 percent (SR78.5 billion), banking and financial services at 11.3 percent (SR76.9 billion), agriculture and food industries at 6.8 percent (SR45.9 billion), energy and utility services at 5.6 percent (SR37.9 billion), construction and building at 4 percent (SR27.2 billion), the retail at 3.6 percent (SR24.2 billion), the report said.
Meanwhile, real estate development, transport and media and publication sectors were the least contributors to the total revenues at 0.9 percent, 0.6 percent and 0.4 percent at values reaching SR5.9 billion, SR3.9 billion and SR2.9 billion, respectively, the report said.
On the other hand, the share of Saudi Basic Industries Corporation (SABIC) to the revenues of top 10 companies was the highest at 43.6 percent valued at SR190.3 billion while its share to the 100’s top stood at 28.1 percent, according to the report.
Share of other companies to the revenues of the top 10 varied as follows: Rabigh Refining and Petrochemical Company (PetroRabigh) at 11.8 percent (SR51.6 billion), Saudi Telecom Company (STC) at 10.4 percent (SR46.6 billion), Saudi Electricity Company (SEC) at 8 percent (SR36.1 billion), Savola Group at 6 percent (SR26.4 billion), Etihad Etisalat Company (Mobily) at 5.8 percent (SR25.4 billion), Tasnee at 4.2 percent (SR18.3 billion), the National Commercial Bank (NCB) at 3.8 percent (SR16.6 billion), Al-Rajhi Bank at 3.3 percent (SR14.6 billion), and Almarai at 2.6 percent (SR11.2 billion), the report said.


Oil prices rise on signs Iranian oil exports are falling further

Updated 26 min 54 sec ago
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Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of US sanctions against Tehran that are set to start in November.
International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT.
US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.
Iran has exported 1.33 million barrels per day (bpd) to countries including India, China and Turkey in the first two weeks of October, according to Refinitiv Eikon data. That was down from 1.6 million bpd in September, the data showed.
The October exports are a sharp drop from the 2.5 million bpd exported in April before US President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).
The sanctions on Iran’s petroleum sector will go into effect on November 4.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.
US crude stockpiles were forecast to have risen for the fourth straight week by about 1.1 million barrels in the week ended October 12, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due for publication at 4:30pm on Tuesday, and the EIA report is due at 10:30am on Wednesday.