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.


Egypt inks deal with Cyprus for power link to Europe

Updated 23 May 2019
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Egypt inks deal with Cyprus for power link to Europe

  • It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level
  • Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage

NICOSIA: Egypt has signed a deal with a Cypriot firm to lay a 310-kilometer (195-mile) cable under the Mediterranean to export electricity to Europe, the company said on Thursday.
Nicosia-based EuroAfrica described the deal, worth an estimated two billion euros, as a “landmark.”
“Cyprus now becomes a major hub for the transmission of electricity from Africa to Europe,” said company chairman Ioannis Kasoulides.
It is estimated the project will take 36 months to implement from the start of construction, with the lowest point 3,000 meters below sea-level.
Phase 1 will see the interconnector carry a capacity of 1,000 MW which can be upgraded to 2,000 MW at a later stage.
“The national electricity grid of Egypt will be linked to the European electricity system through Cyprus and will contribute to energy security,” Kasoulides said.
Following the crises in Crimea and eastern Ukraine, the EU has been keen to develop alternative sources of energy to reduce its dependence on imports from Russia.
In the past year, gas has started flowing from four major new fields off Egypt’s Mediterranean coast, and output is already sufficient to meet domestic needs.
The Arab world’s most populous country is now seeking to develop the infrastructure to export its newfound energy wealth, both as liquefied natural gas and as electricity.
Egypt is also seeking to import gas from fields off Cyprus and Israel to boost the profitability of the new liquefaction and export facilities it is developing on its Mediterranean coast.
In September, Egypt signed a deal with Cyprus to build an undersea pipeline to pump Cypriot offshore gas to Egypt for processing for export to Europe.
The plans have led to closer eastern Mediterranean ties, with Cyprus, Egypt, Greece and Israel holding regular high-level meetings.