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.


Philips to close its UK factory in 2020, with loss of 400 jobs

Updated 17 January 2019
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Philips to close its UK factory in 2020, with loss of 400 jobs

AMSTERDAM/LONDON: Dutch health technology company Philips said on Thursday it planned to close its only factory in Britain in 2020, with the loss of around 400 jobs, the latest firm to move manufacturing jobs out of Britain.
The move is part of a push by Philips to reduce its large manufacturing sites worldwide to 30 from 50, and a spokesman said the decision had no direct link with Britain’s decision to leave the European Union.
However, the company said in a statement that it had to “pro-actively mitigate the potential impact of various ongoing geopolitical challenges, including uncertainties and possible obstructions that may affect its manufacturing operations.”
The factory in Glemsford, Suffolk, produces babycare products, mainly for export to other European countries. Almost all its activities will move to Philips’ plant in Drachten, the Netherlands, which already employs around 2,000 workers.
“We have announced the proposal after careful consideration, and over the next period, we will work closely with the impacted colleagues on next steps,” said Neil Mesher, CEO of Philips UK & Ireland.
“The UK is an important market for us, and we will continue to invest in our commercial organization and innovation programs in the country.”
Once a sprawling conglomerate, Philips has transformed itself into a health technology specialist in recent years, shedding its consumer electronics and lighting divisions.
The firm has previously warned that Brexit would put Britain’s status as a manufacturing hub at risk.
Chief Executive Frans van Houten last year said that without a customs union — which has been ruled out by Prime Minister Theresa May — Philips would have to rethink its manufacturing footprint.
Britain is set to leave the EU on March 29, and politicians are at an impasse over how to do so after lawmakers overwhelmingly rejected May’s proposed withdrawal agreement on Tuesday.
Other firms have moved jobs out of Britain in recent weeks, sparking alarm among lawmakers that Brexit is impacting corporate decision-making.
Jaguar Land Rover has slashed UK jobs — mainly due to lower Chinese demand and a slump in European diesel sales — while Ford has said it will slash thousands of jobs as part of its turnaround plan.
While both decisions were driven by factors other than Brexit, each firm has also been vocal in warning of the risks of no-deal Brexit, where Britain leaves abruptly in March without a transition period.