Profits of petchem firms up 14% to SR18.5bn in H1

Updated 29 July 2014
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Profits of petchem firms up 14% to SR18.5bn in H1

Profits of the listed petrochemical companies rose by 14.4 percent to SR18.54 billion in the first half of the current year compared to SR16.2 billion in the same period last year, according to a financial report.
Capital of the 14 listed firms stood at SR92 billion as their market capitalization reached SR631 billion, or 30 percent of the value of all companies listed in the market, said the report, compiled by Al-Hayat daily.
Saudi Basic Industries Corp. (SABIC) has the biggest capital among all petrochemical firms at SR30 billion, followed by Saudi Kayan Petrochemical Company (Saudi Kayan) at SR15 billion, Petro Rabigh at SR8.76 billion whereas Alujain Corporation has the least capital of SR692 million, the report said.
Based on the latest data, profits of Saudi Arabian Fertilizer Company (SAFCO) dropped by 8.8 percent to SR 1.48 billion in H1 (2014) compared to SR 1.62 billion in H1, 2013.
Meanwhile, the National Industrialization Co. (Tasnee) has its profits increased by 10.72 percent to SR729.1 million compared to SR658.5 million in the comparable periods.
Profits of other companies varied in H1 as follows: Yanbu National Petrochemical Company (Yansab) SR1.16 billion compared to SR1.33 billion (— 12.63 percent), Petro Rabigh SR585 million compared to losses of SR894.8 million, Saudi Industrial Investment Group (SIIG) SR 471 million compared to SR290 million (+62.41 percent), the National Petrochemical Company (Petrochem) SR338 million compared to SR9.5 million (+ 3458 percent), the Advanced Petrochemical Co. (Advanced) SR322 million compared to SR254.6 million (+26.5 percent), Saudi International Petrochemical Co. (Sipchem) SR313.3 million compared to SR238.5 million (+31.36 percent), Sahara Petrochemicals SR 284.9m compared to SR 252.1 (+13 percent), Alujain Corporation SR67.34 million compared to SR19.05 million (+253.49 percent), Methanol Chemicals Company SR40.07 million compared to SR14.11 million (+184 percent), the report said.
On the other hand, SABIC captured the highest profits in H1 at SR12.9 billion which represented 70 percent of the sector’s total profits, the report added.


Abu Dhabi Commercial Bank picks Barclays to advise on merger

Updated 55 min 25 sec ago
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Abu Dhabi Commercial Bank picks Barclays to advise on merger

  • Potential merger involves ADCB, Union National Bank (UNB) and Al Hilal Bank
  • A merger of the trio could create an entity with around $113 billion in assets

ABU DHABI: Barclays has been appointed by Abu Dhabi Commercial Bank (ADCB) to advise on a potential merger plan involving Union National Bank (UNB) and Al Hilal Bank, banking sources told Reuters.
The merger, announced by the banks in September, is the latest consolidation among state-owned companies in the United Arab Emirates’ (UAE) capital.
ADCB, majority owned by the Abu Dhabi government and the second largest bank in the emirate after First Abu Dhabi Bank (FAB), declined to comment. Barclays also declined to comment.
If it goes ahead, a merger of the trio could create an entity with around $113 billion in assets, according to Refinitiv data, and the UAE’s third-biggest lender after FAB and Emirates NBD.
A separate source said two banks could be created out of the consolidation, with the conventional banking units of ADCB and UNB merging to create one lender.
Another could be formed through combining the Islamic banking units of ADCB and UNB, along with Al Hilal.
AlKhaleej newspaper reported the same arrangement was being considered last month, citing sources.
The tie-up was at an early stage, UAE Central Bank governor Mubarak Rashed Al-Mansoori told reporters last week on the sidelines of a conference, adding he expected more consolidation in the future.
FAB was created by last year’s merger between National Bank of Abu Dhabi and First Gulf Bank.
The emirate of Sharjah is weighing a merger between three of its banks — Bank of Sharjah, Invest Bank and United Arab Bank, Reuters reported in September, citing sources.