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.


Germany’s Mercedes-Benz plans assembly plant in Egypt

Updated 57 min 21 sec ago
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Germany’s Mercedes-Benz plans assembly plant in Egypt

BERLIN: German automaker Daimler’s Mercedes-Benz Cars unit says it is developing plans to open an assembly plant in Egypt.
Mercedes-Benz said in a statement Friday that the passenger car plant would be built by a local business partner and the project is being developed “in close collaboration” with Egypt’s government. It said board member Markus Schaefer recently held “successful discussions” with Egypt’s president and prime minister.
Schaefer described Egypt as “an attractive and competitive location for production and supporting logistics” and said having an assembly plant there would enable Mercedes-Benz to expand its market position.
The company said it is also offering expertise on modern mobility concepts, electric cars and autonomous driving as Egypt develops a new capital and other infrastructure projects, but detailed agreements haven’t yet been reached on that.