Saudi Telecom second-quarter profit up 8%

Saudi Telecom Company reported an 8 percent rise in profit to SR2.38 billion in the three months to June 30. (Reuters)
Updated 26 July 2017
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Saudi Telecom second-quarter profit up 8%

DUBAI: Saudi Telecom Company (STC) reported an 8 percent rise in second-quarter profit on Wednesday, broadly in line with the average forecast of four analysts.
The former monopoly, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.38 billion in the three months to June 30. This compares with a profit of SR2.20 billion in the prior-year period, a bourse statement said.
Four analysts polled by Reuters had on average forecast STC, which owns stakes in operators in the Gulf, Turkey and Asia, would make a quarterly profit of SR2.42 billion.
STC’s new $500 million (SR1.87 billion) venture capital fund said in May it expected to complete its first transaction by the fourth quarter of this year.
In a separate statement, STC announced a dividend of 1 riyal per share for the second quarter, the same as for the year earlier period.


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.