Aramco sponsors first MPWT Conference & Exhibition in Dammam

The Materials Performance and Welding Technologies (MPWT) Conference & Exhibition 2017 took place in Sheraton Dammam Hotel & Convention Centre on Sept. 11- 14.
Updated 19 September 2017
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Aramco sponsors first MPWT Conference & Exhibition in Dammam

Saudi Aramco sponsored the first of its kind Materials Performance and Welding Technologies (MPWT) Conference & Exhibition 2017, which took place in Sheraton Dammam Hotel & Convention Centre on Sept. 11-14. Saudi Aramco’s plenary keynote was delivered by Fahad Al-Helal, acting vice president for engineering services.
The event was co-organized by The National Association of Corrosion Engineers (NACE) International West Asia & Africa Area and the American Welding Society (AWS) Saudi Arabia section.
In addition to plenary keynotes by Al-Helal and heads of the organizing entities, the event presented three keynote speeches, 81 technical papers, and six highly specialized workshops with participation by subject-matter experts and professionals from Saudi Aramco.
“The conference is an important platform for sharing knowledge and best practices in the fields of corrosion control, materials performance and welding engineering. The workshops and technical papers presented in the event offer excellent opportunities for interaction and collaboration among experts and professional,” said Al-Helal. “We encourage technical events and initiatives that foster communication and networking among like-minded professionals.”
Saudi Aramco technical experts and professionals from relevant fields participated in the conference by delivering important workshops and technical papers. Examples of the event’s topics include composites and ceramics, corrosion control, advanced materials, advancements in welding process and technologies, materials and failures analysis and advances in onshore and underwater repair.


GFH reveals boost in first-half profits

Updated 14 August 2018
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GFH reveals boost in first-half profits

GFH Financial Group has announced that net profit attributable to shareholders rose to $72.5 million in the first six months of 2018, a 16.7 percent increase from the same period a year earlier. The group also reported a consolidated net profit of $73.4 million in the first half of the year, a rise of 12.1 percent.

Net profit attributable to shareholders for the second quarter increased by 19.2 percent to $36 million. Consolidated net profit during the quarter rose to $36.5 million, an increase of 14.1 percent.

Earnings per share for first half of the year was 2.02 cents, compared with 2.51 cents in the first six months of 2017. Earnings per share for the second quarter was 1 cent, compared with 1.22 cents in the same period of 2017.

Total consolidated revenues in the first half, grew by 12.5 percent to $124.2 million, primarily from revenues generated by its investment-banking business. This included income generated from investment placements for private equity and real-estate transactions. Consolidated revenues for the second quarter stood at $63.7 million, an increase of 4.8 percent.

Profit before impairment allowance for the first half of the year was $79.1 million, an increase of 34.1 percent. Consolidated operating profit for the second quarter increased by 23.5 percent to $40.5 million. Total operating expenses for the first half fell to $45.1 million from $51.4 million. Operating expenses for the second quarter dropped to $23.2 million from $28 million a year earlier.

Equity attributable to shareholders was $1.11 billion for the first half, compared with $1.14 billion a year ago. The total assets of the group increased by 10.3 percent to $4.3 billion.

“We are pleased with the continued growth in profitably for the first half of 2018,” said GFH Chairman Jassim Alseddiqi. “Enhanced results and revenue generation for the period were supported by increased contributions from the group’s investment-banking business, where it continues to demonstrate a strong ability to identify and bring to the market unique investment opportunities.”

Hisham Alrayes, the group’s CEO, added “In line with the Group’s strategy, the ongoing growth in our investment-banking business continues to drive enhanced results and profitably. In particular, during the period, improvements in income generation came from a number of strategic deals, including our landmark investment in the UAE-based Entertainer, and a notable trophy real-estate asset in Chicago.”