RIYADH, 11 July 2003 — Al-Rajhi Banking and Investment Corp. (ARABIC), the largest listed Saudi bank in terms of market value, said yesterday its profits in the first six months of 2003 rose by 49.7 percent.
ARABIC posted net profits of SR914.8 million ($244 million) to June 30 this year, compared to SR611.4 million ($163 million) in the same period last year, the bank said in a statement.
ARABIC’s profits dropped sharply last year due to a sharp decline in returns on foreign investments. In the first six months of last year, its profits dropped by 33 percent over the same period of 2001.
General Manager Abdullah Al-Rajhi attributed the increase to a growth in the bank’s investment operations and the introduction of new projects and programs which have been successful.
Total assets increased 12.5 percent from $15.2 billion on June 30, 2002 to $17.1 billion at the end of June this year. Customers’ deposits also rose to $12.5 billion.
The bank’s market value has improved remarkably in the first six months of 2003 to $9.6 billion, making it the largest capitalized Saudi bank on the bourse.
Meanwhile, Saudi Petrochemical Company (Sadaf) signed on Wednesday a deal worth $170 million for the construction of its own power generation plant, a statement said.
