RIYADH, 4 January 2006 — Jarir Marketing Co. will propose a SR20 dividend for 2005, lower than it offered last year, but profits are expected to rise. Net profits are expected to reach SR160 million in 2005 with sales at SR1.2 billion, up 46.5 percent from their level in 2004, Jarir said in a statement posted on the bourse’s website. The statement gave no comparative figures, but firm reported net profit of SR120.6 million in 2004, which means 2005 profit would be up 33 percent. Jarir gave shareholders a SR22 dividend in 2004. However the company issued one bonus share for each four held this year. The rise in turnover seems to be in line with company plans to triple sales to SR2.4 billion ($640 million) in 2010 through expansion in the Gulf and Egypt. Sales in 2004 rose 24.5 percent to SR825.7 million. Jarir has said its expects sales to hit SR1 billion in 2005 and earnings per share to rise to SR30 from SR25 in 2004.

Tabuk Cement Net Profit Up 20%

RIYADH, 4 January 2006 — Tabuk Cement’s net profit rose to SR154.8 million in 2005, up 20 percent from the previous year, the Saudi Arabian company said yesterday. Net profit for the fourth quarter of 2005 was SR37.6 million, compared to SR32.8 million in the same period of 2004, a statement issued near the close of yesterday’s trading on the stock market website said.

Riyad Bank Posts SR2.84 Billion Profit

RIYADH, 4 January 2006 — Riyad Bank’s net profit reached SR2.84 billion ($757 million) in 2005, up 42 percent from the previous year, the bank said yesterday. The 2005 net profit figure includes a one-off SR296 million capital gain, the firm said in a statement posted on the Saudi bourse’s website.

Savola’s Net Profit Jumps 139%

RIYADH, 4 January 2006 — Saudi Arabian food group Savola’s 2005 net profit soared 139 percent to SR1.2 billion ($320 million), boosted by capital gains from the public offering of its stake in a leading dairy firm. Savola, one the largest firms on the Saudi bourse with a capitalization of around SR45 billion, proposed a dividend of SR40, according to a statement on the stock exchange website on Monday. The statement said Savola had paid a dividend of SR25 in 2004 but the bourse website put the figure at SR16.5. Savola officials could not be reached for comment. Turnover rose 22 percent to SR6.86 billion on the back of good performance of its subsidiaries, Savola said.

Aseer Expects SR230 Million Profit

RIYADH, 4 January 2006 — Aseer Trading, Tourism and Manufacturing Co. expects its net profit to reach SR230 million ($61.3 million) in 2005, up 67 percent from the previous year, it said yesterday. The company’s profit in 2004 was SR138 million, Aseer said in a statement posted on the bourse’s website. It gave no further details. Its net profit in the nine months up to September this year doubled to SR198 million from SR98 million in the same year ago period.

United Fisheries Sells SADAFCO Stake

KUWAIT, 4 January 2006 — Kuwait’s United Fisheries Co said on Monday it has completed selling a 5 percent stake in Saudia Dairy and Foodstuff Co. (SADAFCO) but would not disclose how much profit it made. “The sale is finished and we don’t plan to sell more until a new decision is made,” a United Fisheries official said. The official declined to give the profit from the sale of the 5 percent stake. In a posting on the bourse website, the company said on Monday it made a profit of 2.1 million dinars ($7.2 million) from the sale of a 1 percent stake in SADAFCO. United Industries Co., which has a majority stake in United Fisheries, said in December it would reduce its stake in SADAFCO to 35 percent from 40 percent.

Kuwait’s 3rd Airline to Launch $120m IPO

KUWAIT, 4 January 2006 — Kuwait’s third airline, privately-owned National Aviation Company, will begin a 35 million dinar ($119.9 million) initial public offering on Jan. 15, an official of the Trade Ministry said yesterday. Ahad Al-Hasawi, head of the shareholding companies department, told Reuters National Aviation would offer 350 million shares priced at 103 fils each. The price includes a three fils per share to cover the cost of the IPO, which closes on Feb 9. The rest of the firm’s 50-million dinar capital is being raised by a group of 14 private investors.