RIYADH, 20 January 2006 — The Ministry of Commerce has issued a statement announcing the establishment of Lazordy Company for jewelry as a closed Saudi joint stock company with a capital of SR200 million. The capital is divided into 4 million shares with a value of SR50 per share. The founders subscribed the capital in full for the company which will be based in Riyadh. The purpose of the company is to produce, manufacture and design works of gold, jewelry and precious stones. It will trade in wholesale and retail in precious metals and stones, gold jewelry, gold and jewelry machines.
SRCC Posts SR615m Net Profits in 2005
JIZAN, 20 January 2006 — The board of directors of Southern Region Cement Company met Tuesday under the chairmanship of Prince Khalid Al-Turki and discussed 2005 financial statements. The company achieved net profits of SR614.9 million, an increase of 31 percent compared to 2004. Shareholders’ assets reached SR1.972 billion compared to SR1.897 billion in 2004. Total production in the company’s Jazan and Bisha factories reached 4.186.231 tons of clinker, which exceeded the annual design capacity of 2.700.000 tons by 55 percent. Sales in 2005 reached 4.890.091 tons, of which 4.589.788 tons was sold locally.
SWCC Signs Contract With Al-Harbi
RIYADH, 20 January 2006 — The Saline Water Conversion Corporation has signed a contract for $26.6 million (SR100 million) with Al-Harbi Trade and Contracting Company to import and establish the pipes for transporting desalinated water from the new small stations at Al-Wajh, Rabigh, Allith, Al-Qunfutha and Farasan, reported Asharq Al-Awsat. The work is expected to be completed in 24 months. Abdullah Al-Harbi, chairman of Al-Harbi Company, said that this agreement is a significant addition to his company’s achievements, which aims at importing high quality pipes for the transport of water.