RIYADH, 29 January 2006 — Saudi Arabia’s fashion retailer Al-Hokair plans to float a 30 percent stake of its capital in the first half of this year, probably April, the firm said yesterday. With some 550 outlets and an annual turnover of SR1.0 billion ($267 million), the firm is Saudi Arabia’s leading fashion retailer. “The date for the IPO has not been set yet but it will probably be in April,” a company manager told Reuters.
SEC’s Net Profit Up 14.1 percent
RIYADH, 29 January 2006 — Saudi Electricity Co. (SEC) yesterday posted a net profit of SR1.48 billion ($395.2 million) for 2005, up 14.1 percent from the previous year. But the bourse’s fifth largest listed firm showed a net loss of SR281.2 million in the fourth quarter of 2005, down from a net loss of SR98.5 million in the same period the previous year, it said in a statement.
Saudi Cement Net Profit Up 10.7%
RIYADH, 29 January 2006 — Saudi Cement, the country’s third largest cement firm, yesterday posted a net profit of SR484.3 million ($129 million), up 10.7 percent from the previous year. Net profit in 2004 reached SR437.5 million, it said in a statement on the bourse’s website. It provided no further details. The company’s first-half year net profit rose 24 percent to SR248.9 million. Its shares ended yesterday morning trade down 1.4 percent at SR810.5.
ANB’s Net Profit Jumps 57 Percent
RIYADH, 29 January 2006 — Saudi Arabia’s Arab National Bank (ANB) yesterday posted a 2005 net profit of SR1.828 billion ($487.5 million), up 57 percent from the previous year. Operating income reached SR3.14 billion, up 29 percent from 2004 and return on shareholders equity stood at 32.3 percent from 24.9 percent in 2004, ANB said in a statement. Total assets in 2005 reached SR67.49 billion, loan portfolio SR38.78 billion and customer deposits SR48.8 billion. It gave no comparative figures.
BLOM Bank Profit Soars 50 Percent
BEIRUT — Leading Lebanese bank BLOM reported a 50 percent rise in its 2005 net profit yesterday to a record $136.8 million.