JEDDAH, 22 February 2006 — Arabian Industrial Development Co. (NAMA) reported yesterday that its net profits jumped by 177 percent for the year 2005 to reach SR29.7 million compared to a net loss of SR27.8 million in 2004. NAMA’s recorded that it made SR292.6 million in sales for 2005 and thus its sales grew by 25 percent from 2004 when the company sales were SR233 million. NAMA’s chief executive officer, Saud Al-Gosaibi, announced yesterday that his company is in the final stages of a merger with Jubail Petrochemical Co.
Bishah Reports Its 1st Profit in Years
JEDDAH, 22 February 2006 — Bishah Agricultural Development Company announced yesterday that it made profits for the first time in the last couple of years. The company reported that it made an insignificant profit of SR207,000 in 2005. The company has one million outstanding shares and despite the company’s long record of losses, its shares are traded for very high prices. In yesterday’s trading, the company’s share closed at SR2,440 after it reached a high SR2,497.
Gulf Air Plans Fleet Upgrade
JEDDAH, 22 February 2006 — Gulf Air announced on Monday that it is arranging for funding of $900 million for the first phase of its fleet upgrade, replacement, and growth program that is to start by May 2006. The airline was planning to use $900 million for the replacement of its aging nine Boeing 767s. This move was one of several major resolutions in support of the “Smart Airline, Successful Business Strategy,” that were passed at the first board meeting under Gulf Air’s new ownership structure held in Oman last week.
Air Arabia Carries 1.1m Passengers
JEDDAH, 22 February 2006 — Air Arabia announced yesterday that it carried a record of 1.1 million passengers during 2005, that’s a 122 percent jump from 2004. The Sharjah-based carrier reported a $8.7 million profit for 2005 after breaking even in 2004, its first year of operation. The low fare airline announced its plans to introduce initiatives in 2006 to drive business while ruthlessly controlling costs. The airline currently operates with a small fleet and it plans to expand further after it its sales boosted this year.
BMB Profits Surge to $7.8 Million
BAHRAIN, 22 February 2006 — BMB Investment Bank (BMB) has announced its full year 2005 results with a surge in profitability of over 1,200 percent, which sees a net income for the year at $7.8 million as compared to $0.6 million for 2004. Income from investments continued to be the major contributor to this profitability and for 2005 was $26.9 million as compared to $7.9 million for 2004. The bank’s assets decreased from $182 million at Dec. 31, 2004 to $168 million at Dec. 31, 2005.