RIYADH, 23 January 2007 — Loss-making Anaam International Holding Group said yesterday it would restructure its business to try to end a suspension of its stock ordered by Tadawul — the Saudi bourse — last week. The Capital Market Authority froze trading in the livestock company, saying it had losses equal to 95 percent of its capital. Anaam was the second firm to be suspended this month. It will start a medium-term financial restructuring plan and then work on new projects to try to return to profitability, the company said in a statement on the bourse website. “This aims to ensure the continuation of the company and the return of its stocks to trading on the bourse,” the statement said, citing Anaam Chairman Prince Mishaal ibn Abdullah ibn Turki Al-Saud.
SNIC Fourth Quarter Net Profits up 127%
RIYADH, 23 January 2007 — Saudi National Industrialization Company (SNIC) posted fourth quarter net profits of SR209 million ($55.7 million), 127 percent rise on profits realized in the first quarter of 2006. The firm used the first quarter of 2006 as a comparison because it is the last quarter of financial year 2005. A statement on the Tadawul website said the company would now use the calendar year. It said the net profit for 2006 was SR693.1 million, an 87 percent rise on the financial year from April 1, 2005 to March 31, 2006. The statement said profits were up because of improved revenues from its subsidiaries.
SEC Logs Record Quarterly Loss
RIYADH, 23 January 2007 — Saudi Electricity Co. (SEC) made its biggest quarterly loss in at least three years on higher costs and lower prices for its power. The loss in the three months ending on Dec. 31 last year almost doubled to SR508 million ($135.5million) compared with SR281 million in same period last year, the company said in a statement on the bourse website. For the last three years, the company has lost money in every first and fourth quarter, when demand for power is at its weakest as temperatures are low enough to reduce the need for air-conditioning. The SEC said its costs rose as it spent more on projects to add capacity and meet higher demand. SEC last week said it planned to invest SR15.8 billion this year to boost capacity power generation, transmission and distribution, including adding 1,609 megawatts of generating capacity by 2008.
NSC Net Profit Falls in Fourth Quarter
RIYADH, 23 January 2007 — The National Shipping Company (NSC) said its fourth quarter net profit was SR65.35 million ($17.4 million ) or down 27 percent over the same period last year. A statement on the Tadawul website said profits for the year were up 1 percent at SR442.26 million. It said the fall in earnings during the fourth quarter was mainly due to a decline in crude oil transport fees as the oil producing Organization of Petroleum Exporting Countries (OPEC) cut production. It said milder winter in Europe and North America had also reduced demand.
Maquet to Open Sales Office in Dubai
DUBAI, 23 January 2007 — Maquet, German global market leader for operating room systems, will open its regional sales office in Dubai on Jan. 28. In a statement, the company pointed out that the inauguration will take place the day before the Arab Health exhibition starts in Dubai on Jan. 29, where Maquet will be present with its stand for the first time, showcasing its pioneering systems at the Middle East’s largest health fair. Maquet, based in Rastatt, Germany, is a global market leader in medical systems focused on the operating room (OR) and intensive care unit (ICU).