RIYADH, 9 October 2007 — Banque Saudi Fransi (BSF), Saudi Arabia’s third-largest lender by market value, posted its fourth consecutive decline in profit in the third quarter, missing analysts’ forecasts by as much as 10 percent. Net income the three months to Sept. 30 dropped 11.6 percent to SR653 million ($174.1 million), compared with SR739 million in the year-earlier period, the bank said in a statement on the Saudi bourse website. Operating profit declined 7.1 percent to 903 million riyals, the bank said, without giving more details about the third quarter. Analysts’ forecasts for profit in the third quarter ranged from SR704 million to SR726 million, according to a Reuters survey last month. Nine-month net income declined 14.6 percent to SR2.07 billion, or SR3.68 per share, compared with SR2.43 billion, or SR4.31 per share, the bank said. Shares of Banque Saudi Fransi have fallen 14.5 percent this year, according to Reuters data.
Sipchem Net Profit Increases 7 Percent
Reuters
RIYADH — The net profit of Saudi International Petrochemical Company ( Sipchem) rose 7.0 percent year-on-year to SR340 million Saudi ($90.8 million, 64.5 million euros) in the first nine months of 2007, the company said in a statement to the Saudi stock exchange. Operating profit increased 16 percent to SR558 million ($149 million, 105.8 million euros). Earnings per share (EPS) rose to SR1.7 ($0.45/0.32 euro) from SR1.59 ($0.42/0.3 euro). However, net profit for the third quarter of 2007 decreased to SR87 million riyals ($23.2 million,16.5 million euros) from SR98 million ($26.2 million,18.9 million euros) a year earlier.
SAPTCO Buys New 150 Mercedes Buses
Reuters
RIYADH — Saudi Public Transport Co (SAPTCO) has extended its fleet with 150 new Mercedes Connecto buses, which started services in the middle of the holy month of Ramadan 2007. The buses, which have 45 seats, were delivered by Saudi Al-Juffali Automotive Company (JACO), the exclusive distributor of German DaimlerChysler’s luxury subsidiary Mercedes-Benz, after SAPTCO placed an order in June 2007. In August 2007, SAPTCO and Saudi-based commercial bank SAMBA Financial Group, formerly Saudi American Bank, signed a loan agreement for a SR118.4 million Saudi riyal ($31.6 million, 22.5 million euros) Shariah-compliant Murabaha financing facility to finance the purchase of the buses.
Bahrain Extends Oil Field Tender
Reuters
MANAMA — Bahrain has extended the deadline to submit bids to revamp its onshore Awali oilfield by two weeks to Oct. 31. Bidders had asked for more time to prepare, Minister of Oil and Gas Affairs Abdul-Hussain bin Ali Mirza told Reuters. He said 11 firms had expressed an interest in the tender, which initially had an Oct. 17 deadline. Bahrain hopes output can be doubled from the field, which produced about 35,000 barrels per day (bpd) in 2006.