Bank AlJazira's 2012 profits up 65%

Bank AlJazira's 2012 profits up 65%
Updated 17 January 2013

Bank AlJazira's 2012 profits up 65%

Bank AlJazira's 2012 profits up 65%

Bank AlJazira's net income for Q4, 2012 amounted to SR 98 million, a decrease of 11 percent compared to SR110 million for Q4, 2011 and a decrease of 25 percent compared to SR130 million for Q3, 2012, according to the annual financial results of the bank for the year ended Dec. 31, 2012.
The other highlights of the bank's financial results are:
Total operating income for Q4, 2012 amounted to SR372 million, an increase of 13 prcent compared to SR330 million for Q4, 2011.
Net Special commission income for Q4, 2012 amounted to SR247 million, an increase of 25 percent compared to SR197 million for Q4, 2011. Net income during 12 months of 2012 amounted to SR501 million, an increase of 65 percent compared to SR303 million for the same period last year.
The earnings per share for the twelve months of 2012 amounted to SR1.67 compared to SR1.01 for the same period last year.
Total operating income during 12 months of 2012 amounted to SR1.60 billion, an increase of 33 percent compared to SR1.21 billion for the same period last year.
Net Special commission income during 12 months of 2012 amounted to SR951 million, an increase of 22 percent compared to SR781 million for the same period last year.
Total Assets increased by 31 percent and amounted to SR50.96 billion as at Dec. 31, 2012 compared to SR38.90 billion as at Dec. 31, 2011. Investments increased by 69 percent and amounted to SR9.10 billion as of Dec. 31, 2012 compared to SR5.40 billion as at Dec. 31, 2011.
The loans and advances portfolio increased by 28 percent to reach SR29.90 billion as at Dec. 31, 2012 compared to SR 23.31 billion as at Dec. 31, 2011. Customers' deposits increased by 31 percent to reach SR40.68 billion as at Dec. 31, 2012 compared to SR31.16 billion as at Dec. 31, 2011.
The reason for the decrease in net profit during the present quarter compared to the identical quarter of last year is due to the increase of operating expenses.
The reason for increase in net profit during the present period compared to the identical period of last year is due to the increase in operating income.
The reason for the decrease in net profit during the present quarter compared with the previous quarter is due to the increase in operating expenses.


Saudi Arabia’s Amkest Group signs deal with US green energy firm

Amr Khashoggi, Chairman of Amkest Group and Scott Poulter, Chief Executive of Pacific Green Technologies
Updated 05 December 2020

Saudi Arabia’s Amkest Group signs deal with US green energy firm

Saudi Arabia’s Amkest Group signs deal with US green energy firm
  • Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030

RIYADH: US-based Pacific Green Technologies Inc. (PGTK) has signed a joint venture agreement with Amr Khashoggi Trading Co. Ltd. (Amkest Group) to incorporate a company in Saudi Arabia for the sale of Pacific Green environmental technologies.
Amkest Group, founded in 1983, has a history of success in the Kingdom. Its diverse business portfolio includes construction material production and supply, property development and consulting services.
Commenting on the partnership, Scott Poulter, PGTK’s CEO, said: “Saudi Arabia under its Vision 2030 strategic framework, which calls for 9.5 GW of the Kingdom’s energy to be supplied through renewables by 2030, is set to undergo rapid growth.”
Poulter added: “Pacific Green’s technologies, particularly in the solar power, desalination and battery energy storage system sectors, provide the perfect solution to the Kingdom’s growing demand, and we are excited to leverage Amkest Group’s hard-earned relationships to contribute toward the goals of Vision 2030.”
Amr Khashoggi, chairman of Amkest Group, said: “We believe the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green’s portfolio of technologies, provides the foundation for an incredible partnership and the opportunity to offer multiple complementary technologies.”
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030.
The deal comes on the back of an expectation that Saudi Arabia will attract more than $20 billion in investments in renewables over the next decade. This forecast was made by the CEO of Saudi National Grid in October, according to a report by S&P Global.