Alissa Auto to exclusively distribute JAC Motors vehicles in Saudi Arabia

The company aims to strengthen its presence in the Kingdom by launching many strong and highly sophisticated models. (Supplied)
The company aims to strengthen its presence in the Kingdom by launching many strong and highly sophisticated models. (Supplied)
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Updated 13 January 2021

Alissa Auto to exclusively distribute JAC Motors vehicles in Saudi Arabia

Alissa Auto to exclusively distribute JAC Motors vehicles in Saudi Arabia

Abdullatif Alissa Automotive (Alissa Auto) has announced that it will be the exclusive distributor of JAC Motors vehicles in the Kingdom.
An agreement was signed by Sheikh Abdul Mohsen Alissa, chairman of Abdullatif Alissa Group, and David Zhang, general manager of JAC Motors, in a signing ceremony that was virtually attended by senior delegates of both companies.
Alissa said that JAC Motors in Saudi Arabia has officially come under the umbrella of its subsidiary, Alissa Auto, which will provide considerable support to the Chinese brand in the local market.
Highlighting the importance of the Saudi market for JAC Motors, Zhang said the company aims to strengthen its presence in the Kingdom by launching many strong and highly sophisticated models, which will meet the requirements and aspirations of domestic consumers. He also reaffirmed the company’s support to Alissa Auto and said that it will work toward enhancing its presence in Saudi Arabia through the provision of highly trained and skilled technicians, and a full range of spare parts.
The new partnership will build on the 70 years of experience of Alissa Auto in the automotive industry, offering a broad spectrum of services through state-of-the-art showrooms, ultra-modern service centers, spare parts depots, vehicle delivery centers, and storage.
The agreement will introduce international quality Chinese passenger and commercial vehicles to the Saudi market.
Officially known as Jianghuai Automobile Co. Ltd, JAC Motors was established in 1964 and today, it is the No. 1 commercial vehicle brand in China, selling passenger and commercial vehicles to more than 100 countries worldwide. In the global market, JAC ranks first in Brazil among Chinese auto brands and second among exported brands, and has successfully established itself as a high-end, luxury auto brand. Currently, JAC Motors has more than 500 dealerships and 14 assembly plants in over 50 countries worldwide across Latin America, Europe, Africa, Middle East, and Asia.
With an annual production capacity of more than 700,000 units of completed vehicles, JAC has been ranked as one of the top 10 brands across the Chinese auto industry. As a light commercial vehicle manufacturer, JAC has been No. 1 in export sales for 11 consecutive years.


STC’s Q4 net profit jumps 15.6% to $714m

STC’s Q4 net profit jumps 15.6% to $714m
Updated 25 January 2021

STC’s Q4 net profit jumps 15.6% to $714m

STC’s Q4 net profit jumps 15.6% to $714m

STC’s net profit for the fourth quarter (Q4) of 2020 reached SR2.68 billion ($714 million), an increase of 15.6 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the net profit reached SR11.08 billion, an increase of 3.94 percent.

The revenues for Q4 reached SR15.21 billion — an increase of 14.69 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the revenues reached SR58.94 billion, an increase of 8.43 percent.

The gross profit for Q4 reached SR8.48 billion, an increase of 1.54 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the gross profit reached SR33.99 billion, an increase of 4.96 percent.

The operating profit for Q4 reached SR3.29 billion, an increase of 37.08 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the operating profit reached SR12.81 billion, an increase of 2.69 percent.

The earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for Q4 reached SR5.716 million — an increase of 14.62 percent compared to the corresponding quarter last year. For the 12-month period of 2020, the EBITDA reached SR22.175 billion, an increase of 4.28 percent.

Nasser bin Sulaiman Al-Nasser, STC Group CEO, said the company has achieved the highest annual revenue in the past eight years. This achievement was primarily due to the increased demand for STC’s services and products, and the company’s ability to meet this demand promptly and efficiently, especially during the COVID-19 pandemic.

The STC Consumer Business Unit’s revenue has grown as a result of 27.5 percent increase in FTTH (fiber-to-the-home) and 10.6 percent increase in broadband subscribers, in addition to a 9 percent increase in data revenue during the current period compared to the previous period.

Further, the Enterprise Business Unit’s revenue has also increased during the 12-month period, by 24.6 percent, due to the company’s ability to provide the necessary support and innovative services to its customers in order to accelerate their digital infrastructure transformation. Despite the challenges faced by the Wholesale Business Unit due to the travel ban and its impact on international roaming revenues, the unit’s revenue increased during 2020 as well. Moreover, the revenue generated by STC’s subsidiaries grew by 13.8 percent during the current year, which contributed positively to achieving these results.

Al-Nasser highlighted STC’s success as a digital enabler for the Saudi G20 presidency, where STC provided critical telecommunications and digital services for all meetings as well as expanded the 5G network by 130 percent to accommodate the increase in digital services during the G20 summit.

Recently, the company launched three mega data centers in Riyadh, Jeddah and Madinah with the aim of enabling the digital transformation of the government and private sectors and strengthening the cloud infrastructure for the local digital economy in the fields of artificial intelligence, Internet of Things and cloud computing, in line with the Kingdom’s Vision 2030 goals.

Additionally, in order to enhance the infrastructure and accelerate the growth of the local digital economy, STC also signed a $500 million non-binding MoU to invest in the field of cloud services with Alibaba Cloud, the digital technology and artificial intelligence arm of the Alibaba Group.

STC Group was re-elected to the board of directors of the Global System for Mobile Communications Association (GSMA), following its win in the elections comprising the world’s 25 top telecommunications companies.

As part of STC’s strategy to support and develop the financial sector in the Kingdom, STCPay signed an agreement with Western Union to sell an equity stake of 15 percent at a value of SR750 million ($200 million), where the proceeds will be used to develop the company and support its expansion plans.