Half of Saudis to maintain increased e-commerce use post-pandemic — study

Half of Saudis to maintain increased e-commerce use post-pandemic — study
More than half of MENA respondents were considered digital consumers. (Reuters)
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Updated 08 July 2021

Half of Saudis to maintain increased e-commerce use post-pandemic — study

Half of Saudis to maintain increased e-commerce use post-pandemic — study
  • 17 percent of respondents plan to return to prior balance of online and offline

RIYADH: Almost half (48 percent) of consumers in Saudi Arabia will continue to use online shopping and banking more than they did before COVID-19, even as the pandemic abates, Al Eqtisadiah reported, citing a study by analytics company SAS.

The study indicated that 75 percent of the respondents have permanently changed their shopping habits as a result of the pandemic, while only 17 percent of consumers in the Kingdom expect to return completely to how things were before.

New digital consumers increased 27 percent in the MENA region since the pandemic, the highest of any region surveyed, SAS said. More than half of the respondents (56 percent) are digital channel users, which is also the highest rate in any region.


Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales
Updated 14 sec ago

Saudi Najran Cement’s profit slumped 61% owing to lower sales

Saudi Najran Cement’s profit slumped 61% owing to lower sales

RIYADH: Saudi Arabia’s Najran Cement Co. posted a 61 percent decrease in profit for the first quarter of 2022, primarily due to lower sales.

The cement producer saw its profits fall to SR23 million ($6 million), down from SR60 million in the same period a year earlier, according to a bourse filing.

The decline in profit was caused by a decline in sales and an increase in production costs.

For the same period, sales and revenue totaled SR139 million, down 24 percent from the first quarter of last year.


Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales
Updated 6 min 52 sec ago

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

Saudi Arabian Amiantit Co.’s losses widened by 344% despite higher sales

RIYADH: Dammam-based Saudi Arabian Amiantit Co. has widened losses by 344 percent in the first quarter of 2022 despite a slight increase in its revenues.

The company’s net losses widened to SR5.98 million ($1.5 million) during the first quarter of 2022, compared to SR1.34 million in the same period last year, according to a bourse filing.

Increased net losses happened despite a 4.3 percent increase in the company’s revenues. 

This rise in losses was a result of recorded accounting profits during the first quarter of 2021 against settlement discounts for some outstanding obligations with some banks that amounted to around SR20 million. 

Established in 1968, the company manufactures pipes. 


Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz
Updated 10 min 35 sec ago

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

Saudi food delivery platform Jahez eyes full acquisition of The Chefz

RIYADH: Saudi food delivery platform Jahez said it has signed an initial deal to acquire The Chefz — one of its rivals in the Kingdom.

The firm, formally known as Jahez International Co. for Information Systems Technology, seeks a full acquisition of The Chefz, it said in a bourse filing.

Riyadh-based The Chefz is an app specialized in food delivery and caters to several citites across the Kingdom.

Valued at $2.94 billion as of May 19, Jahez joined Saudi exchange’s parallel market earlier this year as its first-ever listing of a local startup.


Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance
Updated 30 min 37 sec ago

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

RIYADH: Alujain Holding Corp. has recorded a profit decline of 7.5 percent as rising costs weighed on its performance during the first quarter of 2022.

The Saudi-listed investment firm, involved in Kingdom’s major petrochemical and mining projects, made SR55.8 million ($14.9 million) in profit, according to a bourse filing.

Alujain attributed the profit drop from SR60.3 million in the same period a year ago to an increase in finance costs.


Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn
Updated 41 min 47 sec ago

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

RIYADH: Rabigh Refining and Petrochemical Co., known as Petro Rabigh, has received shareholders’ approval for a 91-percent increase in capital through an offering of 795 million shares.

This will allow the company to increase its capital to SR17 billion ($4.5 billion) from SR9 billion, according to a bourse filing.

The prospectus for its capital increase will be issued through SR8 billion rights issue, after receiving the Capital Market Authority's approval, it added.