Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices
(yansab.com.sa)
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Updated 19 January 2022

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

Saudi petrochemical firm Yansab’s profits hit $400m on higher selling prices

RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 126 percent jump in net profit in the fiscal year 2021, due to higher product selling prices.

The firm, a subsidiary of Saudi Basic Industries Corp, recorded profits of SR1.5 billion ($400 million), compared to SR678 million a year earlier.

Revenues surged from SR5.03 billion to SR7.4 billion, representing a 47 percent leap.

In a bourse filing, Yansab cited a rise in average sales prices for the increase in profit.

This came despite lower production volumes, impacted by the shutdown of the company’s facilities for maintenance, as well as higher production costs, it added.

 


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 30 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 4 min 13 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 24 min 15 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 35 min 25 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.

 


Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom
Updated 19 May 2022

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

RIYADH: As the wave of Saudi initial public offerings continues, Amwaj International Co. has set its offering price at SR72 ($19.2) as it plans to start book-building next week.

Riyadh-headquartered Amwaj International, which is the commercial unit of Zahran Holding Co., sells and distributes electronic and home appliances.

Aiming to float 10 percent of its capital on Saudi Arabia’s parallel market Nomu, the company will run its book-building period for four days starting May 22, according to a bourse filing.

Marifa Capital is acting as the financial advisor for the potential offering, which was approved by the Capital Market Authority last month.