Saudi Petrochem 2021 profits jump almost 500% amid sector-wide boom

Saudi Petrochem 2021 profits jump almost 500% amid sector-wide boom
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Updated 27 January 2022

Saudi Petrochem 2021 profits jump almost 500% amid sector-wide boom

Saudi Petrochem 2021 profits jump almost 500% amid sector-wide boom

RIYADH: Saudi-listed National Petrochemical Co., better known as Petrochem, saw its profits surge by almost 500 percent in 2021.

As the Kingdom’s chemical sector grew, profits of the homegrown firm hit SR1.4 billion ($370 million), compared to SR230 million a year earlier.

The company attributed the hike in profits to higher product prices and drops in Zakat expenses, according to a bourse filing.

On a wider scale, data by Gastat earlier showed that outgoing chemical shipments picked up pace significantly, prompting Saudi non-oil exports growth to hit an annual rate of 26.1 percent in November.

Established in 2008, Petrochem operates in the Kingdom’s petrochemical sector. It owns 65 percent of Saudi Polymer Co., located in Jubail Industrial City.

 


Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia
Updated 15 sec ago

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia

Crypto Moves — Bitcoin, Ether down; Russia to legalise cryptocurrency; Coinbase establishes think tank; Bitso launches in Colombia
  • Coinbase, the largest cryptocurrency exchange in the US, is launching a global think tank to shape the policy debate around digital assets

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, down 1.73 percent to $29,293 as of 10:10 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,965, down 3.03 percent, according to data from Coindesk.

Russia to legalize cryptocurrency sooner or later: Minister

Russia will sooner or later legalize cryptocurrencies as a means of payment, Industry and Trade Minister Denis Manturov said on Wednesday, suggesting that the government and central bank may be moving closer to settling their differences.

Manturov was asked at a forum whether he believed cryptocurrencies would become legal as a means of payment.

“The question is, when this happens, how it will be regulated, now that the central bank and government are actively working on it,” he replied.

“But everyone tends to understand that, sooner or later this will be implemented, in some format or other.”

Russia has plans to issue its own digital rouble, but the government has only recently come round to supporting the use of private cryptocurrencies, having argued for years that they could be used in money laundering or to finance terrorism.

Coinbase establishes think tank to push policy goals

Coinbase, the largest cryptocurrency exchange in the US, is launching a global think tank to shape the policy debate around digital assets as regulators and Congress explore how crypto-assets should be governed.

The Coinbase Institute will accelerate research on cryptocurrency and Web3 — a decentralized version of the Internet — and spearhead discussions with policymakers and academics on the intersection of technology and finance, said Hermine Wong, director of policy at Coinbase and the director of the institute.

“We’re interested in every area of research that involves the crypto economy and how it is interdisciplinary, how it is connected to our global economy, and so there’s nothing that’s going to be off limits,” she said.

Mexican cryptocurrency platform Bitso launches in Colombia

Mexican cryptocurrency exchange platform Bitso has begun operating in Colombia, its fourth market, where it hopes to accumulate 1 million clients just this month, Co-Founder and Chief Executive Daniel Vogel said.

Bitso is among Latin America’s growing collection of “unicorns” — companies with a valuation of at least $1 billion — and is worth some $2.2 billion, following a 2021 funding round where it raised $250 million.

Bitso will offer customers instant transfers via the PSE payment system, sales of cryptocurrencies such as Bitcoin and Ether, as well as use of its new investment platform Bitso+.

Bitso currently has 4 million customers in Mexico, Brazil and Argentina.

“With our launch in Colombia we hope to hit 5 million customers and we think we can do that this month,” Vogel told Reuters in a phone interview.

“We see Colombia as a key market for us, which we are entering with this expansion plan from the point of view of our products, hiring people (and) growing in the country — it is a very dynamic market in terms of cryptocurrencies,” he added, though he declined to say how much Bitso would invest in the Andean country.

(With input from Reuters) 


Oil Updates — Crude recovers; Russian firms halt publishing data; SCOR tightens oil sector cover

Oil Updates — Crude recovers; Russian firms halt publishing data; SCOR tightens oil sector cover
Updated 9 min 12 sec ago

Oil Updates — Crude recovers; Russian firms halt publishing data; SCOR tightens oil sector cover

Oil Updates — Crude recovers; Russian firms halt publishing data; SCOR tightens oil sector cover
  • SCOR, the world’s fourth-biggest reinsurer, said on Wednesday it would stop covering new oil field production projects from 2023

RIYADH: Oil prices rose on Thursday, recovering from early losses, on hopes that the planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.

Brent crude futures for July were up $1.53, or 1.4 percent, at $110.64 a barrel at 0447 GMT, after falling by more than $1 earlier in the session.

US West Texas Intermediate crude futures for June rose 93 cents, or 0.8 percent, to $110.52 a barrel, recovering from an early loss of more than $2. 

Russian firms, entities halt publishing data amid sanctions

Oil pipeline monopoly Transneft has joined other Russian entities in curbing access to trade and financial data, sources told Reuters.

In the wake of Western sanctions imposed on Russia after it sent troops into Ukraine, the central bank said it would allow companies to withhold financial results.

Russian authorities are also allowing companies and banks to conceal information on securities issued and on their contractors.

Apart from Transneft, other companies that have stopped publishing data include Aeroflot, Alrosa, Gazprom, and Lukoil. 

Reinsurer SCOR tightens oil sector cover over carbon emissions

SCOR, the world’s fourth-biggest reinsurer, said on Wednesday it would stop covering new oil field production projects from 2023 unless the company involved had an acceptable plan to reach net-zero emissions by mid-century.

The move is the latest by a leading insurer to impose tighter policy conditions on coverage for the oil and gas sector, the main driver of man-made greenhouse gas emissions, as scientists warn faster action is needed on climate change.

It also follows an International Energy Agency report last year which said expansion of the oil and gas industry needed to cease if the world wanted to cap global warming at 1.5 degrees Celsius above the pre-industrial average.

SCOR said in a statement accompanying results of the French company’s annual general meeting that it aimed to double the amount of insurance coverage for low-carbon energies by 2025.

“SCOR believes that reaching net-zero can only be achieved by combining climate mitigation and climate adaptation measures, supported by strong engagement with clients and partners, and an active approach to transition,” it said.

(With input from Reuters) 


Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday
Updated 32 min 19 sec ago

Here’s what you need to know before Tadawul trading on Thursday

Here’s what you need to know before Tadawul trading on Thursday
  • In line with the Saudi index, stock exchanges of Abu Dhabi, Qatar, Bahrain, Egypt, and Kuwait all advanced in the previous session, led by a 2.1 percent gain for Kuwait’s BKP

RIYADH: Saudi stocks nudged higher on Wednesday in line with a rise in oil prices.

TASI the main index added 0.2 percent to close at 12,713, while the parallel Nomu market gained 0.6 percent to 22,832.

Shares of state-owned Saudi Electricity shed 8 percent after posting a drop in first-quarter profit.

In line with the Saudi index, stock exchanges of Abu Dhabi, Qatar, Bahrain, Egypt, and Kuwait all advanced in the previous session, led by a 2.1 percent gain for Kuwait’s BKP.

However, Dubai and Oman bucked the trend to close lower, down 0.9 and 0.2 percent, respectively.

Crude prices extended gains on Thursday, with Brent crude up 1.4 percent to $110.68 and US West Texas Intermediate trading 0.8 percent higher at $110.41 as of 9:13 a.m. Saudi time.

Stock news

Gulf Union Alahlia Cooperative Insurance Co. managed to narrow its net loss before Zakat by 64 percent to SR20.4 million ($5.44 million)

Saudi Real Estate Co. received shareholders’ nod to raise capital to SR3.7 billion

United Cooperative Insurance Co.’s net loss before Zakat was trimmed by 26 percent to SR19.9 million last quarter

Aljazira Takaful Taawuni Co. saw its net profit drop 32 percent to SR9.4 million in the first quarter of this year

Shareholders of Alujain Holding Corp. approved a dividend payout of SR1 per share to be paid for 2022 and 2023

Al-Hammadi Co. for Development and Investment got the Capital Market Authority’s approval to increase capital to SR1.6 billion

Tabuk Cement Co. swung into losses of SR6.92 million in its first-quarter earnings as sales dropped

SABB Takaful Co. turned into losses of SR957,000 before Zakat during the first quarter of 2022

Saudi Co. for Hardware’s shareholders approved a dividend freeze for 2021 after posting a 92 percent drop in quarterly profit to SR1.11 million

MBC Group-backed advertising firm Al Arabia more than doubled profits to SR64.9 million in the first quarter of 2022

Alkhorayef Water and Power Technologies Co.’s quarterly profit fell from SR26.9 million to SR25.3 million

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription 


Saudi business leaders honored at the Top CEO forum in Dubai

Saudi business leaders honored at the Top CEO forum in Dubai
Updated 33 min 43 sec ago

Saudi business leaders honored at the Top CEO forum in Dubai

Saudi business leaders honored at the Top CEO forum in Dubai

DUBAI: Saudi Electricity Co. and Bawan Co. were among the leading Saudi Arabian companies honored for their outstanding operational excellence as the Top CEO forum concluded on May 18 in Dubai. 

Amid a standing ovation, Khaled bin Hamad Al-Gnoon, the acting CEO of SEC received the honor, followed by Bawan Co.'s CEO Fozan bin Mohammed Al Fozan. 

Around 100 CEOs from the Gulf Cooperation Council listed companies received the Top CEO awards based on their financial performance, size and corporate governance. The companies were spread across 10 sectors including banking, energy & utility, finance & investment, logistics & industrials, malls, real estate and construction, and mining, metal & chemicals.   

Other CEOs who were honored during the event include Sami Al-Safran of Middle East Paper Co., Salman Abdulaziz Al-Badran of Mobily, Fahad Salem Al-Matrafi of Advanced Petrochemical Co., Omar Al-Ruhaily of Saudi Kayan Petrochemical Co., and Abdullah Ali Al-Khalifa of Alinma Bank. 

Leejam Sports Co. CEO Shaden Hamad Alsagri, L’azurde Co. for Jewelry CEO Sélim Chidiac, and SRMG's Jomana Rashid Al-Rashed were also recognized for their outstanding achievements. 

The winners were selected based on the financials and corporate governance metrics for the financial year 2021. The organizer stated that the winners’ final list, which was audited by KPMG, was prepared based on a formula developed in partnership with INSEAD Business School and Hawkamah Institute for Corporate Governance. 

 


Tabuk Cement slips into $2m losses as sales dropped in Q1

Tabuk Cement slips into $2m losses as sales dropped in Q1
Updated 19 May 2022

Tabuk Cement slips into $2m losses as sales dropped in Q1

Tabuk Cement slips into $2m losses as sales dropped in Q1

RIYADH: Saudi Arabia’s Tabuk Cement Co. slipped into losses of SR7 million ($2 million) in its first-quarter earnings after sales dropped 19 percent.

The cement producer turned into losses from a profit of SR10 million in the same period of last year, according to bourse filling. 

The results were primarily impacted by a decrease in average selling price and an increase in the cost of revenues resulting from the periodic maintenance of the plant.