Advanced Petrochemical Q1 profits decline 4% on higher raw material prices

Update Advanced Petrochemical Q1 profits decline 4% on higher raw material prices
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Updated 10 April 2022

Advanced Petrochemical Q1 profits decline 4% on higher raw material prices

Advanced Petrochemical Q1 profits decline 4% on higher raw material prices

RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 4 percent during the first quarter of 2022 on higher raw material prices.

The Jubail-based company’s profit dropped to SR164 million ($43 million), compared to SR171 million for the same period a year earlier, the company said in a bourse filing.

The decline was propelled by an increase in propane and outsourced propylene prices by 40 and 27 percent respectively and a decrease in profit share on SK Advanced Investment of SR30 million.

Speaking to Al Arabiya, board chairman, Khalifa Al Mulhem, said he expects a drop in propane and propylene prices during the second half of the year despite the recent hike.  


OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today
Updated 34 min 17 sec ago

OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today

RIYADH: The meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, set to take place today in Vienna is an important one and “will take the right decision,” according to the UAE Energy Minister Suhail al- Mazrouei. 

OPEC+ producers are expected to agree to a deep cut in their output target, curbing supply in an already tight market despite US pressure to pump more, according to a Reuters report. 

Citing OPEC+ sources, Reuters reported that OPEC+ will discuss output cuts of up to 2 million barrels per day, and a cut of that magnitude will be the biggest since the pandemic outbreak. 

Ahead of the meeting, oil prices moderated slightly. 

Brent crude was down 0.04 percent to $91.76 a barrel at 10.50 a.m Saudi time, while US West Texas Intermediate fell 0.09 percent to $86.43 per barrel.


Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5
Updated 05 October 2022

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

Arabian Plastic Industrial Co. to start trading on Nomu on Oct. 5

RIYADH: Arabian Plastic Industrial Co.’s shares are scheduled to begin trading on Tadawul’s Nomu-Parallel Market today, Oct. 5.

APICO offered 1 million shares, or 20 percent of its SR50 million ($13 million) market capitalization.

The offering coverage was 15.43 times oversubscribed, with the offer price set at SR27 per share.

Established in 1996, APICO serves customers across different sectors, including but not limited to Almarai Co., flynas, TotalEnergies, and Nahdi Medical Co.

 

 


Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m
Updated 05 October 2022

Saudi startup Jahez to acquire all shares in Marn Business for $16m

Saudi startup Jahez to acquire all shares in Marn Business for $16m

RIYADH: Jahez International Co. for Information Systems Technology has signed an agreement to acquire all shareholders’ shares of Marn Business Information Technology Co. for SR60 million ($16 million).

The transaction is in line with the online food delivery platform Jahez’s strategy of expanding its business through acquisitions in order to take advantage of the growing opportunities in the industry, it said in a bourse filing.

The completion of this agreement requires the approval of relevant authorities, including approval from the General Authority for Competition.

The financial impact is expected to appear in the second half of the fiscal year 2022, it said.

Marn Business develops an eco-system by integrating digital services with different service providers to build systems for business owners.


Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 
Updated 05 October 2022

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

Saudi MEPCO’s shares climb as it gets CMA node for 33% capital raise 

RIYADH: Jeddah-based Middle East Paper Co. saw its share price rise in early trade, after it received the Capital Market Authority’s approval to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.

MEPCO’s shares gained 3.25 percent to reach SR57.20 at 10:07 a.m. Saudi time.

The Saudi-listed paper manufacturer’s plan calls for a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.

Subject to obtaining shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held.

 


UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54
Updated 05 October 2022

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

UAE healthcare provider Burjeel's IPO 29 times oversubscribed, final price set at $0.54

RIYADH: The UAE-based private healthcare provider Burjeel Holdings set its final offering price at 2 dirhams ($0.54) per share following the completion of its bookbuild and public subscription.

The offering was oversubscribed multiple times as the total gross demand amounted to over 32 billion dirhams, implying a 29-fold oversubscription, the company reported.