Saudi Advanced Petrochemical Co.'s profit down 4% in Q1

Saudi Advanced Petrochemical Co.'s profit down 4% in Q1
Stock image of refinery, petrochemical plant. (Shutterstock)
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Updated 28 April 2022

Saudi Advanced Petrochemical Co.'s profit down 4% in Q1

Saudi Advanced Petrochemical Co.'s profit down 4% in Q1
  • The company's net profit, however, surged 3.79 percent compared to the previous quarter

RIYADH: The net profit of Advanced Petrochemical Co. went down by 4 percent in the first quarter from a year ago to reach SR164 million ($43 million), according to a bourse filing. 

In the statement, the petrochemicals maker revealed that the decrease in net profit was due to an increase in propane and outsourced propylene prices by 40 percent and 27 percent respectively.

Despite the decrease in net profit, the company's sales volume increased by 35 percent from the same period in the previous year. 

The company's net profit, however, surged 3.79 percent compared to the previous quarter. 

Its total shareholders' equity now stands at SR3,872 million, up 15.8 percent from the same period last year. 


Saudi Arabian Plastic Industrial share soars 19% on debut

Saudi Arabian Plastic Industrial share soars 19% on debut
Updated 20 sec ago

Saudi Arabian Plastic Industrial share soars 19% on debut

Saudi Arabian Plastic Industrial share soars 19% on debut

 RIYADH: Arabian Plastic Industrial Co.’s shares climbed 18.52 percent above its listing price on its market debut on Wednesday, suggesting investors still have an appetite for local initial public offerings.

The shares of the APICO rose to SR32 ($9) in its early trading on Tadawul’s Nomu-Parallel Market, against a listing price of SR27.

APICO offered 1 million shares, or 20 percent, of its SR50 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.


PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan
Updated 5 min 12 sec ago

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

PIF has complete plan to expand its assets to between $2-3tn by 2030: Al-Rumayyan

RIYADH: Saudi Arabia’s Public Investment Fund has a complete plan in place to grow the fund’s assets to between $2 to $3 trillion by the end of this decade, said its Governor Yasir Al-Rumayyan, as the Kingdom steadily progresses towards achieving its goals outlined in Vision 2030. 

In an interview given to the Thmanyah podcast, Al-Rumayyan said that any company established by PIF aims to be offered for subscription in the Saudi market. He added that the number of the fund’s subsidiaries reached 85, with 50 companies founded by the PIF.

According to data released by Sovereign Wealth Fund Institute in April, PIF is currently in the fifth spot among the largest sovereign funds in the world with assets valued at $620 billion.

“We want to reach $1 trillion by 2025. And we are almost now less than $700, we need close to $400 billion to reach this size of assets,” said Al-Rumayyan.

He added: “We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”

During the interview, Al-Rumayyan revealed that PIF created 400,000 jobs in the last five years, and added that the fund aims to create another 1.8 million jobs in the next five years.

He also pointed out that PIF has placed entertainment and sports among its strategic sectors, and added that investments in the electronic games sector will be one of the best choices in terms of returns.

Al-Rumayyan further added that the PIF made over 40 percent profits from SR35 billion worth of investments during the COVID-19 pandemic.

The PIF executive noted that local content is targeted to reach 60 percent of the projects and added that PIF is a driver of the Saudi economy, which should invest in new sectors, of which the local content is part.

He also added that the fund is paving the way for private sectors to mark their presence in the cinema industry, with six companies already operating in the market.


OPEC+ to discuss deep output cuts in Vienna meeting today

OPEC+ to discuss deep output cuts in Vienna meeting today
Updated 49 min 7 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.