NEOM selects contractor to build solar, wind plants to electrify $6.4bn green hydrogen plant: MEED

Together, the solar and wind plants — located in northwest Saudi Arabia — are projected to have an accumulated capacity of 4,000 MW. File
Together, the solar and wind plants — located in northwest Saudi Arabia — are projected to have an accumulated capacity of 4,000 MW. File
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Updated 08 May 2022

NEOM selects contractor to build solar, wind plants to electrify $6.4bn green hydrogen plant: MEED

NEOM selects contractor to build solar, wind plants to electrify $6.4bn green hydrogen plant: MEED

RIYADH: Saudi Arabia’s NEOM Green Hydrogen Co. has selected a contractor to build solar and wind plants to supply the city’s $6.4-billion green hydrogen-based ammonia plant with electricity, Meed reported. 

The contractor is expected to be disclosed next week, offtake agreements and financial close are expected to take place by the middle of 2022.

Bidders for the contract included Energy China, Power China Huadong, China’s Sepco 3, and India’s Larsen & Toubro, amongst others. 

Together, the solar and wind plants — located in northwest Saudi Arabia — are projected to have an accumulated capacity of 4,000 MW.

In addition to the wind and solar plants, the winning contractor will also be responsible for constructing a battery energy storage system as well as a 190 km power transmission network. 


Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO
Updated 10 sec ago

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

Saudi water bottler Al-Jouf expects up to 20% demand growth in Q3: CEO

RIYADH: Al-Jouf Mineral Water Bottling Co. is expected to see a 15 to 20 percent growth in demand in the current quarter, CEO Ramadan Abutaleb told CNBC Arabia.

The water bottling and beverages firm reported an 8 percent increase in profit for the first half of 2022, which, according to the executive, was driven by a rise in revenues.

Al-Jouf Water’s revenues surged by 11 percent during the six-month period to SR36 million, compared to SR33 million a year earlier.

Abutaleb pointed out that the company began exporting water to Kuwait and Jordan, noting that the market share of the firm in the northern region of Saudi Arabia exceeds 60 percent.


Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 
Updated 15 min 2 sec ago

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

Saudi Alkhorayef Water sees 6% increase in H1 profits to $14m 

RIYADH: Saudi Arabia’s Alkhorayef Water and Power Technologies Co. posted a 6 percent profit increase in the first half owing to revenue growth.

Its net profit reached SR52 million ($14 million), up from SR49 million a year earlier in the prior year period, according to a bourse filing.

The results were boosted by a 34 percent growth in first-half revenues to reach SR357.9 million due to increases in revenue in the water sector by 2.9 percent, and the integrated water solutions sector by 225.8 percent.


TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell
Updated 27 min 36 sec ago

TASI starts flat amid higher inflation and lower oil prices: Opening bell

TASI starts flat amid higher inflation and lower oil prices: Opening bell

RIYADH: Saudi Arabia’s benchmark index opened flat for the fourth consecutive session as investors struggled to assess the impact of declining oil prices and higher inflation.

TASI opened Wednesday at 12,545, while Nomu, the parallel market, started 0.77 percent lower at 22,034, as of 10:04 a.m. Saudi time.

In the energy market, Brent crude reached $93.19 a barrel, while US West Texas Intermediate declined to $87.46 a barrel, as of 10:06 a.m. Saudi time.

ACWA Power Co. added 1.73 percent, after announcing it will sign a $2.4 billion wind power deal with Uzbekistan's Ministry of Investment & Foreign Trade.

Amana Cooperative Insurance Co. climbed 3.03 percent, after its first-half losses narrowed by 50 percent to SR31 million.

Saudi Enaya Cooperative Insurance Co. increased 1.86 percent, after narrowing its net loss before zakat by 53 percent to SR14 million.

Alinma Tokio Marine Co. gained 1.73 percent, after turning into a profit of SR2.4 million in the first half of 2022.

Wataniya Insurance Co. fell 2.02 percent, after it saw its losses widen by 44 percent to SR37 million in the first half of 2022.

Arabian Centres Co. added 0.48 percent, after reporting a higher second-quarter profit of SR128 million.

Al Jouf Cement Co. rose 0.19 percent, after Abdul Karim Al-Nuhair was appointed CEO after Jamal Al Amer resigned.

Saudi Aramco lost 0.13 percent, despite achieving its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion), a 90 percent jump over analysts' expectations.


Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut
Updated 33 min 42 sec ago

Saudi insurer Salama proposes raising capital by $53m following 60% cut

Saudi insurer Salama proposes raising capital by $53m following 60% cut

RIYADH: Salama Cooperative Insurance Co.’s board has proposed raising the company’s capital by SR200 million ($53 million) in a bid to support growth plans.

The insurer seeks to increase its capital from SR100 million to SR300 million, after its shareholders approved a 60 percent capital cut, according to a bourse filing.

Salama said the capital increase will be conducted through a rights issue offering, for which it hasn’t appointed a financial advisor yet.

The transaction is subject to approval from the Saudi Central Bank, the Capital Market Authority, and the company’s extraordinary general assembly.

To offset accumulated losses, the Saudi-listed firm recently announced a capital reduction from SR250 million to SR100 million by canceling 15 million shares.


Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales
Updated 58 min 45 sec ago

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

Saudi fast-food chain franchiser Alamar's profits rise to $17m on strong sales

RIYADH: Domino's Pizza regional operator Alamar Foods Co. recorded a 10 percent profit increase after seeing significant sales growth in the first half.

Alamar’s profits jumped to SR67 million ($17 million) during the first half of the year, compared to SR60.9 million in the first half of 2021, according to a bourse filing.

The profit was coupled with a 31 percent increase in revenues to reach SR527 million at the end of the first six months of 2022.

The results were driven by higher sales, partially offset by higher raw material costs due to global inflation, as well as higher expenses related only to the second quarter.