Shares of Saudi jeweler L'azurde dip despite posting $4m profits

Update Shares of Saudi jeweler L'azurde dip despite posting $4m profits
The jewelry producer, which is listed on the main index TASI, generated a profit of SR13.7 million in the first quarter, up from SR10.2 million in the same period last year
Short Url
Updated 23 May 2022

Shares of Saudi jeweler L'azurde dip despite posting $4m profits

Shares of Saudi jeweler L'azurde dip despite posting $4m profits

RIYADH: L'azurde Company for Jewelry's shares dropped in early trade on Monday despite reporting a profit for the first quarter of 2022.

The Saudi jeweler's shares edged down 2.01 percent at SR16.64 ($4.4), as of 10:44 a.m. Saudi time.

Shares of the company continued to decline and at the closing bell, fell to SR16.58, down 2.13 percent

On May 22 the company reported a 34 percent boost in net profit on the back of higher sales and revenues.

The jewelry producer, which is listed on the main index TASI, generated a profit of SR13.7 million in the first quarter, up from SR10.2 million in the same period last year, it said in a bourse filing on Sunday.

The growth in net profit was primarily down to an increase in sales and revenue for the quarter of 11 percent to stand at SR614.5 million.

The company also attributed the increase in profits to higher gross profits and lower financing costs.


Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu
Updated 14 sec ago

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

Arabian Plastic Industrial Co. gets CMA nod to IPO 20% stake on Nomu

RIYADH: Saudi-based Arabian Plastic Industrial Co. has received approval for an initial public offering of 1 million shares on the Kingdom’s parallel market.

Shares to be listed represent 20 percent of the company’s share capital. 

The resolution was issued by the Saudi stock market regulator Capital Market Authority in a statement on Wednesday.

The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period. 

The authority also granted Abdulaziz and Mansour Ibrahim Albabtin Co. approval to list 544,000 shares, representing 16 percent of the firm’s capital, on Nomu.

 

 


Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market
Updated 11 min 42 sec ago

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

Arabian Drilling Co. gets approval to IPO 30% stake on Saudi stock market

RIYADH: Saudi-based Arabian Drilling Co. has received approval for an initial public offering of 26.7 million shares, representing 30 percent of the firm’s capital, on the Kingdom’s stock exchange.

The Capital Market Authority’s approval shall be valid for six months from the authority’s board resolution date. It shall be deemed cancelled if the company’s offering is not completed within this period. 


ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 
Updated 41 min 47 sec ago

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

ICT infrastructure in Makkah, Madinah fully operational for Hajj with 41% rise in 5G towers 

RIYADH:  The Communications and Information Technology Commission, Saudi Arabia’s digital regulator, on Wednesday announced that communication infrastructure is fully operational in Makkah and Madinah and ready for this year’s Hajj.

The CITC has ensured the functioning of over 5,900 communication towers and more than 11,000 Wifi access points in the two holy cities, according to a statement. 

The number of 5G towers rose 41 percent to reach more than 2,600.

 “The Kingdom’s infrastructure readiness will not only help smooth the passage of fulfilling a lifelong dream,” said CITC Gov. Mohammed bin Saud Al-Tamimi, “it will significantly enhance their (pilgrims) digital experience.” 

 


Saudi Electricity sells entire stake of its subsidiary to the government

Saudi Electricity sells entire stake of its subsidiary to the government
Updated 29 June 2022

Saudi Electricity sells entire stake of its subsidiary to the government

Saudi Electricity sells entire stake of its subsidiary to the government

RIYADH: State-owned Saudi Electricity Co. has transferred its entire stake in the Saudi Power Procurement Co. to the government, the company said in a bourse filing.

SPPC as of today is an independent company wholly owned by the government, following completion of all legal arrangements for sale and transfer of assets, liabilities, and contracts

SPPC and SEC also signed energy conversion agreements, bulk supplies, and fuel supply novations, all effective July 1.

With that, SEC, SPPC and the Ministry of Finance signed a fuel inventory sale agreement, which stipulates that the ministry shall pay SEC its net book value for the fuel inventory.

The sale price shall be calculated based on the book value of SPPC's net assets at the end of the second quarter of 2022.

SEC does not expect the carve-out of SPPC to negatively impact its business since SPPC possesses no material tangible assets.


Red Sea Development Co.’s study reveals diversity of habitats as it calls for responsible tourism 

Red Sea Development Co.’s study reveals diversity of habitats as it calls for responsible tourism 
Updated 29 June 2022

Red Sea Development Co.’s study reveals diversity of habitats as it calls for responsible tourism 

Red Sea Development Co.’s study reveals diversity of habitats as it calls for responsible tourism 

RIYADH: The Red Sea Development Co. has revealed rich diversity of habitats, flora, and fauna in one of the world’s largest environmental surveys of wildlife ecosystems, carried along the Saudi Arabian coast.

The 11-month long study has included a number of endangered species such as the Halavi Guitarfish, Hawksbill Sea Turtle and Sooty Falcon, according to a statement. 

Released at the UN World Ocean Conference in Lisbon, the research has also included an eight-meter-high single coral colony estimated to be around 600 years old. 

Conducted from January through November 2021, it has revealed that many threatened and endangered species inhabit the area, which shows the environmental protection and regeneration efforts in the region. 

“We want to prove to the world, and our peers in the tourism industry, that creating world-class destinations can go hand-in-hand with protecting and enhancing the environment,” CEO John Pagano  said. 

“We’re challenging ourselves and others to do better and be better as global pioneers in responsible development and are issuing a call to action for tourism as an industry to step up when it comes to the impact on wildlife and biodiversity,” Pagano added. 

A lion fish observed by TRSDC scientists (Supplied)

The tourism industry places significant stress on local land and marine areas if action is not taken. 

UN Environment research shows that the growth of tourism and its impact on the environment is growing at an unsustainable rate, with a 154 percent increase in energy consumption, 131 percent increase in greenhouse gas emissions, and 152 percent increase in water consumption expected by 2050 if action is not taken.