Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt is one the world’s biggest wheat importer. File
Egypt is one the world’s biggest wheat importer. File
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Updated 26 June 2022

Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt’s strategic wheat reserves sufficient for 5.7 months

CAIRO: Egypt has strategic reserves of wheat sufficient for 5.7 months, Supply Minister Aly Moselhy said in a news conference on Sunday, adding that the country has procured 3.9 million tons of wheat in the local harvest so far.

Egypt is often the world’s biggest wheat importer.

He added that the strategic reserves for sugar were sufficient for more than six months and those for vegetable oils are sufficient for 6.2 months, while the country is self-sufficient for rice for 3.3 months.


Saudi-listed IT provider Arab Sea back to losses 

Saudi-listed IT provider Arab Sea back to losses 
Updated 11 sec ago

Saudi-listed IT provider Arab Sea back to losses 

Saudi-listed IT provider Arab Sea back to losses 

RIYADH: Saudi-listed Arab Sea Information Systems Co. has turned in losses of SR5.5 million ($1.33 million) in the first half of 2022.

The company erased SR4.4 million in profit from the same period last year, dragged down by higher costs, according to a bourse filing.

The Riyadh-based firm attributed the results to a year-on-year revenue drop of 22 percent to SR17 million.

It added that a rise in selling and administrative expenses by almost 50 percent due to establishing its unit, Arab Sea Financial Co., also weighed on its performance.


Saudi Cement, Tabuk report lower H1 profits, extending downward trend

Saudi Cement, Tabuk report lower H1 profits, extending downward trend
Updated 11 min 6 sec ago

Saudi Cement, Tabuk report lower H1 profits, extending downward trend

Saudi Cement, Tabuk report lower H1 profits, extending downward trend

RIYADH: Tabuk Cement Co. and Saudi Cement Co. experienced weak profitability in the first half of 2022, in line with declining profits in the Kingdom’s cement sector.

Tabuk Cement revealed that it turned in losses of SR4.43 million ($1.2 million) during the first half of 2022 as a result of an increase in sales costs, according to a bourse filing.

Despite lower profit, the cement producer Tabuk’s first-half revenues increased by 8 percent to SR136 million.

Meanwhile, profits of Saudi Cement Co. were down 20 percent to SR164 million during the first half of 2022, coupled with a 14.6 percent decline in sales and revenues for the six-month period.

The rise in general and administrative expenses as well as an increase in financial charges contributed to Saudi Cement’s profit, it said.


McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
Updated 29 min 48 sec ago

McDonald’s to begin reopening Ukraine restaurants

McDonald’s to begin reopening Ukraine restaurants
  • The company closed all its restaurants in Ukraine and Russia in March
  • McDonald's said it was working with suppliers to get products to restaurants

DUBAI: McDonald’s Corp. said on Thursday it plans on reopening its restaurants in Ukraine over the next few months in an early sign of western businesses returning to the country, even as the conflict with Russia continues.
The company closed all its restaurants in Ukraine and Russia in March, with McDonald’s selling most of its restaurants in Russia to one of its local licensees in May.
“After extensive consultation and discussion with Ukrainian officials, suppliers, and security specialists, and in consideration of our employees’ request to return to work, we have decided to institute a phased plan to reopen some restaurants in Kyiv and western Ukraine” Paul Pomroy, McDonald’s head of international operated markets, said in a message to employees.
The company said it was working with suppliers to get products to restaurants and bringing employees back on site with enhanced safety protocols.
McDonald’s had 109 restaurants in Ukraine, but did not specify how many it planned to reopen.


Saudi National Bank eyes additional sukuk issuance

Saudi National Bank eyes additional sukuk issuance
Updated 32 min ago

Saudi National Bank eyes additional sukuk issuance

Saudi National Bank eyes additional sukuk issuance

RIYADH: The Saudi National Bank has mandated SNB Capital Co. to advise on the proposed issuance of an additional riyal-denominated sukuk, it said in a bourse filing on Thursday.

The amount and terms of the offering, which seeks to strengthen the bank’s capital base, will be determined subject to market conditions.

SNB Capital will act as the sole book-runner, lead arranger, and lead manager of the potential offer.


Petro Rabigh sees 54% profit surge on improved market conditions

Petro Rabigh sees 54% profit surge on improved market conditions
Updated 52 min 39 sec ago

Petro Rabigh sees 54% profit surge on improved market conditions

Petro Rabigh sees 54% profit surge on improved market conditions

RIYADH: Saudi chemicals maker Rabigh Refining and Petrochemical Co. made profits of SR2.1 billion ($560 million) in the first half of 2022, thanks to better market conditions.

The firm, better known as Petro Rabigh, announced in a bourse filing that profit is up 54 percent from SR1.4 billion in the same period last year.

This came in line with a 53 percent rise in revenue during the six-month period to SR32.5 billion, compared to SR21.2 billion a year earlier.

The improved results were achieved due to “favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins,” the company noted.

 In addition, a once-off income of SR236 million was realized during the current quarter as an early settlement of long-term loans.

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