Shares of Herfy food chain end in red after H1 profit declines 7%

Update Shares of Herfy food chain end in red after H1 profit declines 7%
The company's net profit dropped from SR52 million. (Supplied)
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Updated 03 August 2022

Shares of Herfy food chain end in red after H1 profit declines 7%

Shares of Herfy food chain end in red after H1 profit declines 7%

RIYADH: Saudi Herfy Food Services Co.’s shares ended Wednesday in red, plunging 4 percent at SR43 ($11.47), after its half-year profit was down 7 percent to SR49 million.

The company’s net profit dropped from SR52 million in the same period last year, according to a bourse filing.

The decline in profit stems from the intense competition that led to a drop in sales, as well as an increase in operating costs and marketing expenses.


Saudi IT firm solutions by stc acquire Egypt’s Giza Systems

Saudi IT firm solutions by stc acquire Egypt’s Giza Systems
Updated 15 sec ago

Saudi IT firm solutions by stc acquire Egypt’s Giza Systems

Saudi IT firm solutions by stc acquire Egypt’s Giza Systems

RIYADH: Arabian Internet and Telecommunication Co., known as solutions by stc, has completed all necessary procedures to acquire a $158 million stake in Egypt's Giza Systems Co., a bourse filing revealed.

The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.

However, the acquisition percentage decreased to 88.19 percent, mainly due to executive management shares, it said.

The financial impact will appear in the company’s financial statements from the fourth quarter of 2022.

solutions by stc saw its share price increase 2.85 percent at the opening of bell of Tuesday to reach SR252 ($67), at 10:10 a.m. Saudi time. 


Japan energy minister emphasizes importance of Saudi and Arab suppliers

Japan energy minister emphasizes importance of Saudi and Arab suppliers
Updated 32 min 40 sec ago

Japan energy minister emphasizes importance of Saudi and Arab suppliers

Japan energy minister emphasizes importance of Saudi and Arab suppliers
  • Japan depended on the Middle East for 95 percent of its oil in August and 98 percent in July

TOKYO: Japan’s Minister of Economy, Trade and Industry NISHIMURA Yasutoshi requested Saudi Arabia and other Arab countries to guarantee stable supply of oil.

Nishimura said he had met with executives from Aramco and has proposed talks with Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al Saud.

He also met recently with Sultan Al-Jaber, UAE Minister of Industry and Advanced Technology and CEO of Abu Dhabi National Oil Company (ADNOC), as well as Talal Al-Awfi, Oman’s Minister of Energy and Minerals.

“I requested a stable supply of oil and LNG,” Nishimura said at a press conference at the ministry in reply to a question from Arab News Japan. “I got the reply that they will continue to cooperate with us.”

In the absence of imports from Iran and Russia due to sanctions enforced by the US, more than 90 percent of Japan’s supplies now come from Arab sources.

“It is important for Japan, which lacks resources, to promote a stable supply of crude oil,” Nishimura said. “It is true that oil imports from Russia have stopped and dependence on the Middle East is increasing. We are making decisions on specific sources of crude oil from the perspective of the market.”

“Japan depended on the Middle East for 95 percent of its oil in August and 98 percent in July, so we recognize the region as extremely important in terms of energy security and a stable supply of crude oil.”

Japan is looking to expand its energy business with the Middle East to include clean energy as well as oil and gas.

“We believe that the Middle East is also playing an important role in building the hydrogen and ammonia supply chain,” Nishimura said. “I hope such cooperative relationships will also be strengthened. Furthermore, Japan will strive to diversify its supply sources from the viewpoint of stable supply and security, and domestically also pursue all options, including the utilization and diversification of renewable energy and nuclear energy.”


Anaam International's shares rise as it plans $42m capital increase

Anaam International's shares rise as it plans $42m capital increase
Updated 21 min 44 sec ago

Anaam International's shares rise as it plans $42m capital increase

Anaam International's shares rise as it plans $42m capital increase

RIYADH: Saudi poultry processing firm Anaam International Holding Group’s board recommended an increase in capital of SR158 million ($42 million) through a rights issue, resulting in a rise in its share price.

Anaam International's share price climbed 3.53 percent to reach SR24.66, at 10:06 a.m. Saudi time.

The capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company, according to a bourse filing.

The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders.

Wasatah Capital was appointed to act as the financial advisor to the offering.


Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global
Updated 04 October 2022

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

RIYADH: Business conditions in Egypt’s non-oil economy continue to be under strain with the country’s Purchasing Managers’ Index staying unchanged at 47.6 in September compared to the previous month, according to S&P Global.

According to S&P Global, a PMI above 50.0 marks growth, while those below 50.0 signals contraction.

Egypt’s PMI signals a solid deterioration in business conditions, albeit one that was the joint-weakest for seven months, as inflationary pressures, energy rationing, import restrictions, and weak demand continue to impact the country’s non-oil economy.  

“Non-oil activity in Egypt continued to suffer from weak demand, geopolitical tensions and surging inflation in the final month of the third quarter,” said Shreeya Patel, an economist at S&P Global Market Intelligence.

She added: “Firms nevertheless remain hopeful that macroeconomic conditions would improve in the medium-term, but for now, non-oil Egyptian businesses are challenged to operate in an environment which includes persistently high prices, weak demand and growing uncertainty.”


Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P
Updated 04 October 2022

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

RIYADH: Saudi Arabia continues to maintain ongoing expansion in its non-oil economy as both of its key indicators — output and new orders — recorded gains, registering the Kingdom’s Purchasing Managers’ Index at 56.6 in September, the latest data from S&P Global revealed.

Although down on August's 57.7, Saudi Arabia managed to maintain this growth for the 25th successive month as the Kingdom steadily progresses in its journey to diversify its economy in line with Vision 2030.

According to S&P Global, readings above 50.0 mark growth, while those below 50.0 signals contraction. 

“Albeit down on August, Saudi Arabia’s non-oil private sector economy retained an impressive pace of growth during September, especially against the backdrop of increasingly challenging global economic conditions,” said David Owen, an economist at S&P Global Market Intelligence. 

He added: “Both output and new orders rose at rates above their averages for their current 25-month growth sequences, whilst confidence in the quality of goods and services provided meant firms expect to successfully convert into hard contract wins a high proportion of what is an extremely positive pipeline of new business.”