Saudi pharma operator Nahdi’s Q2 net profit surges by 18.4 percent

Saudi pharma operator Nahdi’s Q2 net profit surges by 18.4 percent
The company said in a bourse filling that 130 million eligible shares will receive dividends on Aug. 25, 2022. (Supplied)
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Updated 09 August 2022

Saudi pharma operator Nahdi’s Q2 net profit surges by 18.4 percent

Saudi pharma operator Nahdi’s Q2 net profit surges by 18.4 percent

RIYADH: Nahdi Medical Co., operator of one of the largest pharmacy chains in Saudi Arabia, reported a rise in net profit by 18.4 percent to SR268.5 million ($71.44 million) in the second quarter compared to the same period last year, according to a bourse filing.

The company’s net profit increased by 13.1 percent in the current quarter compared to the previous quarter of the current year driven by the sales growth due to Ramadan season. 

The revenue of the pharmaceutical chain increased by 8.2 percent to SR2.2 billion, while the gross profit surged by 7.7 percent to SR926 million. 

The bourse filing also noted that the firm distributed SR300 million as dividends for the first half of 2022. 

Some 130 million shares were eligible for dividends, and the dividend per share currently stands at SR2.31.

 


Riyad REIT Fund invests $17m in private real estate fund

Riyad REIT Fund invests $17m in private real estate fund
Updated 18 sec ago

Riyad REIT Fund invests $17m in private real estate fund

Riyad REIT Fund invests $17m in private real estate fund

RIYADH: Riyad REIT Fund has invested SR62 million ($17 million) in a private closed-end real estate fund that is income-generating and Shariah-compliant, according to a bourse filing.

The private fund, which is managed by Riyad Capital, seeks to achieve stable current income and long-term capital growth by investing in top-tier institutional real estate assets located in prime Saudi Arabian locations.

The private real estate fund has a target size of SR3 billion, and the initial closing amount is SR315 million.

The fund has a term of 20 years that can be extended for an additional five years.

The investment will generate 8.5 percent per year in return over a five-year period if it is invested semi-annually, it added.


Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 
Updated 19 min 13 sec ago

Zain KSA integrates latest Huawei 5G technology into its network 

Zain KSA integrates latest Huawei 5G technology into its network 

RIYADH: Mobile telecom operator Zain KSA has collaborated with Chinese mobile technology firm Huawei to integrate the third generation of 5G solutions into its network across the Kingdom. 

This new RAN product MetaAAU technology integration will enable Zain KSA to offer a wide range of services to its customers through expanding coverage and capacity and increasing the network speed.

As MetaAAU uses extremely large antenna array architecture, multi-channel technology, and innovative algorithms, Huawei's most advanced products are able to offer double the scale of arrays compared with the previous-generation AAU.

This solution can improve network performance while slashing energy consumption, the company said in a press release. 

This comes as Zain KSA looks to support more 5G use cases, including cloud computing, the internet of things, artificial intelligence and machine learning solutions while continuing to deliver better user experiences. 

“This new upgrade to our 5G network serves our strategic goal to deliver world-class 5G experiences that match up to Saudi Vision 2030’s goals of transforming the Kingdom into a digital economy hub powered by Industry 4.0 and supporting a high quality of life for its communities,” Chief Technology Officer at Zain KSA, Abdulrahman Al-Mufadda said. 

He added: “Building on our elaborate 5G infrastructure, we launched the 5G carrier aggregation feature in 2020, achieving ultra-fast Internet speeds of 2.4 Gbps.” 

Now with the accelerating industry ecosystem development, and as more and more 5G smartphones support this feature, Al-Mufadda said they are extending the population coverage of 5G dual carriers and bringing the ultra-fast user experience to more customers.

President of Huawei 5G Product Line, Ritchie Peng said, “We will continue to provide innovative solutions to help Zain KSA to build the leading performance network and provide a better user experience to end users.”


SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality
Updated 22 min 35 sec ago

SAPTCO wins $23m bus transportation project with Taif Municipality

SAPTCO wins $23m bus transportation project with Taif Municipality

RIYADH: The Saudi Public Transport Co. has been awarded an SR88 million ($23 million) bus project with Taif Municipality.

The five-year project will have a positive impact on the company's revenues during the first half of 2023, it said in a bourse filing.

Founded in 1979, SAPTCO operates urban buses in Riyadh, Jeddah, and Mecca; intercity buses; and international buses to the UAE, Egypt, Jordan, and Bahrain.


Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia
Updated 33 min 12 sec ago

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

Capital Market Authority approves amending business list of BNP Paribas Saudi Arabia

RIYADH: Saudi Arabia’s Capital Market Authority has approved the request of BNP Paribas Investment Co. to amend the list of businesses it is licensed to practice.

Following the amendment, the investment service provider will be authorized to conduct dealing, keeping, arranging, and advising in securities business, according to a statement. 

Established in 2009, BNP Paribas Investment Co. Saudi Arabia is a private limited company based in Riyadh.

Operating in the investment services sector, the organization is owned by French-based enterprises.

In March 2021, BNP Paribas appointed Reema Al-Asmari as head of territory for Saudi Arabia, to bolster the French bank’s corporate and investment banking presence in the Kingdom.

This comes in line with the Kingdom’s Vision 2030’s reform plan, as Saudi Arabia aims for female participation in the labor force to be at 30 percent by 2030, a target it has now achieved ahead of schedule.

The appointment came following a report by the global ratings agency Moody’s that found that rising female participation in the labor force has the potential to boost Saudi Arabia’s non-oil growth and improve average household incomes.


Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document
Updated 33 min 17 sec ago

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

Saudi Arabia’s wealth fund hires banks for debut green bonds, shows document

DUBAI: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has hired a large group of banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds, a document showed on Tuesday.
BNP Paribas, Citi, Deutsche Bank, Goldman Sachs and JPMorgan, mandated as joint global coordinators and active book-runners, will organize investor calls starting on Tuesday.
A debut issuance in tranches of five, 10 and potentially a longer-dated tenor will follow, subject to market conditions. The issuance will be under GACI First Investment Co. and guaranteed by PIF.
Credit Agricole, First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are also active book-runners, while ANB Capital, BofA Securities, Bank of China, GIB Capital, ICBC, IMI Intesa Sanpaolo, Morgan Stanley, MUFG, Natixis, Riyad Capital and Saudi Fransi Capital are also on the deal.