RIYADH, 14 February 2006 — Saudi book and office supply trader Jarir Marketing Co. said yesterday its net profit rose 46.1 percent to SR176.2 million ($47 million) in 2005. Sales were up 47 percent to SR1.21 billion, a statement on the bourse website said. It said the company expected sales to rise 30 percent over the next year and profits to rise 25 percent. The statement confirmed a proposed SR20 dividend for 2005, lower than last year after the company issued one bonus share for each four held. It said the firm will decide this week on a date for its general assembly.
Tender for Mobile License Launched
CAIRO, 14 February 2006 — Egypt’s telecoms regulator launched a tender for the country’s third mobile phone license yesterday, calling on firms to present their offers on April 17. The announcement was made by the National Telecom Regulatory Authority (NTRA) in state-run daily newspaper Al-Akhbar. Kuwait’s Mobile Telecommunications Co. and Emirates Telecommunications Corp. have said they will bid. Telecom Egypt, Egypt’s fixed-line operator, has said it is considering a bid. Saudi Telecom has said it is studying potential investments in the region, including the third license in Egypt, a country of more than 72 million.
Emaar Proposes 40% Cash Dividend
DUBAI, 14 February 2006 — The UAE’s Emaar Properties proposed a 40 percent cash dividend yesterday but made no mention of the bonus share issue that some investors had been hoping for. The UAE’s largest listed company has seen its shares fall over 20 percent since announcing disappointing fourth quarter earnings on Jan. 28. It pulled briefly out of the dive on Feb. 6 on rumors that a bonus share issue was in the works. The dividend was announced after the end of yesterday’s trading on the Dubai stock exchange where Emaar shares fell 4.57 percent to 17.35 UAE dirhams ($4.72)
