RIYADH, 10 April 2006 — Saudi Samba Financial Group posted a record first quarter net profit of SR1.428 billion ($380.8 million), up 75 percent from the same period in 2005. Operating profit reached SR1.9 billion up 59 percent from end-March 2005, Samba said in a statement posted on the bourse’s website. Loans rose 20.5 percent to SR64.6 billion, while deposits grew 31.5 percent to SR93.3 billion. Return on shareholders equity surged to 45.1 percent from 32.9 percent at the end of March, 2005, Samba added.
BSF Posts 105% Rise in Net Profit
RIYADH, 10 April 2006 — Banque Saudi Fransi (BSF) posted a first quarter net profit of SR881.7 million ($235.1 million) yesterday, up 105 percent from the same period in 2005. Operating income for the quarter rose 71.1 percent to SR1.1 billion, the bank said in a statement posted on the bourse’s website. It did not provide a breakdown of the profits. The bank’s assets rose 19.3 percent to SR73.6 billion, loans grew 20.2 percent to SR44.6 billion and deposits rose 20.8 percent to SR56.9 billion. “BSF is reaping the fruits of an excellent business model and relationship with its clients, along with its profitable products and effective deployment of resources,” Chairman Ibrahim Al-Touq said in the statement.
Almarai’s Profit Up 16.2 Percent
RIYADH, 10 April 2006 — Saudi dairy firm Almarai announced a first quarter net profit of SR90.6 million ($24.2 million) yesterday, up 16.2 percent from the same period in 2005. First quarter sales rose 31.5 percent to SR621.5 million, the company said in a statement on the bourse website. Net assets rose 35.6 percent to SR1.52 billion due to investment in the expansion of its production and distribution facilities which included commissioning a new processing plant. Almarai has posted a SR106.9 million net profit in the fourth quarter of 2005. The company was floated on the Saudi stock market last July at a price of SR512 a share.
