Samsung hosts suhoor with Saudi Olympic torch bearers

Updated 06 August 2012

Samsung hosts suhoor with Saudi Olympic torch bearers

Samsung Electronics, a global leader in digital media and digital convergence technologies, hosted its annual suhoor in Jeddah. The event came in line with the launching of the Olympic Games 2012 in London, where Samsung Electronics is a worldwide sponsor of the games. Faisal Al-Qahtani from King Abdulaziz University (KAU) and sports journalist Mounzer Batati shared their extraordinary experience during the Torch Relay last month. The Olympic Games were projected live during the event, with special highlights on Samsung's largest TV screen that has arrived in the Kingdom. It has a screen size of 75 inches.
Jae Cheon Park, GM, Samsung Electronics, KSA, expressed the importance of the Kingdom's participation in the London Olympics and said: "Samsung Electronics Saudi Arabia is proud of the social events that it continuously conducts in order to maintain a strong relationship between the management, media and society."
He added: "This year, Ramadan has coincided with the start of the Olympic Games 2012, which has over 10,000 competing athletes from 204 nations and more than 1 billion viewers of the opening ceremony. This is where we all come together under one roof to observe the spiritual season of the holy month in addition to viewing the most exciting games in history."
After being nominated by Samsung Saudi Arabia and selected by the London Organizing Committee of the Olympic Games, 9 participants from the Kingdom took part at the Torch Relay last month in London and journeyed across the UK for 70 days, side by side with prominent world renowned individuals such as England's David Beckham, British TV star Jamie Oliver, Ivory Coast team player and Chelsea's Didier Drogba, and writer Vladimir Tolstoy.
The participating athletes from the Kingdom are competing in equestrian, weightlifting, athletics, judo and shooting at the games.


Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

Updated 29 February 2020

Arab National Bank reports net profit before zakat and income tax of $947mn for 2019

Arab National Bank (ANB or the Bank) reported a net profit before zakat and income tax of USD 947 million for 2019 compared to USD 883 million in 2018, an increase of 7.3%.

ANB total operating income reached USD 1,795 million compared to USD 1,743 million for the same period last year, an increase of 3%, whereas net special commission income reached USD 1,481  million against USD 1,374 million for the same period last year, an increase of 7.8%.

Net profit after zakat and income tax reached USD 806 million compared to USD 1,058 million last year.

It is worth mentioning that the decrease in net profit after zakat and income tax in 2019 resulted from the change in the accounting standards relating to zakat and income tax and not reflecting a real decrease in profits. Due to the settlement reached with the General Authority of Zakat and Tax (GAZT) in 2018 for the period 2006 – 2017, a saving of USD 297 million was achieved, which in turn resulted in an increase of the same amount in 2018 equity.

With the change in the accounting standards for reclassifying zakat and income tax to the statement of income instead of shareholders' equity in 2018, the amount of USD 297 million was recognized in the statement of income, accordingly, the 2018 net income was amplified by the same amount to reach USD 762 million before the settlement and USD 1,058 million after the settlement.

By the end of 2019, assets reached USD 48.9 billion compared to USD 47.6 billion for the same period last year, and investments reached USD 10.1 billion compared to USD 7.4 billion last year an increase of 36.5%, while the loans portfolio reached USD 31.7 billion against USD 32.3 billion for the same period last year, a decrease of 1.8%  and customers’ deposits reached USD 37.9 billion maintaining the same level of last year.