News

In Brief

November 2014

Almarai Q3 profit up 13.4pc

SAUDI Arabia’s Almarai, the Gulf’s largest dairy company, reported a 13.4 per cent increase in third-quarter net profit. It made a profit of SR539.4 million ($143.8 million) in the quarter, up from SR475.6 million in the year-earlier period.

Eight analysts polled by Reuters had forecast on average that Almarai would make a quarterly profit of SR520 million.

The firm said Q3 sales rose 11.7 per cent to SR3.27 billion.

 

Masharie optimistic

MASHARIE LLC, the private equity arm of Dubai Investments, is poised for aggressive growth, driven by expansion plans and aggressive acquisitions.

With surging demand in both contracting and manufacturing sectors, especially in construction and real estate-related businesses in the Gulf and Middle East, Masharie expects the top line from its existing portfolio to reach around Dh750 million ($204.1 million) in 2014 (36 per cent growth over Dh550 million in 2013) and is targeting 20 per cent to 25 per cent growth over the next three years, the company said.

 

Roper joins Dafza

DUBAI Airport Freezone Authority (Dafza) has welcomed Roper Middle East, a leading provider of engineered products and solutions for global niche markets, to its roster of high-profile multinational corporate clients.

Roper includes as many as 50 entities operating in areas including software information networks, medical, water, energy, and transportation, through 250 subsidiaries with annual revenues of more than $3.2 billion, said a statement.

 

Saudi imports surge

SAUDI Arabia’s imports jumped an annual 19.6 per cent in August, ending nine consecutive months of declines, while growth in non-oil exports accelerated to 22.2 per cent, data from the Central Department of Statistics and Information showed.

The kingdom’s non-oil exports amounted to SR18.542 billion ($4.94 billion) in August 2014, compared to SR15.172 in the same month last year. Imports totalled SR56.483 billlion in August this year, compared to SR47.208 billion in 2013.

 




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