Cement firm's profits slip

The net profits of Saudi Arabia's Eastern Province Cement Company dipped in the first nine months of this year. The net profit for the period was SR104.1 million ($28.13 million) compared to SR106.9 million for the same period last year. The Dammam-based firm is one of eight cement companies operating in the kingdom.

Kerr-McGee sells stake

Kerr-McGee Corporation of the US, the world's third largest producer and marketer of titanium dioxide, has sold its 25 per cent stake in Saudi Arabia's National Titanium Dioxide Company to its partners for $43 million in a move to consolidate its assets. The sale of its wholly-owned Kerr-McGee Chemical's interest in the company, also known as Cristal Pigments Joint Venture, was effective immediately. Titanium dioxide is used in making paints and paper.

Savola's profits slide

Saudi Arabian food group Savola has said it made a net profit of SR114 million ($30.4 million) in the first nine months of 2000, down from SR134 million in the same period last year. Savola, the main supplier of cooking oil in the kingdom, last year merged with Al Azizia Panda United creating the Middle East's largest food services group.

It owns a 51 per cent stake in United Sugar Company (USC) that runs a sugar plant in Saudi Arabia. Britain's Tate and Lyle holds a 15 per cent share of USC and the remainder is owned by local independent sugar traders.

Safco back in the black

Saudi Arabian Fertiliser Company (Safco) has made a net profit of SR142.9 million ($38 million) in the first nine months of 2000 compared with a loss of SR23 million a year earlier. Sabic managing director Mohammed Al Mady said higher ammonia and urea prices in the world market coupled with a 19 per cent reduction in sales cost had helped the swing into profit. Saudi Basic Industries Corporation (Sabic) holds a 41 per cent stake in Safco.

GIA offers incentives for investment

Saudi Arabia is offering various incentives to investors though its transparent economic and financial policies to invest in power and other sectors for the development of the country, said Prince Abdulllah bin Faisal bin Turki, Governor, General Investment Authority (GIA). News reports quoted Prince Abdullah as saying that recent investment conferences in the UK and France had been successful and more such events would be held shortly in the US, Japan and Holland.

Prince Abdullah added that the GIA had so far approved investment licences by foreign and local companies to the tune of over SR4 billion ($1.08 billion) during the past five months since the creation of the GIA.The Kingdom is formulating more regulations to facilitate the investment process, he said.

Minerals output hits 34m tonnes

Minerals production by holders of Saudi mining concessions for fiscal 1999 amounted to about 34 million tonnes including 16 million tonnes of cement, 400,000 tonnes of gypsum, 95,000 tonnes of salt and more than 4,000kg of gold. Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al Naimi said the concessionaires made profits in excess of SR 1,200 million ($792 million).

Al Naimi said the area exploited by investors exceeded 780 sq km and that his ministry had issued 16 licences to five Saudi and foreign companies to explore for gold, non-precious stones and industrial metals at a number of sites. The ministry had also issued 18 licences for exploration of metal ores to 17 Saudi and foreign companies.

Yamama Cement's net rises

Yamama Cement Company's net income rose to SR160 million ($43.2 million) during the first nine months of this year from SR155.9 million in the corresponding period last year. The pre-tax profit stood at SR191.9 million, compared with SR182.9 million last year.