Savola net drops 2.3pc
Saudi-based Savola Group posted a 2.3 per cent drop in second-quarter net profit as capital gains decreased and said it expected its third-quarter net profit to rise by less than one per cent.
The private conglomerate - active in edible oil, sugar, retail and real estate - made SR207.7 million ($55.3 million) in the three months to end-June down from SR212.5 million a year earlier, it said in a statement to the Saudi stock exchange.
It was Savola’s lowest quarterly net profit since the first quarter of 2009.
Savola said third-quarter net profit is forecast to reach SR280 million.
Kipco ups stake in UIC
Kuwait Projects Company (Kipco), the country’s largest investment firm, reports it has increased its stake in United Industries Company (UIC) to 71.8 per cent by investing in the firm’s rights issue.
“UIC has become a subsidiary company of the Kipco Group. It was previously an affiliate company of the group,” a statement said.
The announcement follows Kipco’s purchase of outstanding UIC shares that were available through the company’s recent rights issue. The firm had owned 28.2 per cent of UIC.
Saudi cement output up 12.3pc
Sales by 12 Saudi cement firms rose 12.3 per cent during the second quarter but listed manufacturers are not doing as well as non-listed rivals, according to data released by Yamama Cement.
Cement sales, including exports, stood at 11.42 million tonnes during the second quarter against 10.17 million tonnes a year earlier, Yamama said in a report.
For the eight listed cement firms, sales stood at 8.96 million tonnes, an increase of 3.7 per cent over the same period in 2009.
Al Jouf’s plans to sell shares
Al Jouf Cement plans to raise SR650 million ($173.3 million) by selling new and existing shares to the Saudi public, with over half of the proceeds going to the founders of the firm which started operations in May.
Ducab wins IGD order
Ducab, a top manufacturer of power and special cables in the region, said it has won its second contract in Abu Dhabi’s Integrated Gas Development (IGD) project, raising its total order for Gasco’s Habshan 5 project to over Dh126 million ($35 million).
