COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
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COP28 Concludes 1st Week amid Expectations for Agreements

Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)
Expo City in the Emirate of Dubai, where the COP 28 conference is being held. (EPA)

At the end of the first week of the COP28 conference held in Dubai, UN Climate Change Executive Secretary Simon Stiell, on Wednesday, called on the countries participating in the talks to raise the bar of ambitions and reach clear agreements at the conclusion of the conference.
“All governments must give their negotiators clear marching orders. We need highest ambition, not point-scoring or lowest common denominator politics,” he told a news conference.
According to information obtained by Asharq Al-Awsat from the corridors of the conference, the work now falls on the state commissioners to put all the proposals on the table, before submitting them to officials and ministers, who are expected to reach an agreement at the conclusion of the conference.
For his part, Saudi climate negotiator Khaled Al-Muhaid said in a session on Tuesday evening that the 2015 Paris Agreement “was a great success for all of us”, adding that the “challenge now is how to keep all passengers on the train.”
The latest draft of a global climate agreement presented three options regarding the future of fuel. Sources at the conference indicated that all of the three decisions have good views, with varying rates of acceptance and adoption, but still close in proportion to each other.
“At the end of next week, we need COP to deliver a bullet train to speed up climate action. We currently have an old caboose chugging over rickety tracks,” Stiell told the reporters.
The heated deliberations coincided with climate reports confirming that the year 2023 was the hottest in history, and that November witnessed the warmest autumn in the world ever.
The head of the United Nations Development Program, Achim Steiner, urged countries participating in COP28 not to criticize any side at the conference, saying that Western countries are also sitting in a glass house with regard to oil production.
He pointed in this regard to the United States, Canada, Norway and the United Kingdom, all of which he said wanted to expand their oil production.

 



Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.