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Mawani, Reviva Sign Deal for Waste Recycling Complex in Jeddah

Jeddah Islamic Port. Photo: Saudi Ports Authority website
Jeddah Islamic Port. Photo: Saudi Ports Authority website
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Mawani, Reviva Sign Deal for Waste Recycling Complex in Jeddah

Jeddah Islamic Port. Photo: Saudi Ports Authority website
Jeddah Islamic Port. Photo: Saudi Ports Authority website

The Saudi Ports Authority (Mawani) and Global Environmental Management Services Ltd. (Reviva), a subsidiary of Saudi Investment Recycling Company (SIRC) Group, have signed an agreement to establish a plant for recycling marine and industrial waste at Jeddah Islamic Port. The project, valued at SAR30 million ($8 million), will cover an area of 10,000 square meters.

The agreement was signed on Sunday by Mawani's President Omar bin Talal Hariri and SIRC's CEO Eng. Ziad bin Mohammed Al-Shiha in the presence of other officials.

This initiative is part of Mawani's efforts to promote environmental sustainability, ensure marine safety, and develop a sustainable maritime sector. It aligns with the National Transport and Logistics Strategy and the Green Ports Initiative, aiming to bolster Saudi Arabia's position as a global logistics center and a hub connecting three continents.

The new plant will enhance waste utilization by converting waste into valuable resources, thereby promoting a thriving circular economy in the Kingdom. It will offer comprehensive waste management and recycling solutions, industrial maintenance services, by-product recycling, and transportation services, which will minimize waste generation and improve waste management operations while preserving the environment.

The collaboration between Mawani and Reviva will contribute to the Kingdom's waste management goals as part of Saudi Vision 2030 and increase the private sector's role in supporting economic growth. The initiative aims to position Jeddah Islamic Port among the top 10 ports globally.

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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)
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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.