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Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
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Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo

Around 16 Saudi firms listed in the local capital market have announced the fiscal results of Q4 2018.

The results showed a growth exceeding 5.7 percent, which makes it likely for other listed companies to achieve positive growth in the same period.

Giant Saudi companies would reveal fiscal outcomes of Q4 2018 during next week’s trading. The results will likely impact trading on the local market, deals and liquidity.

Tadawul All Shares Index on Thursday dropped 0.4 percent at the close of trade at 8,435 points, amid trading value of around SAR2.7 billion (USD720 million).

Meanwhile, the Saudi Arabian Monetary Authority (SAMA) said it lifted a ban on Saudi Enaya Cooperative Insurance Company (Enaya) to issue or renew insurance policies, starting Thursday. SAMA noted that its decision came after Enaya resolved the problems that had caused the ban.

There are forecasts that the Saudi companies’ fiscal results of Q4 2018 will be better compared to the same period in 2017. The Saudi economy is forecast to witness more growth in 2019, compared to last year.

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Saudia Becomes Global Leader and Ranks First Worldwide in On-Time Performance

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
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Saudia Becomes Global Leader and Ranks First Worldwide in On-Time Performance

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

Saudia, the national flag carrier of the Kingdom of Saudi Arabia, has topped the list of global airlines for on-time performance, according to a report by the independent aviation tracking site Cirium for June 2024.

The report said Saudia achieved an on-time arrival rate of 88.22% and an on-time departure rate of 88.73% while operating 16,133 flights across its network of over 100 destinations on four continents. This achievement is notable given that June is a peak travel month due to the Hajj and summer travel seasons.

Director General of Saudia Group Eng. Ibrahim Al-Omar said: “This accomplishment is a realization of our strategic goals to enhance operational efficiency and quality through continuous improvements in flight scheduling and the implementation of the best digital solutions and systems for operations management.”

“Maintaining a high level of on-time performance requires significant effort, as it involves overcoming numerous operational challenges in the aviation industry, such as weather conditions, high temperatures, technical issues, and other airport-related factors,” he added.

“I express my gratitude to all Saudia employees for their diligent work in maintaining the national flag carrier's operational excellence.”

Saudia has consistently been among the top 10 global airlines for on-time performance since last year, demonstrating its commitment to providing the highest standards of quality and air safety.

Its operations are managed through the largest Integrated Operation Control Center (IOCC) of its kind in the Middle East, which runs within a comprehensive system involving all sectors and group companies.

The center utilizes the latest technologies for aircraft communications, ensuring smooth operations by monitoring all procedures related to aircraft takeoff and landing in real time at all domestic and international stations.