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‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries
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‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

‘Ross Atom’ Accents Nuclear Energy in Sustainable Development of MENA Countries

Dr. Gregory Sosnin, Vice President of the ASE Group representing the Engineering Department of Ross Atom, stressed the importance of nuclear energy as part of the sustainable development of MENA countries.

He was speaking at the Fifth Arab Forum on the Prospects of Nuclear Energy in Electricity Generation and Desalinization of Sea Water that was held lately in Cairo.

Sosnin, who works as director of the Egyptian Dabaa plant project, said: "Countries of the region today – such as Egypt, the United Arab Emirates, the Kingdom of Saudi Arabia, and Turkey – are all rich in hydrocarbons and enjoy a warm climate ideal for solar PV, but all of them invest in nuclear energy.

"The decision makes sense when you see the benefits of nuclear energy. Its potential is huge, in fact."

Speaking of Ross Atom's experience in building nuclear power plants, he added: “We firmly believe the successful implementation of nuclear energy program is inevitably linked to success in areas such as individuals working in nuclear energy, and problems of public acceptance.

"The background of many newcomers to the nuclear energy field revealed that the delay in training individuals could lead to a deviation in the project's assigned schedule," he said, explaining that the support of the public "becomes an engine for the project."

Speaking at a session on regulatory and legislative frameworks for nuclear activities, safety, security, and nuclear safeguards, Deputy General Manager of Ross Atum ServicesYulia Chernakhovskaya expressed her opinion on the importance of nuclear infrastructure for sustainable development in the country.

Chernakhovskaya said: "This way, for example, Ross Atom Services works as a secretary in the inter-ministerial agreement between Ross Atom and the Federal Agency for Environmental, Technology and Nuclear Management (Rostekhnadzor) as part of helping to create and improve national nuclear energy infrastructure in countries that create or Planning to build nuclear facilities according to Russian designs."

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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.