Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)
TT

Saudi Arabia Plans to Increase Honey Production, Maximize Economic Returns

Six programs were identified to support the honey industry. (Photo: SPA)
Six programs were identified to support the honey industry. (Photo: SPA)

The Saudi Ministry of Environment, Water and Agriculture is seeking to develop bee pastures to maximize the economic return, in light of the continuous growth of the number of beekeepers who practice modern methods of honey production.

In remarks to Asharq Al-Awsat, the ministry said that the Kingdom’s annual imports of honey amounted to approximately 25,000 tons of honey, while its production is estimated at 2,646 tons.

The ministry noted that in 2018 it had launched programs to develop the honey bee industry and production sector.

“Honey contributes to about 660 million riyals (176 million dollars), representing 1.07 percent of the total agricultural GDP as an economic tributary to the country,” a ministry official said.

Six programs were identified to support the industry, including improving and developing the local honey bee breeds, promoting the infrastructure, raising the efficiency of local content and capacity-building, organizing bee pastures and encouraging investment and scientific research.

The consumption of honey in Saudi Arabia this year is estimated at approximately 320 grams per person, which is equivalent to twice the global average consumption of honey.

Samer Kurdi, head of the Sunbulah Group for the manufacture of food and natural honey in Saudi Arabia, said in an interview with Asharq Al-Awsat that in 2020, honey consumption in the Kingdom was estimated at approximately 320 grams per person.

He said this reflected the awareness of consumers in Saudi Arabia about eating quality food products and maintaining a healthy lifestyle.



SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
TT

SABIC Returns to Profit in Q3 Driven by Revenue Growth

SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)
SABIC reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30. (SPA)

Saudi Basic Industries Corp (SABIC), one of the world’s largest petrochemical firms, returned to profit in the third quarter, recovering from a loss a year earlier, helped by higher revenue and core earnings.

SABIC, 70% owned by Aramco, reported a net profit of SAR 1 billion ($266 million) for the three months ending September 30, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This is a major improvement from a loss of SAR 2.87 billion during the same period last year.

SABIC CEO Abdulrahman Al-Fageeh said: “The increase in the third quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations.”

Analysts had projected that SABIC would achieve profits of up to SAR 1.7 billion.

SABIC attributed its growth mainly to higher average selling prices, which were partially offset by a slight decline in sales volumes.

The company’s net profit was primarily driven by an increase in operating income of about SAR 797 million, thanks to improved profit margins despite higher operating costs. Gains also came from selling its specialized business that produces plastic sheets and films, along with foreign exchange benefits in the third quarter of 2024.

Profit was also driven by a decrease in losses from discontinued operations by around SAR 3.3 billion, mainly due to the fair value assessment of Saudi Iron and Steel Company (Hadeed), classified as a discontinued operation while awaiting the closure of a previously announced sale.

This was partly offset by a drop in financing income of SAR 390 million from the revaluation of equity derivatives, which are non-cash items.