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Desalination Reduces Carbon Emissions by 22% of Saudi Arabia’s Total Targets

SWCC aims to strengthen its global leadership in the desalination industry. (Asharq Al-Awsat)
SWCC aims to strengthen its global leadership in the desalination industry. (Asharq Al-Awsat)
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Desalination Reduces Carbon Emissions by 22% of Saudi Arabia’s Total Targets

SWCC aims to strengthen its global leadership in the desalination industry. (Asharq Al-Awsat)
SWCC aims to strengthen its global leadership in the desalination industry. (Asharq Al-Awsat)

The Saline Water Conversion Corporation (SWCC) announced on Thursday that it has succeeded in curbing carbon dioxide emissions by 28 million tons annually, which represents 22 percent of the Kingdom’s total target for the year 2030.

Eng. Mamdouh Al-Shuaiby, Executive Manager of Industrial Security and Environment at the SWCC, told Asharq Al-Awsat that the corporation would gradually dispense with thermal desalination plants and replace them with environmentally-friendly reverse osmosis (RO) technology.

He noted that a new initiative was launched in coordination with the Water Transport and Technology Company to raise the level of environmental commitment in water transmission systems, by developing an environmental management system and relevant construction and operational licenses.

Shuaiby emphasized that the RO system was one of the best eco-friendly technologies for not involving burning processes and emissions. He said that the corporation was working on developing a system that absorbs gases emitted from chimneys and converts them into investment products.

In a statement, the SWCC said it has invested its engineering and research expertise to expand the design innovation, implementation and supply of the new high-efficiency desalination plant that consumes less energy and is more flexible in operation and mobility.

SWCC said it aims to “strengthen its global leadership in the desalination industry, continue its plans to achieve the goals of the Kingdom’s Vision 2030, and enable local content in all its current and future development projects.”

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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.