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Egypt Seeking to Construct More Nuclear Power Plants

A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
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Egypt Seeking to Construct More Nuclear Power Plants

A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)
A view of the panel discussion held in Cairo on Monday. (Asharq Al-Awsat)

An Egyptian official declared Monday that the country plans to expand the construction of nuclear plants to generate electricity to meet the surging development in the country.

Head of Nuclear Fuel Sector at NPPA Hesham Hegazy said that Egypt intends to construct several nuclear plants in various regions. It already boasts the El Dabaa Nuclear Power Plant.

The country is seeking to increase dependency on nuclear energy to 8 percent by 2030, he said during a panel held by Rosatom under the title “The Role of Nuclear Energy in Sustainable Development”.

The Russian company is in charge of constructing El Dabaa plant.

The discussion was attended by the CEO of Rosatom Regional Center in the Middle East and Northern Africa region Alexander Voronkov, Rosatom Chief Sustainability Officer Polina Lion, Vice President of the ASE Group Dr. Gregory Sosnin, and Deputy Director of Nuclear Infrastructure Yulia Chernyakhovskaya.

El Dabaa Nuclear Power Plant is one of the biggest infrastructure projects backing various economic sectors, Voronkov said.

The plant is a key driver of sustainable development and a source for labor and comprehensive development across the country, he added.

As for sustainable development, Lion said that the project would achieve at least six of the UN Sustainable Development Goals seeing as that the plant has a low carbon footprint and provides electricity at reasonable prices.

It further creates around 3,000 job opportunities and more than 10,000 indirect jobs, Lion estimated.

Sosnin stated that El Dabaa plant would positively impact industrial development in Egypt and increase the GDP.

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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.