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Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
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Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)

In a step that enhances Saudi Arabia's economic, commercial and investment activities, Riyadh is preparing to host the “Big Five Saudi” exhibition for reviewing the latest technologies, innovations and sustainable solutions for construction and leading long-term partnerships.

The Big 5 Saudi exhibition will be opened by Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil.

The exhibition aims to provide a platform for exchanging experiences and providing support to about 400 local and international parties from 35 countries. This is done to enhance cooperation and present more than a thousand solutions and building products to more than 15,000 expected participants who will be attending the exhibition at the Riyadh International Convention and Exhibition Center.

Projects under construction in the Kingdom have a value of over $1.4 trillion, of which the construction and transportation sector account for the lion's share, with a value exceeding $825 billion, according to a report issued by MedProjects.

Muhammad Kazi, vice president of construction at DMG Events, the company organizing the exhibition between March 28 and 31, told Asharq Al-Awsat that it is the first event of its kind in the building materials industry this year.

Kazi noted that the exhibition will feature six sessions with prominent speakers from the Diriyah Gate Development Authority, the Saudi Entertainment Enterprises Company, and the United Nations Global Compact.

The exhibition’s activities, according to Kazi, will deal with sustainable development and leadership in the construction environment in the Kingdom. They will also focus on partnerships to achieve investment in Saudi projects and the adoption of new technologies in the construction industry.

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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.