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Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
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Saudi Arabia, Oman Sign Agreement and MoU on Maritime Transport

A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri
A view shows vehicles driving on a street in Riyadh, Saudi Arabia February 16, 2021. REUTERS/Ahmed Yosri

Saudi Minister of Transport and Logistics Engineer Saleh bin Nasser Al-Jasser has signed a cooperation agreement on maritime transport with Oman, the Saudi Press Agency (SPA) reported Thursday.

Al-Jasser signed the agreement with Oman’s Minister of Transport, Communications and Information Technology Eng. Saeed bin Hamoud Al Maawali during his visit to Muscat, SPA said.

The agreement aims to enhance areas of cooperation in the maritime transport sector for passengers and goods, facilitate the traffic of commercial ships, develop economic relations between the two countries and contribute to raising the efficiency of maritime transport services.
It also aims to facilitate technology transfer and encourage maritime studies and training, which contributes to the localization of the vital industry, as well as providing the necessary facilities for building and maintaining ships in both countries, protecting the marine environment and reducing environmental pollution.

Saudi Deputy Minister of Transport and Logistics and Acting Head of the Public Transport Authority Dr. Rumaih bin Mohammed Al-Rumaih also signed an MoU for mutual recognition of certificates issued under the provisions of the International Agreement on Levels of Training, Certification and Shift Work for Sea Workers of 1978 and its amendments with the Omani Ministry of Transport, Communications and Information Technology.

Another MoU was signed with Al Maawali to raise the levels of quality and efficiency of officers and sailors working aboard the ships of the two countries, and their suitability to carry out their tasks and meet the optimal standards for maritime safety, protection of property, preservation of the marine environment, and to ensure keeping pace with developments and exchange of expertise in the transfer of knowledge, training, qualification and evaluation programs to award certificates.

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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.