عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy

Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
TT
TT

Saudi Arabia, Iraq to Complete Steps for Cooperation in Gas, Renewable Energy

Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad meet in Riyadh on Thursday. (SPA)

Saudi Arabia and Iraq have agreed to complete work on a number of important joint projects in the fields of gas, petrochemicals, electricity and renewable energy, and to intensify communication between them to discuss more joint opportunities.  

This came during a meeting on Thursday between Saudi Energy Minister Prince Abdulaziz bin Salman, and Iraq’s Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani Al-Sawad.  

The officials pointed to the progress achieved in the joint electrical interconnection project, emphasizing the importance of accelerating the implementation of the plan and increasing the capacity of the linkage to meet the aspirations of their countries.  

A statement said that the officials stressed the need to enhance bilateral cooperation in the fields of electricity and renewable energy, including operating and maintaining electrical networks and stations, and developing renewable energy plant projects.  

They also agreed to strengthen cooperation in the area of clean technologies to reduce carbon emissions, within the framework of the Green Middle East initiative, which is based on the carbon circular economy approach and which includes the establishment of a knowledge center and a regional complex for carbon capture, use and storage.  

The meeting touched on the importance of exchanging experiences in the field of reducing greenhouse gas and methane emissions, and benefiting from the Kingdom’s experience in the liquid fuel displacement program.   

The two sides reviewed the developments in the global oil markets, stressing the importance of working collectively within the framework of the OPEC+ agreement, and underlined their countries’ commitment to the organization’s decision, which extends to the end of 2023. 

Most Viewed

 
 
Business

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)
TT
TT

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.