SIPCHEM-

SaharaInternational Petrochemical (Sipchem) saw its net income drop 63.7% y-o-y to SAR 426.1 mn in FY 2024, hit by higher feedstock and raw material costs, as well as lower gains from joint ventures and associates, it said in a disclosure to Tadawul. Revenues fell 7.3% y-o-y to SAR 7.1 bn during the same period, impacted by lower sales volumes and an 8% drop in product prices.

ALSO- The executive board opted to halt production at its Ethyl Acetate plant in Jubail Industrial City until further notice, according to a separate disclosure. Sipchem expects the move to strengthen its financial structure while other facilities compensate for paused operations.

Plant shutdowns affected Spichem in 4Q: Sipchem’s earnings in the fourth quarter were set back SAR 130 mn from the month-long shutdown of its Samapco plant, including SAR 30 mn in maintenance costs, CEO Abdullah Al Saadoon told AlArabiya.

Trade wars bode well for Sipchem? Al Saadoun remainsoptimistic about market recovery, pointing to rising product prices and an improving supply-demand balance. He expects newly tariff hikes between the US and the EU to have a positive impact on the company’s performance, enhancing Sipchem’s competitiveness with US products in European markets, which represent 22% of the company’s total sales.

REMEMBER- The Khobar-based petrochemical firm is looking to double its production capacity over the next seven years as it grows offshore sales. Sipchem is eyeing new markets in Europe, India, South Asia, and the broader Middle East, CEO Abdullah Al Saadoon said back in July.

PETRO RABIGH-

Rabigh Refining and PetrochemicalCompany reported a net loss of SAR 4.5 bn in FY 2024, slightly narrowing from a SAR 4.7 bn loss in 2023, it said in a disclosure to Tadawul. Meanwhile, revenue dropped 11.8% to SAR 39.3 bn.

The bottom line for Aramco-Sumitomo Chemical JV remained in the red on the back of lower sales and product margins, in addition to unplanned facility shutdowns and increased feedstock costs, reads the disclosure.

REMEMBER- Petro Rabigh cleared its books with Aramco and Sumitomo last January when the two companies bailed their JV from two revolving shareholder loans worth a combined USD 1.5 bn. The move was part of a binding sale and purchase agreement which saw Aramco acquire an additional 22.5% stake in the JV.

DAR AL ARKAN-

Dar Al Arkan Real Estate Development’s net income rose 32.1% y-o-y to SAR 806.8 mn in FY 2024, it said in a disclosure to Tadawul. The growth was driven by higher lease revenues and increased non-operating income from murabaha deposits, helping offset higher operating and finance costs and a decline in associates’ income. Meanwhile, revenue grew 38.9% y-o-y to SAR 3.8 bn over the same period.

LOOKING AHEAD- Dar Al Arkan is exploring further listings for its international arm Dar Global beyond the London Stock Exchange, with potential targets including the New York Stock Exchange, Chairman Yousef Al Shelash said in January.

NATIONAL SHIPPING COMPANY-

The National Shipping Company for Saudi Arabia (Bahri) reported a 34% y-o-y increase in net income to SAR 2.17 bn in FY 2024, pushed by improvements in operational performance and return on equity investments, according to a disclosure to Tadawul. Revenue grew 8% y-o-y to SAR 9.48 bn during the same period, buoyed by higher global shipping rates and increased activity across several business units.

Dividends: The BoD recommended distributing SAR 738.3 mn in dividends for FY 2024 at SAR 1 per share, it said in a separate disclosure. The distribution date is yet to be announced.

ALSO- The company’s board proposed a capital hike to SAR 9.23 bn through a bonus share issuance at a rate of one share for every four shares held, according to another disclosure. The hike will be financed by tapping SAR 1.85 bn from retained earnings.

TAIBA INVESTMENTS-

Taiba Investments’ net income rose 205.6% y-o-y to SAR 333.7 mn in FY 2024, while revenue increased by 145.2% y-o-y to SAR 1.32 bn, according to a disclosure to Tadawul. Growth was fueled by higher occupancy rates related to religious pilgrimage, an increase in the number of events and conferences held in Riyadh, and Dur Hospitality’s post-acquisition footprint expansion.

ALSO- The company’s board suggested distributing SAR 195.3 mn in dividends for FY 2024 at SAR 0.75 per share, it said in a separate disclosure. The distribution date is yet to be announced.

UNITED COOPERATIVE ASSURANCE-

United Cooperative Assurance racked up a net loss of SAR 15.1 mn in FY 2024, compared to a net income of SAR 5.3 mn in 2023, it said in a disclosure to Tadwul. The decline was driven by a 39% drop in net ins. service results due to higher expenses and a 98% fall in ins. pool surplus share. The losses were partially offset by a 43% increase in net investment returns. Meanwhile, ins. revenues fell 1.2% y-o-y to SAR 1.05 bn.

QASSIM CEMENT-

Qassim Cement’s net income grew 112.3% y-o-y in FY 2024 to SAR 301.3 mn, while revenue increased 65.8% y-o-y to SAR 967.6 mn, according to a disclosure to Tadawul. Growth was supported by higher sales volume and average pricing, in addition to the operational integration of the fully acquired Hail Cement.

ALSO- The board greenlit the distribution of SAR 87.8 mn in dividends for 4Q 2024 at SAR 0.80 per share on 15 April, it said in a separate disclosure.

GULF UNION ALAHLIA COOPERATIVE INS.-

Gulf UnionAlahlia Cooperative Ins. Company reported a 65.1% y-o-y decline in net income to SAR 43.6 mn in FY 2024, weighed down by higher ins. services expenses and a smaller surplus from ins. pools, according to a disclosure to Tadawul. Meanwhile, ins. revenues grew 28.9% y-o-y to SAR 804.8 mn, driven by solid performance across the health, car, and property and casualty ins. segments.

BAWAN-

Bawan’s net income declined 22.1% y-o-y to SAR 106 mn in FY 2024, while revenue dropped 9.9% to SAR 3 bn, according to a disclosure to Tadawul. The fall came on the back of lower prices of wood products, declining sales of metal products, and increasing operational and Zakat expenses. These factors were partially offset by increased sales of plastic and electric products.

THE MEDITERRANEAN AND GULF-

The Mediterranean and Gulf Ins. and Reins. (MedGulf) reported a 49.4% y-o-y decline in net income to SAR 102 mn in FY 2024, driven by higher reins. expenses and weaker investment returns, it said in a disclosure to Tadawul. However, ins. revenues grew 6.6% y-o-y to SAR 3.55 bn on the back of overall growth in the business volume.

REMEMBER– Buruj Cooperative Ins. secured the green light for a potential merger with MedGulf from the General Authority for Competition. The move would see MedGulf’s capital upped to allow for the issuance of new shares to the shareholders of Buruj. The move is still pending other regulatory and shareholders’ approvals before any binding agreement can be signed.

RIYADH CEMENT-

RiyadhCement’s net income increased 64.5% y-o-y to SAR 310.4 mn in FY 2024, driven by healthier results and a SAR 25 mn zakat refund, it said in a disclosure to Tadawul. Meanwhile, revenue was up 22.7% y-o-y at SAR 789.4 mn during the period on the back of higher selling prices.

AL AKARIA-

Saudi Real Estate Company (Al Akaria) saw its net income grow 218% y-o-y to SAR 215.1 mn in FY 2024, buoyed by a nearly threefold increase in returns from public and private partnerships, in addition to rising operating income and falling zakat expenses, it said in a press release (pdf). Meanwhile, revenues were up 9.6% y-o-y at SAR 1.9 bn over the same period, driven by higher real estate sales, returns from infrastructure projects, and rental revenues.

Looking ahead: Al Akaria expects Fai Sedra-1 project, which features 138 residential units, to roll out in 1Q 2026, acting CEO Khalid Alsehaibany said. He added that the company is currently looking to tap a contractor for Fai Sedra-2, which features 310 residential units and is expected to be completed in 2027.

ACIG-

Allied Cooperative Ins. Group (Acig) reported a net loss of SAR 16.5 mn in FY 2024, compared to a net income of SAR 63.4 mn in the previous year, due to lower ins. revenue, it said in a disclosure to Tadawul. Revenues dropped 9.4% y-o-y to SAR 883.4 mn, weighed down by declining car and health ins. sales.

MIDDLE EAST SPECIALIZED CABLES-

Middle East Specialized Cables‘ (MESC) net income increased 86.1% y-o-y to SAR 91 mn in FY 2024, driven by a higher sales volume and other income streams, as well as lower financing costs, it said in a disclosure to Tadawul. At the same time, revenue climbed 23.4% y-o-y to SAR 1.14 bn, boosted by higher sales orders across all sectors — particularly oil and gas — and a rise in qualified bids.

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