Latest news with #Hadeed
Arab News
09-07-2025
- Business
- Arab News
Saudi chemicals group SABIC studying IPO of its gas unit
DUBAI: Saudi chemicals group SABIC said on Wednesday it was studying strategic options for its National Industrial Gases Company, including an initial public offering, amid a broad review of its business. SABIC said in a statement that the move was in line with its portfolio optimization and core business focus strategy, adding that an IPO of GAS would be aimed at improving the group's 'financial position and the value added for shareholders.' The chemicals industry has been grappling with weak demand and high input costs, leading to lower prices and squeezed margins. SABIC, one of the world's largest petrochemical companies and 70 percent-owned by oil major Saudi Aramco, reported in May a first-quarter net loss of $323 million, citing a rise in operating costs and high feedstock costs. Earlier this year, it also said it planned to cut costs and find new investment opportunities, while restructuring some core assets and offloading non-core businesses. It has already divested its stakes in Aluminium Bahrain, or Alba, and steel business Hadeed, selling both to other state-backed Saudi entities. SABIC said on Wednesday that 'the study remains ongoing, with each option subject to the necessary financial, technical, regulatory and economic assessments.' Its shares have fallen 16.3 percent since the beginning of the year, according to LSEG data.
Asharq Al-Awsat
25-03-2025
- Politics
- Asharq Al-Awsat
Damascus Arrests Drug Trafficker Linked to Maher al-Assad, Others Held Over Tadamon Massacre
Security forces in the Damascus countryside announced the arrest of Shadi Adel Mahfouz, describing him as one of the individuals involved in recent attacks on security forces in the coastal region. Mahfouz was reportedly employed by the ousted regime's Military Intelligence Branch 277 and was responsible for recruitment on behalf of Military Security. Security forces also arrested two suspects linked to the 2013 massacre in the Tadamon district of Damascus: Kamel Sharif Abbas and Maher Hadeed. Hadeed, a member of the National Defense Forces, is accused of committing additional war crimes against Syrian civilians. Authorities suspect a connection between Hadeed and Amjad Youssef, the primary suspect in the Tadamon massacre. The arrests follow just over a month after Syrian security forces captured three individuals involved in the 2013 Tadamon massacre. One of the suspects confessed to killing more than 500 people in the Tadamon district at the start of the revolution against the former regime. The massacre took place on Nasreen Street in Tadamon, near the Palestinian refugee camp of Yarmouk in Damascus. It remained undiscovered for nearly nine years until footage surfaced in April 2022, published by the Guardian. The video revealed Syrian regime forces executing 41 civilians, including seven women and several children. In related developments, local media sources reported the arrest of Mohannad Naaman, a close associate of Maher al-Assad and senior officers in the Fourth Division. Naaman, originally from Harasta in the Damascus countryside, is accused of overseeing one of the major captagon pill production sites in both the Damascus countryside and along Syria's coastal region, including a ship anchored off Syria's shores.
Asharq Al-Awsat
27-02-2025
- Business
- Asharq Al-Awsat
SABIC Returns to Profit in 2024, Allocates $4 Bn for 2025 Capital Expenditure
Saudi Arabia's SABIC, a global leader in diversified chemicals, announced on Wednesday its financial results for the year 2024, with a net profit of SAR 1.5 billion compared to a net loss of SAR 2.8 billion in 2023. However, the petrochemicals giant recorded an unexpected loss of 1.89 billion riyals ($503.9 million) in the fourth quarter of last year, weighed down by rising fixed costs. Eng. Abdulrahman Al-Fageeh, SABIC CEO, attributed the increase to higher oil product prices during winter and warned that challenges in the petrochemicals sector were likely to persist throughout 2025. SABIC, 70% owned by Saudi Aramco, disclosed to the Saudi Stock Exchange (Tadawul) three key factors that contributed to its return to profitability in 2024. The company said it recorded a SAR 3.52 billion reduction in total losses from discontinued operations, driven by the fair value assessment of Saudi Iron and Steel Co. (Hadeed) and operational losses at Hadeed. Operating profit also rose by SAR 2.02 billion due to higher gross profit, though partially offset by increased operating costs. Additionally, zakat expenses fell by SAR 1.06 billion, primarily due to the reversal of a zakat provision for 2024. SABIC reported a 1% decline in annual revenue, reaching SAR 140 billion, while sales volumes dropped 2% to 45.1 million metric tons from 45.9 million metric tons in 2023. However, the average selling price rose by 1%. Al-Fageeh attributed the company's fourth-quarter losses to higher fixed costs, which typically increase in winter due to rising oil product prices. Speaking at a press conference to review the company's financial results, he forecast stable demand for end-products in the first quarter of 2025, compared to the last three months of 2024. He also revealed that the proceeds from the sale of SABIC's stake in Bahrain's Alba to Saudi Arabian Mining Company (Maaden), valued at SAR 3.6 billion ($960 million), would be used to boost its petrochemicals investments and diversify its portfolio. Al-Fageeh highlighted SABIC's continued growth, stressing that the company is moving in the right direction as planned. He outlined its expansion projects that include the Fujian Petrochemical Complex project in China, which will become operational in the second half of 2026. SABIC previously forecast that the financial impact of the project would be reflected in the company's results after its completion and the start of commercial operations in the first half of 2027. SABIC expects capital expenditures between $3.5 billion and $4 billion this year, compared to previous guidance of $4 billion to $5 billion for 2024.
