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Raysut Cement Q3 profit dips 22.9%
Oman-based cement manufacturer, Raysut Cement has said its third-quarter net profit had increased by 22.9% rise to RO6.88m ($16.44m), compared to RO5.6m in the corresponding period of 2008, Reuters has reported. Net profit in the first nine months of the year had amounted to RO24.18m, compared to RO26.13m in the prior-year period.
Qatar International Cables awards plant deal
Qatar International Cables Company (QICC) has said that it has awarded a contract for the turnkey construction of its cable factory in Messaieed Industrial City, Qatar. Amana Contracting and Steel Buildings has been chosen to undertake the deal. The new plant will produce power cables, low-voltage, medium voltage and high voltage up to 80kV, the company said. Production is scheduled to start in the second half of 2010, QICC said.
DuPont to introduce new insecticide
DuPont, the science-based products and services firm, has announced its plans to introduce its fast-acting Coragen insecticide across the Middle East and Africa region. DuPont, in coordination with local distributor Al Jammaz, will hold launch seminars in Saudi Arabia in late October 2009 to mark the launch. Coragen will be used on alfalfa, potato, grape, tomato, pepper and other vegetable and field crops in Saudi Arabia in alternation with products such as Avaunt to enhance pest control and better manage insecticide resistance.
A'Saffa to expand operations
Oman-based A'Saffa Poultry Farms has said it plans to expand its operations in the south of the country to meet growing demand at home and overseas and to increase its market share to over 35% within two years. The firm is the Sultanate's biggest producer of chicken with current annual production of 17,000 tons of product produced for supermarket shelves in Oman, the GCC and other countries.
Silicon developer Dow Corning opens Bahrain hub
Silicon-based materials developer and manufacturer Dow Corning has announced the opening of its Middle East headquarters and commercial entity in Manama, Bahrain. The new unit is intended to help Dow Corning provide support to construction, textiles, petrochemical and oil and gas industries with silicon-based materials and solutions. Dow Corning's Bahrain office will house engineers, chemists and sales professionals with diverse expertise in silicon-based technology.
Sabic arm awards Jubail engineering deal
Al Jubail Fertilizer Company (Al-Bayroni), an affiliate of Saudi Basic Industries Corporation (Sabic), has awarded KBR a contract to provide engineering, procurement and supply of proprietary equipment for Al-Bayroni's existing ammonia plant located in Jubail, Saudi Arabia. According to the contract, KBR will provide engineering design, procurement and installation support services for a new auxiliary boiler and a reformer convection section for the ammonia plant, which was originally built in the 1980s.
Qurain Petrochem net profit up 115%
Kuwait-based Qurain Petrochemicals Industries Company (QPIC) has said that its net profit for the nine month period to the end of September 30, 2009, rose by 115% to KD7.79m ($27.26m), from KD3.63m ($12.70m) for the same period last year. Operating profit for the first nine months of 2009 increased by 83% to KD8.92m ($31.22m) compared with KD4.88m ($17.08m) in the same period in 2008, the firm said.
Brown-McFarlane to open Jebel Ali hub
UK-based Brown McFarlane, a distributor and processor of steel plates, has said that it is setting up a dedicated facility in Jebel Ali to supply ex-stock high-specification steels to emerging industries for high-end applications in the Gulf region. The new facility is due to open on March 31 next year, the firm said. Brown McFarlane, which has a large ex-stock range of carbon and stainless plates, serves a variety of markets, including process engineering, mining and the nuclear- and renewable-energy sectors.
Lecico aims to double production capacity
Lecico, an Egyptian ceramics company, plans to double the production capacity of its sanitary ware division to 10 million pieces by 2015 and will launch an existing higher-end brand in Egypt in 2010, Reuters has reported. 'We are looking to double our earnings (for) the next three or four years by filling up our capacity,' Gilbert Gargour, the company's chairman, told the news service.
Asec to run gold mine in Algeria
Egypt-based Asec Mining has said it will plan and manage operations of an Algerian gold mine held by GMA Resources, following a deal to buy 10% of the company, Reuters has reported. The acquisition aims to leverage Asec's relative liquidity and continue its expansion into North Africa, Asec said. Asec has broad operations in geology, mining and manufacturing across the Mena region and manages gold mining and exploration projects in Sudan, Ethiopia and Libya.
Southern Cement Q3 profit down 5.4%
Southern Province Cement Co, Saudi Arabia's largest cement maker by market value, has posted a 5.4% fall in third-quarter net profit due to a long-standing exports ban, Reuters has reported. Net profit for the quarter stood at SR141m ($37.6m), compared with SR149m in the same period a year ago. Operational profit had declined by 5.2% to SR146m from SR154m in the year-earlier period.
Savola to buy Tate and Lyle stakes
Saudi-based Savola Group is in talks to buy British sugar refiner and sweetener group Tate and Lyle's stakes in sugar refineries in Egypt and Saudi Arabia, a Savola executive told Reuters. The talks are about Tate and Lyle's 10% stake in a 1.2 million tonnes per year sugar refinery in Saudi Arabia and a 3% stake in a 750,000 tonnes per year sugar refinery in Egypt, according to the executive, who asked not to be The deal would end a business partnership between Savola and Tate and Lyle that has lasted 14 years.
Saudi Kayan to retender two deals in Jubail
Saudi Kayan Petrochemical has reissued a tender for the construction of a low density polyethylene plant in Jubail, Reuters has reported. The company has asked contractors to resubmit bids for the building of the 300,000 tonne per year (tpy plant) and a 210,000 tpy amines plant. The Kayan complex was due online in 2010 and will have an annual production capacity of 5.6 million tpy of petrochemical products.
Saudi Maaden Q3 net falls
Saudi Arabian Mining has said its third-quarter net profit dropped by 23% to SR49m ($13.07m), compared with SR64m in the same period last year, Reuters has reported. The mining firm has attributed the decline to provisions for the Islamic tax of Zakat. Quarterly operational profit stood at SR21m, compared with a loss of SR28m for the same period last year, thanks to rising gold revenues, the company said in a statement.
Savola's Q3 proft climbs 76%
Savola Al Azizia United, Saudi Arabia's largest food products firm by market value, has reported a 75.8% increase in its third-quarter profit on higher sales, Reuters has reported. Net profit was SR277.8m ($74.1m) in the three months to end-September, compared with SR158m a year earlier, the company said.
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