Page 8 - DMEA Week 43 2022
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DMEA COMPANIES DMEA
He reiterated the aim of increasing the PIF’s Seeking to dispel any potential market con-
assets under management (AUM) to SAR4 tril- cerns, the company said that the transfer would
lion ($1.07 trillion) by 2025, with the transfer not have any impact on its operations, strategy,
taking the current level to around $620bn. The dividend distribution policy or governance
PIF’s AUM is expected to reach SAR7.5 trillion framework.
($2 trillion) by the end of the decade.
The PIF has plans in place that will see it
investing SAR3 trillion ($800bn) into new
sectors over the coming decade while creating
1.8mn direct and indirect jobs by 2025 and
Prince Mohammed said that the investment
level would reach SAR1 trillion ($267bn) by
that date.
In a regulatory filing on the TASI, Aramco
said: “This is a private transfer between the State
and PIF, and the Company is not a party to the
transfer and did not enter into any agreements
or pay or receive any proceeds from the trans-
fer,” adding that “the shares transferred will
rank equally alongside other existing ordinary
shares.” Al-Rumayyan spoke in Riyadh (Photo: Saudi Aramco)
Saudi Kayan moves from profit
to loss in Q3 2022, 9M 2022
MIDDLE EAST SAUDI Kayan Petrochemical Co., a Jubail- ($505.6mn) in the same interval of 2021.
based manufacturer of chemicals, polymers and Additionally, it reported that the value of its
specialty products, has reported that it sustained sales had reached SAR9.1bn ($2.42bn) in the
a loss in the third quarter of 2022 after operating first nine months of 2022, slightly up on the pre-
in the black in the same period of the previous vious year’s figure.
year. The company explained the shift from profit
In a statement filed with the Tadawul to loss by noting that the cost of its feedstocks
exchange in Riyadh, the company said it had had increased over the last year, even as the sell-
lost SAR812.27mn ($216.15mn) between July ing prices of its products had dropped.
and September, marking its largest quarterly News of Saudi Kayan’s move into the black
loss since its initial stock exchange listing on caused the company’s share prices to move
October 1, 2011. By contrast, it reported a profit downward, Arab News and Reuters reported on
of SAR667mn ($177.49) in the third quarter of October 24.
2021. The former noted early in the day that the
Saudi Kayan posted similar results for the firm’s stock was selling at SAR13.8 ($3.67) per
first nine months of 2022, shifting from profit to share as of 10:07 a.m. local time in Riyadh, down
loss. It said it had sustained losses of SAR453mn by 3.77% on its opening price, while the latter
($120.55mn) in the January-September period said later that Saudi Kayan had ended the day
of this year after making a profit of SAR1.9bn down by more than 6%.
Saudi Kayan manufactures chemicals, polymers and specialty products (Photo: Kelvion)
P8 www. NEWSBASE .com Week 43 27•October•2022
