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Schlumberger-backed Arabian Drilling planning Saudi IPO
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Arabian Drilling may complete a deal on Riyadh’s stock exchange before the end of the year May 3, 2021
Arabian Drilling Co., a Saudi oilfield-services company partly held by Schlumberger, is preparing an initial public offering that could give it a valuation of around $2bn, according to people familiar with the matter.
The firm, also owned by Saudi Arabia’s Industrialization & Energy Services Company, known as Taqa, has asked banks to pitch for a role on the potential share sale, the people said, asking not to be identified as the information is private.
Sabic rebounds with net profit of $1.3bn in Q1
RIYADH, 5 hours, 58 minutes ago Saudi Basic Industries Corp (Sabic), a global leader in chemicals, said that its net profits during the first quarter (Q1) of the year reached SR4.86 billion ($1.30 billion), rebounding from a net loss of SR1.05 billion in Q1 2020 on the back of higher prices and margins. This was higher than the net profits of SR2.25 billion [$0.60 billion] in the previous quarter, it added. The company’s revenue for the first quarter reached SR37.53 billion ($10.01 billion), representing an increase of 14% compared to the previous quarter and a 24% increase year-on-year.
Middle EastMIDEAST STOCKS Gulf bourses mixed in early trade
Reuters
3 minute read
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser
Stock markets in the Gulf were mixed early on Sunday, with bourses in the United Arab Emirates supported by corporate earnings reports.
Saudi Arabia s benchmark index (.TASI) was down 0.4%, extending losses from the previous session.
Saudi National Bank (1180.SE), the kingdom s largest lender, and petrochemical firm Saudi Basic Industries Corp (2010.SE) were both down 1.4%.
On Wednesday, the Saudi index registered sharp gains after Crown Prince Mohammed bin Salman said the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax (VAT) to 15% was temporary. read more