JEDDAH — Samba Financial Group, Saudi Arabia's third-largest bank by assets, posted a 3.1 percent rise in its first-quarter net profit, according to a bourse statement on Monday. The bank said it made SR1.28 billion ($341.3 million) in the three months ending March 31, compared with SR1.24 billion in the same period a year earlier. The bank attributed its increase in net profit to higher total operating income – which gained 5.3 percent year on year – without elaborating. Meanwhile, Saudi Arabia's Yanbu National Petrochemical Co (Yansab) reported a 48.7 percent drop in first-quarter net profit on Monday. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of SR 285.1 million ($76 million) in the three months to March 31, down from SR555.7 million in the same period of 2014, a statement to the Saudi bourse said. "The decrease in net profit is attributable to lower average sales prices for all products despite lower price of some feedstock materials and higher sales volume," the company said in the bourse filing. Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. ALJ solar energy acquisition The distributor of Toyota vehicles in Saudi Arabia is expanding its energy division after a key solar acquisition. The Abdul Latif Jameel (ALJ) group, which also has assets in the financial, property and consumer sectors, will pursue further acquisitions in the renewables sector to support regional power growth while expanding the firm's market share. “Our intent is to become a leading player in the global renewables energy sector and give us a market leading position in solar power plant development,” said Mohammed Abdul Latif Jameel, group chairman and president. ALJ's strategy will be to complete a power project and after a period of five years sell the underlying assets and cash flow. It will then continue to maintain operational control and use the proceeds from the sale to fund further expansion. Roberto de Diego Arozamena, the chief executive of its energy division, said the firm had “consciously decided not to enter into conventional power” to focus on renewable energy. Last week, ALJ announced that it had purchased the Spanish firm Fotowatio Renewable Ventures, which added 4 gigawatts to its portfolio in Australia, Europe, South America and the Mena region, where it is active in Egypt and Jordan. — SG/Agencies
