Saudi Electricity Company awards $906mln power project contracts
These substations are the part of upcoming Renewable Energy Projects across Saudi Arabia.
At present, Saudi Power Procurement Company (SPPC) has already issued RFP for the sixth round of renewable energy projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The combined capacity of sixth round of renewable energy projects is 4,500 MW.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The National
3 minutes ago
- The National
Opec+ agrees to 547,000 bpd oil output increase for September
Opec+ has agreed to increase its oil production by 547,000 barrels per day for September, as the alliance of oil producers led by Saudi Arabia and Russia continues to unwind voluntary cuts introduced during the pandemic. "The eight participating countries will implement a production adjustment of 547 thousand barrels per day in September 2025 from August 2025 required production level," the Organization of the Petroleum Exporting Countries (Opec) stated in a press release on Sunday. The decision marks the sixth month in a row the group has raised output as it gradually restores 2.2 million barrels a day of supply that was withheld from the market. The alliance previously approved monthly rises of 138,000 barrels a day in April and 411,000 barrels a day for May, June and July. Last month, Opec+ announced a larger-than-expected increase of 548,000 barrels a day for August, accelerating the pace of its phased supply return. Policy and market fundamentals Since December 2024, Opec+ has maintained that it would gradually and flexibly unwind its voluntary cuts beginning in April 2025. In past statements, the group cited a steady global economic outlook, healthy market fundamentals and low oil inventories as reasons for restoring output. Opec+ has reiterated that future increases can be paused or reversed if market conditions deteriorate, to maintain oil market stability. The return of production cuts – originally agreed by eight Opec+ members including Saudi Arabia, Russia, the UAE and Iraq in November 2023 – had been pushed back several times amid concerns about growing supply in the market. The next gathering will take place on September 7. Added pressures Oil prices dropped on Friday after a weaker-than-expected US jobs report and tariffs announcements weighed on prospects for energy demand growth. The Labour Department employment report for July put employment growth at a much lower level than expected, at 73,000 jobs. Markets had expected a gain of 100,000. Brent, the benchmark for two-thirds of the world's oil, dropped 2.83 per cent to $69.67 a barrel at the market close on Friday, while West Texas Intermediate, the gauge that tracks US crude, fell 2.79 per cent to settle at $67.33 a barrel on Friday, its biggest drop in a single day since June 24. Recent geopolitical tensions have added to oil market volatility this year. A 12-day conflict between Israel and Iran earlier this year drove oil prices up by more than 13 per cent before they retreated below pre-war levels. Opec+ is scheduled to meet again in October to decide on output levels for that month.


Zawya
an hour ago
- Zawya
Shaker Group announces first half 2025 results
Riyadh, Saudi Arabia: Al Hassan Ghazi Ibrahim Shaker Co. ('Shaker', the 'Group' or the 'Company'), Saudi Arabia's leading manufacturer, importer, and distributor of air conditioners and home appliances has announced its first-half 2025 results, posting the strongest revenue and gross profit since 2017, supported by consistent growth and execution of its Elevate 2027 strategy. Financial Highlights: Revenue of SAR 368.77 million in Q2 2025, up 6.9% year-on-year (YoY), and SAR 769.19 million in H1 2025, up 1.4% YoY, supported by steady H1 2025 performance of 2.3% YoY growth in the HVAC segment, partially offset by a 1.7% YoY decline in the Home Appliances segment. Gross profit of SAR 92.62 million in Q2 2025, up 11.3% YoY, and SAR 193.25 million in H1 2025, up 6.8% YoY, driven by cost efficiencies and an improved product mix. Operating income of SAR 19.69 million in Q2 2025, up 70.7% YoY, and SAR 44.76 million in H1 2025, up 4.4% YoY, reflecting effective cost management, partially offset by planned investments in talent. Net profit 1 of SAR 19.90 million in Q2 2025, up 21.0%, and SAR 47.10 million in H1 2025, down 3.3% YoY, mainly due to a lower share of profit from associates, partially offset by reduced finance costs. Net Debt reduced by 16.4% YoY to SAR 269.60 million, with the net debt to EBITDA ratio improving to 2.19x in H1 2025 from 2.45x in H1 2024, consistent with our financial strategy of continued deleveraging and improving capital structure efficiency 1: Attributable to equity owners Mohammed Ibrahim Abunayyan, Chief Executive Officer at Shaker, said: "The first half of 2025 marked Shaker's strongest performance since 2017, driven by disciplined execution and a sharp focus on long-term value creation. We expanded our retail footprint by adding a new store in Q2, bringing the total to 12 and moving steadily toward our Elevate 2027 goal of reaching 15 stores by the end of the year. We also introduced customer-centric innovations, including EZ Pay in collaboration with BSF, giving shoppers greater flexibility. We took meaningful steps to optimize our capital structure, reducing debt and positioning the Company for long-term financial flexibility. For the first time since 2016, we distributed dividends to our shareholders, demonstrating our financial strength and commitment to sustained value creation. Elevate 2027 is reshaping how we operate, how we serve customers, and how we grow. The momentum is strong, and we are determined to carry it forward.' Financial Updates Shaker achieved its strongest first-half results in terms of revenue and gross profit since 2017, marking a key milestone in its growth journey. Revenue growth in H1 2025 was supported by consistent performance across key segments. HVAC revenue grew by 2.3% YoY to SAR 533.98 million in H1 2025, mainly driven by Q2 2025 growth of 3.0% YoY, supported by seasonal demand and increasing mega project activity. Home Appliances revenue declined slightly by 1.7% YoY in H1 2025 to SAR 231.04 million. This was due to an 11.8% YoY drop in Q1 2025 which was partially offset by Q2 2025 with a strong recovery of 17.7% YoY, due to better product availability and new product offerings from Black & Decker, Samsung, and Midea. Other revenue grew by 206.5% YoY to SAR 4.17 million in H1 2025, driven by the initial ramp-up from new ventures. This is aligned with the Group's Elevate 2027 strategy, reinforcing core service pillars and unlocking adjacent revenue streams. B2B contributed about 41% of total revenue and is supported by rising demand from mega projects across strategic sectors, in line with the Group's focus on increasing tender participation. B2C contributed about 53% of total revenue and remained a key driver of overall performance, fueled by strong consumer response to newly introduced global brands and the continued expansion of Shaker's retail presence. Gross profit increased by 6.8% YoY to SAR 193.25 million which was driven by higher revenues and optimization of the portfolio mix, supported by efficient management of cost of sales. Operating profitability grew by 4.4% YoY in H1 2025 to reach SAR 44.76 million, supported by increased revenues partially offset by an increase in employee-related costs as the Company continued to invest in strengthening its talent base to build operational capacity and drive long-term growth. Net profit stood at SAR 47.10 million in H1 2025, reflecting a 3.3% decline compared to the same period last year. The decrease was primarily driven by the lower contribution from associates. However, the impact was partially offset by reduced finance costs, reflecting the Group's efforts to lower debt and enhance capital efficiency. Shaker continued to strengthen its balance sheet in H1 2025, with net debt reduced by 16.4% year-on-year to SAR 269.60 million compared to SAR 322.63 million in H1 2024, driven by ongoing efforts to lower borrowings. Total borrowings declined to SAR 341.8 million in H1 2025 from SAR 381.8 million in H1 2024. The net debt to EBITDA* ratio improved to 2.19x in H1 2025 from 2.45x in H1 2024, reflecting stronger earnings and lower leverage. *LTM EBITDA Shaker distributed its first ever dividend since 2016, paying SAR 27.75 million in cash during H1 2025, a landmark announcement that highlights the Group's strong financial position and commitment to delivering value to shareholders through disciplined capital management. The Company remains focused on expanding its core segments, improving operational efficiency, and deepening partnerships with leading global brands, reinforcing its position as a trusted end-to-end solutions provider in Saudi Arabia's HVAC and home appliance sectors. Strategic Updates As part of its Elevate 2027 strategy, Shaker signed a strategic partnership with Banque Saudi Fransi's (BSF) EZ Pay program in April 2025, aimed at expanding consumer financing options across the Kingdom. The initiative enables customers to access instant financing of up to SAR 30,000 at 0% interest, with flexible repayment terms between 3 and 24 months, even for those without a BSF account. By integrating EZ Pay across its online platform and showroom network, Shaker is making it easier and more affordable for customers to purchase high-quality appliances, improving both accessibility and overall shopping experience. For Shaker, the partnership is expected to support higher conversion rates and average transaction values while reinforcing its lease-to-own strategy and strengthening its position in the competitive retail landscape. Retail expansion continued with the opening of new retail stores in Riyadh's Laban district and Jeddah's Hamdaniya neighborhood, bringing the total number of stores to 12 that span over a combined area of more than 6,500 square meters. These locations strengthen Shaker's presence in key urban areas and support its efforts to deliver a consistent and high-quality shopping experience to customers across the Kingdom. The openings bring Shaker closer to its Elevate 2027 goal of operating 15 stores by the end of 2025. This target will also be supported by the introduction of innovative retail concepts in the coming period that enhance accessibility and brand reach, further contributing to the Group's retail transformation journey. Shaker met with LG Electronics, King Saud University, and Pusan National University to discuss promising means of collaboration in the fields of HVAC research and technology. Bringing together global innovation and local expertise, the discussions focused on advancing sustainability, building local capability, and supporting Saudi Vision 2030. Discussions are ongoing. In May, Shaker was recognized by LG Electronics Middle East and Africa as the 'Best Service Provider in the Middle East,' reflecting the positive results of the strategic restructuring initiated in 2023. The Group now operates service centers in 10 cities across Saudi Arabia, with round-the-clock scheduling available seven days a week, supporting a higher standard of after-sales experience. Following the close of the second quarter, Shaker signed a strategic partnership with Revest on July 24, 2025, focused on deploying AI-powered solutions across its retail operations. The initiative is designed to unify and optimize omnichannel operations by enhancing digital channel integration, inventory management, and customer experience. This aligns with Revest's mission to empower retailers through seamless technology and with Shaker's long-term digital roadmap under Elevate 2027, supporting scalable, innovative, reliable transformation across the Group's retail footprint. Outlook Shaker Group remains focused on delivering its Elevate 2027 strategy, with a strong pipeline of initiatives aimed at driving long-term growth and operational excellence. Looking ahead, the Group will continue expanding its participation in large-scale B2B and megaproject tenders across sectors such as residential, hospitality, education, and healthcare, targeting a doubling of net profit by 2027. Retail and e-commerce growth also remain key priorities, with plans to expand the Shaker store footprint to 15 locations by 2025 and increase the share of higher-margin DTC sales. This will be supported by the introduction of more global brands and adjacent appliance categories, along with the rollout of the new leasing program to better serve evolving consumer needs. Shaker is also advancing its 3PL logistics initiative, using its scale and infrastructure to support other companies in the white goods sector and unlock new revenue opportunities. These strategic moves are backed by ongoing efforts to optimize efficiency, elevate service quality, and deliver stronger value across the Group's B2B and B2C channels. -Ends- About Shaker Shaker was founded in 1950 and was amongst the first in Saudi Arabia to introduce Air Conditioning & Home Appliances for Saudi consumers. Shaker is the importer and distributor of several leading international brands including Maytag, Ariston, Midea, Bompani, Stanley Black & Decker, Samsung, and LG in Saudi Arabia, and the sole distributor of LG Air Conditioners in Saudi Arabia. ESCO, as a business unit of Shaker, provides Energy Solutions. Shaker has been a publicly listed company on the Saudi Exchange (Saudi Exchange) since 2010. Throughout the years, Shaker has positioned its name among the top Saudi companies, providing a range of integrated solutions in terms of Air Conditioners and Home Appliances in the Saudi market and the region. For more information, visit: For investor and media inquiries Sam Ryan Siahpolo, IP Excellera Joann Joseph, IP Excellera


Zawya
an hour ago
- Zawya
Bahri reports strong first half results with Q2 2025 revenue up 14% QoQ
H1 2025 EBITDA of SAR 2.30 billion and net profit of SAR 940 million, supported by a larger Bahri-owned fleet 11 new vessels added in H1, reinforcing Bahri's global fleet and operational scale Completed the commercial deployment of all three desalination barges, further diversifying Bahri's business portfolio Riyadh, Kingdom of Saudi Arabia: The National Shipping Company of Saudi Arabia (Bahri or the Company, 4030 on the Saudi Exchange), the Kingdom's leading shipping and logistics provider, today announced its financial results for the second quarter and first half of 2025, reporting solid operational and financial performance. Bahri recorded a net profit of SAR 407 million in Q2 2025 and SAR 940 million for the first half of the year. Q2 revenue rose 14 percent compared to the previous quarter, reaching SAR 2.46 billion, but was lower by 9% against the prior-year period. Quarter-on-quarter growth was driven by stronger freight rates and an increase in trading days across core business units, while the decline against the previous year was mainly due to normalization of the chemicals and clean petroleum products shipping market. EBITDA for the first half reached SAR 2.30 billion, with a 50 percent margin. This reflects improved cost discipline and stronger performance from the owned fleet. Eng. Ahmed Al Subaey, Chief Executive Officer of Bahri, commented: "We are solidifying Bahri's leadership position in the shipping and logistics sector and gained significant momentum over the past 12 months, acquiring 19 modern vessels to bring our fleet to a total of 103 vessels today. We have done this expansion prudently and ensured that every vessel adds value and broadens our service offerings for our global clients. In 2024's highly supportive market, we opportunistically expanded our owned fleet while maintaining balance sheet health. In this year's more dynamic market environment, we are leveraging our larger, younger fleet to achieve cost efficiencies to protect our margins. Bahri's key strengths have always included resilience and agility, and these strengths continue to hold true. Looking at the second quarter, Bahri Oil maintained resilient EBITDA performance, leveraging its larger, more efficient VLCC fleet. Bahri Chemicals and Dry Bulk have pivoted from last year's reliance on leased vessels to capture a demand surge and are now deploying higher margin owned tonnage after expanding their fleets, supported by disciplined chartering. Meanwhile, Integrated Logistics is focused on driving higher productivity of its asset base. I'm also proud to announce that we have successfully launched all three of our desalination barges, adding a stable cashflow stream to Bahri's diversified portfolio. We remain steadfast on creating value for our shareholders. This conviction allows us to convert our financial and operational strength directly into tangible shareholder value. As a result, our General Assembly approved a SAR 1.00 per share cash dividend and a 25 percent bonus share issuance. We are steadily on course to transform Saudi Arabia's shipping and logistics sector, and we have one of the most diversified asset bases for delivering value through every cycle of the market.' The Company's investment in scrubber technology has grown significantly over the past year. As of June 2025, 69 percent of Bahri's VLCC fleet is equipped with exhaust gas cleaning systems, up from 38 percent at the same point last year. These upgrades are helping reduce sulfur oxides emissions, enhance cost efficiency, and ensure compliance with international environmental regulations. This aligns with Bahri's broader sustainability objectives and its commitment to responsible maritime operations. Looking ahead, Bahri remains cautiously optimistic about the second half of the year. The Company will continue to prioritize fleet productivity, leverage chartering opportunities, and drive resilience and agility across its business units. With an expanded fleet, strong financial foundation, and growing demand across key shipping segments, Bahri is well-positioned to sustain momentum and deliver long-term growth. ABOUT BAHRI Bahri, established in 1978 as the National Shipping Company of Saudi Arabia, is the Kingdom's premier shipping and logistics company and a global leader in maritime transportation. Headquartered in Riyadh, Saudi Arabia, the company operates a fleet of 103 owned vessels, 13 vessels under long-term lease contracts, and three floating desalination barges as of end-June 2025. It is one of the largest owners and operators of VLCCs worldwide. Bahri's business activities span the purchase, sale, chartering and operation of ships for the transportation of crude oil and refined products, chemicals and bulk cargo, as well as freight forwarding, warehousing, cargo clearance and stowage, and other logistical services, organized through four business units – Bahri Oil, Bahri Chemicals, Bahri Dry Bulk and Bahri Integrated Logistics – as well as a Company-wide Bahri Ship Management shared service. With its 4,000+ strong onshore and offshore team, Bahri is committed to supporting Saudi Vision 2030, and transforming Saudi Arabia into a strategic regional shipping hub and logistics gateway.