Latest news with #SR1.9
Saudi Gazette
04-05-2025
- Business
- Saudi Gazette
SABIC reports SR1.2 billion loss in Q1 2025
Saudi Gazette report RIYADH — SABIC announced on Sunday a net loss of SR1.2 billion for the first quarter of 2025 — a 36% improvement from the SR1.9 billion loss recorded in the previous quarter, driven by one-time restructuring costs and continued global market pressures. CEO Abdulrahman Al-Fageeh attributed the quarterly loss primarily to expenses related to business restructuring, which he said are expected to yield positive long-term results by enhancing cost control. He also cited a global economic slowdown, market uncertainty, and oversupply in the petrochemical sector as key factors impacting demand and margins. 'The oversupply of petrochemicals continues to pressurize product prices and, in turn, profit margins,' Al-Fageeh said at a press conference held at SABIC headquarters in Riyadh on May 4. Despite the challenging environment, Al-Fageeh highlighted improvements in SABIC's Environment, Health, Safety, and Security (EHSS) performance, noting a 17% year-on-year enhancement in the company's Safety, Health, and Environment Rate (SHER). He reaffirmed SABIC's strong financial standing and ongoing efforts to optimize costs, improve efficiency, and maintain competitiveness globally. Al-Fageeh also emphasized that SABIC's strategic growth projects remain on track and aligned with planned timelines. SABIC's CEO spotlighted the company's global innovation achievements, including six Edison Awards received this year — the fifth consecutive year SABIC has earned such recognition for its industrial solutions.
Arab News
19-03-2025
- Business
- Arab News
Saudi Arabia's weekly POS transactions climb 4% to $3.6bn
RIYADH: Saudi Arabia's point-of-sale transactions climbed 4 percent to SR13.6 billion ($3.6 billion) in the week ending March 15, driven by increased spending across multiple sectors. The latest data from the Kingdom's central bank, also known as SAMA, showed jewelry led the growth, registering the largest jump in transaction value — up 31.1 percent to SR419.2 million. The sector also saw a 29.5 percent rise in the number of transactions, reaching 300,000. The clothing and footwear sector followed, recording a 22.8 percent increase in transaction value to SR1.5 billion, securing the third-largest POS share. Hotel spending ranked next, rising 19.1 percent to SR352.6 million, with transactions up 20.1 percent to 649,000. Transportation spending edged up 12.4 percent to SR889.2 million, while restaurants and cafes saw an 11.5 percent increase, totaling SR1.4 billion. The smallest spending gains were in gas stations, rising by 3 percent to SR865.8 million, and health services, which increased by 3.1 percent to SR837.2 million. Education saw the steepest decline, dropping 29.9 percent to SR140.6 million, following a 144.6 percent surge the previous week as students returned from winter break. Spending on electronics dipped 5.4 percent to SR150.5 million, while recreation and culture dropped 1.7 percent to SR261.9 million. Food and beverages — the sector with the biggest share of total POS value — recorded a 6.5 percent decline to SR1.9 billion. Miscellaneous goods and services claimed the second-largest share, with a slight 0.05 percent dip to SR1.66 billion. The top three categories — food and beverages, miscellaneous goods and services, and clothing and footwear — accounted for 37.4 percent of the week's total spending, amounting to SR5.1 billion. Geographically, Riyadh dominated POS transactions, representing around 34.7 percent of the total, with expenses in the capital reaching SR4.7 billion — a 3.2 percent increase from the previous week. Jeddah followed with a 7 percent rise to SR1.9 billion, while Makkah ranked third, up 8.2 percent to SR818.4 million. Abha saw the smallest increase, inching up 2.2 percent to SR142.8 million. In transaction volume, Makkah recorded 9.6 million deals, up 6.5 percent, while Buraidah reached 4.2 million transactions, rising 5.2 percent.
Gulf Insider
06-03-2025
- Business
- Gulf Insider
Saudi Arabia: Foreign Engineer Receives SR1.9 Million Compensation For Unlawful Termination
The Labor Appeal Court in Jeddah upheld the ruling of a labor court obligating a foreign company to pay compensation amounting to SR1.9 million to an Egyptian engineer for the illegal termination of his employment contract. The company complied with the ruling and deposited the amount in the employee's account last week, Okaz/Saudi Gazette has learnt. The court ruling included payment of the amount representing his entire contract for six years, including compensation for the illegal termination, end-of-service bonus, vacation allowance, the quarterly bonus stipulated in the contract, and late wages, in addition to handing him a certificate of 'clean service' for the past 8 years. According to the lawsuit, a few years ago, the Egyptian employee signed a contract with a large company for a period of six years. The first period ended and the contract was renewed under the same conditions for a similar period of another 6 years starting in 2021 and ending in 2027. However, the company terminated his services after 4 months, and that means that he had 5 years and 8 months remaining in the contract. The employee said in his petition that he was demanding compensation for the remainder of the contract period and obtained a preliminary ruling for an amount less than what he had demanded, which prompted him to object to the ruling before the Labor Appeal Court. The employee's lawyer submitted a memorandum of objection in which he said that the Labor Court circuit had made a mistake in calculating the amount due to him since his contract period was 6 years and only 4 months had passed. He demanded that the company be obligated to pay him all his dues for the remaining period of his contract. In contrast, the company representative insisted that the contract was intended for a period of one year, not six years, but the option was not present on the Qiwa platform and the General Organization for Social Insurance(GOSI) platform. Accordingly, the added contract and the one stated in it (for a similar period) meant one year. Hence, the remaining period of the employee's contract is 8 months, not 5 years and 8 months. The company representative requested that the contract stipulated for 6 years not be considered and that the contract stipulated for one year be approved. After examining the case, the Court of Appeal concluded that the termination was for an unlawful reason, and that the employee is entitled to compensation for the termination of the six-year contract as stipulated in the agreement. The court ruled that the company must pay compensation for the entire remaining period of the six-year contract.
Saudi Gazette
05-03-2025
- Business
- Saudi Gazette
Foreign engineer receives SR1.9 million compensation for unlawful termination
Okaz/Saudi Gazette JEDDAH — The Labor Appeal Court in Jeddah upheld the ruling of a labor court obligating a foreign company to pay compensation amounting to SR1.9 million to an Egyptian engineer for the illegal termination of his employment contract. The company complied with the ruling and deposited the amount in the employee's account last week, Okaz/Saudi Gazette has learnt. The court ruling included payment of the amount representing his entire contract for six years, including compensation for the illegal termination, end-of-service bonus, vacation allowance, the quarterly bonus stipulated in the contract, and late wages, in addition to handing him a certificate of 'clean service' for the past 8 years. According to the lawsuit, a few years ago, the Egyptian employee signed a contract with a large company for a period of six years. The first period ended and the contract was renewed under the same conditions for a similar period of another 6 years starting in 2021 and ending in 2027. However, the company terminated his services after 4 months, and that means that he had 5 years and 8 months remaining in the contract. The employee said in his petition that he was demanding compensation for the remainder of the contract period and obtained a preliminary ruling for an amount less than what he had demanded, which prompted him to object to the ruling before the Labor Appeal Court. The employee's lawyer submitted a memorandum of objection in which he said that the Labor Court circuit had made a mistake in calculating the amount due to him since his contract period was 6 years and only 4 months had passed. He demanded that the company be obligated to pay him all his dues for the remaining period of his contract. In contrast, the company representative insisted that the contract was intended for a period of one year, not six years, but the option was not present on the Qiwa platform and the General Organization for Social Insurance(GOSI) platform. Accordingly, the added contract and the one stated in it (for a similar period) meant one year. Hence, the remaining period of the employee's contract is 8 months, not 5 years and 8 months. The company representative requested that the contract stipulated for 6 years not be considered and that the contract stipulated for one year be examining the case, the Court of Appeal concluded that the termination was for an unlawful reason, and that the employee is entitled to compensation for the termination of the six-year contract as stipulated in the agreement. The court ruled that the company must pay compensation for the entire remaining period of the six-year contract.
Saudi Gazette
05-03-2025
- Business
- Saudi Gazette
SR1.9 million compensation for Egyptian engineer for sacking him illegally
Okaz/Saudi Gazette JEDDAH — The Labor Appeal Court in Jeddah upheld the ruling of a labor court obligating a foreign company to pay compensation amounting to SR1.9 million to an Egyptian engineer for the illegal termination of his employment contract. The company complied with the ruling and deposited the amount in the employee's account last week, Okaz/Saudi Gazette has learnt. The court ruling included payment of the amount representing his entire contract for six years, including compensation for the illegal termination, end-of-service bonus, vacation allowance, the quarterly bonus stipulated in the contract, and late wages, in addition to handing him a certificate of 'clean service' for the past 8 years. According to the lawsuit, a few years ago, the Egyptian employee signed a contract with a large company for a period of six years. The first period ended and the contract was renewed under the same conditions for a similar period of another 6 years starting in 2021 and ending in 2027. However, the company terminated his services after 4 months, and that means that he had 5 years and 8 months remaining in the contract. The employee said in his petition that he was demanding compensation for the remainder of the contract period and obtained a preliminary ruling for an amount less than what he had demanded, which prompted him to object to the ruling before the Labor Appeal Court. The employee's lawyer submitted a memorandum of objection in which he said that the Labor Court circuit had made a mistake in calculating the amount due to him since his contract period was 6 years and only 4 months had passed. He demanded that the company be obligated to pay him all his dues for the remaining period of his contract. In contrast, the company representative insisted that the contract was intended for a period of one year, not six years, but the option was not present on the Qiwa platform and the General Organization for Social Insurance(GOSI) platform. Accordingly, the added contract and the one stated in it (for a similar period) meant one year. Hence, the remaining period of the employee's contract is 8 months, not 5 years and 8 months. The company representative requested that the contract stipulated for 6 years not be considered and that the contract stipulated for one year be examining the case, the Court of Appeal concluded that the termination was for an unlawful reason, and that the employee is entitled to compensation for the termination of the six-year contract as stipulated in the agreement. The court ruled that the company must pay compensation for the entire remaining period of the six-year contract.
