Tabreed profits surge
Q1 net profits of National Central Cooling Company (Tabreed)’s parent company surged 30 per cent to Dh47.8 million ($13.01 million) compared with the same period in 2012 while group revenues remained consistent with last year at Dh219 million and in line with expectations as the phase-out of the non-core businesses continued.
Chilled water revenue was up 5 per cent to Dh202.7 million and chilled water profit from operations increased 1 per cent to Dh74.3 million. Net finance costs were down 14 per cent to Dh38.7 million.
Cars retailer expanding
Arabian Automobiles, the flagship company of the AW Rostamani Group and the largest automobile distributors in the Gulf region for Nissan, Infiniti and Renault, announced the expansion of its automobiles and spare parts distribution centre in Dubai Industrial City. The company will invest over Dh300 million ($81.6 million) to expand its current facility of 3 million sq ft to an additional 1. 5 million sq ft.
Brazilian exports up 4pc
Brazilian exports to Arab countries reached $3.39 billion in the first quarter of 2013, up 4 per cent from the same period in 2012, according to figures from the Brazilian Ministry of Development, Industry and Foreign Trade.
Imports from Arab countries, on the other hand, increased 22 per cent to reach $2.45 billion as the trade flow between Brazil and the Arab region witnessed a growth of 10.7 per cent to hit $5.84 billion during the first quarter of 2013.
Saudisation levy move
Saudisation will cost the kingdom’s private sector SR15 billion ($3.9 billion) in 2013, according to a new report. Only about 11 per cent of workers in the private sector are nationals, compared to more than 90 per cent in the public sector.
Since November last year, each foreign employee above the number of nationals has attracted a levy of SR2,400, which will cost employers SR15 billion this year, causing short-term pressure on margins, according to Saudi investment company NCB Capital.
The funds raised will be used to subsidise the hiring of locals.
