Big surge in QPIC profit

QURAIN Petrochemical Industries Company (QPIC) has registered a KD9 million ($32 million) net profit for the nine month period ending December 31, 2013 compared with KD4 million the year before.

This reflected an increase of 143 per cent over the previous year. Total assets stood at KD336 million as of December 31 compared with KD299 million on March 31, 2013, which represents an increase of 12 per cent.

Bahra Cables wins $33m deal

BAHRA cables Co, a prominent cable manufacturing company in Saudi Arabia, has won an SR127 million ($33.8 million) contract with Hyundai Heavy Industries to supply low and medium voltage cables.

The cables are for use in the $3.2 billion Jeddah South Thermal Power Plant, owned by Saudi Electricity Company and designed to generate 2,400-2,800 MW of electricity enough for two million people in the area.

Talal Idriss, Bahra CEO, said: “Bahra Cables daily adds more clients to its network of large local, regional and international companies that trust our cable products as they meet all requirements.”

Arcapita sells Varel

BAHRAIN-based global investment management firm Arcapita has signed a deal to sell Varel International Energy Services to Sweden-based Sandvik AB.

The value of the deal is about $740 million, a statement said

Texas (US)-based Varel is a leading manufacturer of drill bits for the oil and gas, mining and manufacturing industries and conducts business in over 60 countries through its operating divisions.

Sandvik is a high-technology, engineering group with advanced products and world-leading positions within selected areas.

Qafac achieves quality mark

QATAR Fuel Additives Company Limited (Qafac) has obtained the ISO certification for Information Security –    ISO/IEC 27001:2005.

Paladion, the globally acclaimed full service managed security provider, was instrumental in helping Qafac win the accolade.