1) Saudi Telecom Company (STC) said it signed an agreement on Tuesday with Sweden-headquartered Ericsson to deploy the first 5G trial in the Middle East.
2) Saudi Basic Industries Corp.’s (SABIC) net profit for the first nine months of 2016 fell 15 percent year-on-year to SAR 13.4 billion mainly due to lower average selling prices, as well as a SAR 761 million impairment charge against assets of Ibn Rushd.
3) In response to reports of loan deferment, Tasnee CEO Mutlaq Al-Morished said his company did not defer or suspend paying back its debt, but was able to reschedule a SAR 7 billion loan related to its subsidiary Cristal Global Co.
4) Tabuk Cement Co. reported a net profit of SAR 51.3 million for the first nine months of 2016, a 25 percent decline YoY on lower demand.
5) United Electronics Company (eXtra) said it turned to a net loss of SAR 25.4 million for the first nine months of 2015, compared to a net profit of SAR 40.1 million in the same period last year.
6) Bawan Co. said it plans to pay shareholders a cash dividend of SAR 0.25 per share for Q3 2016 on November 15.
7) Aldrees Petroleum and Transport Services Company (ALDREES) has signed a four-year, SAR 597 million contract to transport Molten Sulphur & Phosphoric Acid via trucks for Maaden Waad Al Shamal for Phosphate Company.
8) Oil prices continued to climb on Wednesday, with Brent crossing the $52 level. The benchmark grade last traded up 1 percent at $52.11/bbl, and WTI crude rose 0.9 percent to $50.74/bbl.
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