The Saudi shares market started its dealings today with losses and decline in the General Index (Tadawul) in the First hour. It registered drops of more than 77 points. The quantity of its transactions amounted to 81 million shares and these dealings were valued at SR 3.2 billion. Al-Drees Company for fuel services and transportation announced an increase in the profit margin after the implementation of the new fuel pricing. A statement by the company today said that the profit margin per liter of gasoline rose from 7.25 Halalah to 9 Halalah, which will positively affect the company's operating profits in the future. It is worth mentioning that Al-Drees runs 210 petroleum service centers. The Saudi Cable Company won a contract valued at SR 60 million to renovate high-voltage lines in a neighboring country after competing with some international companies. The president of the Saudi Cable Company and Managing Director Dr Wahib Lenjawi said the company's sales in 2006 amounted to SR 1.5 billion compared with SR 1.2 billion in 2005. Lenjawi added that the expected operating budget for 2007 amounted to SR 3.5 billion. On the other hand, the Board of the Jazan Development Company approved the appointment of Ali Bin Mansour Al-Sageer as the Company CEO effective from yesterday.
