Surging Saudi Exporter Seeking to Restore Deal With Aramco - Bloomberg:
Saudi Industrial Export Co.., the best performing stock in Saudi Arabia this year, has escaped recent volatility in the kingdom’s market and is seeking a new contract with state oil-giant Aramco.
Increasing demand for sulfur, the company’s main export, boosted results and shares. The stock has soared more than five-fold this year, giving it a market value of 1 billion riyals ($280 million). Saudi Arabia’s benchmark stock index has gained 6.7 percent in the period.
“Investors are trying to build a position and the demand for sulfur is higher, this is why the price has increased dramatically,” Chief Executive Officer Hazim Aldosary said in a phone interview with Bloomberg. “We are looking into acquiring” a contract with Aramco again, he said. The company exported Aramco’s products from 1990 until 2014.
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