By Joanne Bladd
Riyadh-based bank one of 12 companies honoured at Arabian Business KSA awards
SABB, the Saudi lender 40 percent owned by HSBC Holdings, scooped the prestigious Bank of the Year award at the Arabian Business Achievement Awards KSA 2011 held in Riyadh on Monday night.
The Saudi bank has seen a strong recovery from the financial crisis, posting a fourth quarter net profit of SR397m ($106m), up from SR26m in the same period a year earlier.
Another big winner on the night was Saudi Arabia's Etihad Etisalat (Mobily), the country's second largest mobile phone operator. The company won Telecom Company of the Year after making a solid start to the year with a 40 percent rise in first-quarter net profit.
The wireless carrier made a net profit of SR998m ($266m) in the three months to March 31, up from SR714m a year earlier.
Saudi Oger was named Construction Company of the Year, while the award for Media Company of the Year went to Rotana, the media conglomerate owned by Saudi billionaire Prince Alwaleed.
Al Khozama took the award for Hospitality and Tourism, while Saudi Ceramics was named Retail Company of the Year.
ITP Publishing CEO Walid Akawi said: “Once again the KSA has shown itself to be at the forefront of business performance. The award winners have all faced the toughest of challenges in the past year, yet have come through with flying colours.”
FULL LIST OF WINNERS:
Bank of the Year – SABB bank
Insurance Company of the Year– GGI
Telecom Company of the Year – Mobily
Hospitality and Tourism Company of the Year – Al Khozama
Construction Company of the Year – Saudi Oger
Industrial Company of the Year – Mohammad Abdul Aziz Al-Rajhi & Sons
Media Company of the Year – Rotana
Best Marketing Initiative – Rafal project
Fastest Growing Company – YMES
Technology Company of the Year – Al Elem Securities
Retail Company of the Year – Saudi Ceramics
Social Responsibility – CPC holding
Special Award for Services to Charity – HH Prince Sultan bin Salman bin Abdulaziz Al Saud