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4-Traders Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

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Siemens AG : Siemens To Build $160 Million Gas Turbine Plant In Saudi Arabia

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05/08/2012 | 05:51pm CEST

--Siemens, E.A. Juffali in JV to build the facility in Dammam

--Factory due for completion in late 2013

--Capacity to produce up to 20 turbines a year

By Ellen Knickmeyer

Of ZAWYA DOW JONES

DAMMAM, Saudi Arabia (Zawya Dow Jones)--German engineering conglomerate Siemens AG (SIE.XE) is building a 600 million Saudi riyals ($160 million) gas-turbine plant in the industrial city of Dammam to cater to the kingdom's growing market.

The factory, due for completion in late 2013, will have the capacity to produce up to 20 turbines a year in the initial phase, as much as Saudi Arabia would need each year under its current electricity expansion targets, Arja Talakar, chief executive of Siemens Saudi Arabia, told Zawya Dow Jones on Tuesday.

Siemens Energy along with its local partner E.A. Juffali and Brothers is building the facility to manufacture gas turbines and compressors to be supplied to the local Saudi market, where energy requirements are strongly increasing, the company said.

Oil-rich Saudi Arabia is exploring various options to substantially increase its energy production capacities to meet soaring demand at home. Some analysts and Saudi officials estimate domestic demand is growing at 8% a year.

The kingdom's deputy Electricity Minister Saleh al Awaji said Tuesday the country must add 3,000 to 4,000 megawatts of installed electricity capacity each year in the near future to keep up with the domestic demand. Current installed capacity is about 52,000 megawatts, Al Awaji added.

-Ellen Knickmeyer, Dow Jones Newswires, +966 1 279 5252, ellen.knickmeyer@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

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Financials (€)
Sales 2016 79 709 M
EBIT 2016 7 824 M
Net income 2016 5 461 M
Debt 2016 15 367 M
Yield 2016 3,36%
P/E ratio 2016 16,06
P/E ratio 2017 14,75
EV / Sales 2016 1,35x
EV / Sales 2017 1,29x
Capitalization 91 928 M
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Average target price 107 €
Spread / Average Target -1,5%
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Josef Kaeser Chairman-Management Board
Gerhard Cromme Chairman-Supervisory Board
Ralf Peter Thomas Chief Financial Officer
Siegfried Russwurm Chief Technology Officer
Michael Diekmann Member-Supervisory Board
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