13 May 1999: According to a recent report, the Board of Directors of the Saudi Glass Industries Company has convened to determine the company“s future plans and targets.
The company is looking forwa…
13 May 1999: According to a recent report, the Board of Directors of the Saudi Glass Industries Company has convened to determine the company“s future plans and targets. The company is looking forward to strengthening its leading position in the market, the report said. In order to achieve this target, the venture has formed a new special executive committee consisting of four board members. The new committee will execute decisions and strategies determined by the board of directors. In addition, it will supervise the performance of the company“s administrative bodies and will assist the board of directors to improve the company“s financial status and to minimize competition in order to stimulate profits. The company induced a SR 1.6 million loss in the first quarter of 1999, compared to SR 10 million loss during the corresponding period in the previous year. This indicates that the recently undertaken measures by the board have successfully overcome the difficult conditions that face glass manufacturers in the region. According to the report, some Saudi glass manufacturing plants have recently augmented their production capacities, which has resulted in a growing supply and declining prices.