Arab News, Tuesday, Mar 14, 2023 | Sha'ban 22, 1444
Closing Bell: Saudi bourse slips for the second day in a row, falls 79 points
Saudi Arabia: Saudi Arabia’s Tadawul
All Share Index fell 78.73 points — or 0.76 percent — to close at 10,305.02 on
Monday, extending Sunday’s 79.36 points loss.
While MSCI Tadawul 30 Index closed flat at
1,4091.41, the parallel market Nomu closed 0.38 percent higher at 19,037.57.
The total trading turnover of the benchmark index
was SR4.80 billion ($1.28 billion) as 65 stocks of the listed 224 advanced, and
Jabal Omar Development Co. was the topmost company
on Monday as its share price soared 5.45 percent to SR20.12.
The other top performers were Saudi Pharmaceutical
Industries and Medical Appliances Corp., Saudi Paper Manufacturing Co., Mouwasat
Medical Services Co., and Saudi Co. for Hardware.
Arab National Bank was the worst performer of the
day as its share price slumped 5.86 percent to SR24.90.
On the announcements front, Gas Arabian Services
Co. reported a 12 percent increase in net profit to SR67.4 million in 2022 from
SR60.1 million in 2021 due to increased profit share from joint ventures and
associates in 2022.
Its revenue increased 28.35 percent to SR496.04
million in 2022 from SR386.46 million in 2021.
The company’s board of directors recommended
distributing a cash dividend at 22.5 percent of capital, or SR2.25 per share,
for 2022, totaling R35.55 million. Its share price declined 1.02 percent to
Wataniya Insurance Co. cut its net losses to SR19
million in 2022 from SR55 million in 2021, as net claims incurred dropped by 10
percent, or SR38.74 million, year-on-year.
In the fourth quarter of 2022, the company
reported a surge in net profit to SR12 million from SR300,000 in the year-ago
period. Its share price fell slightly to SR16.06.
Filing and Packing Materials Manufacturing Co.
reported a net profit of SR9.8 million for 2022, compared to a net loss of SR9.1
million a year earlier.
The company’s revenues increased 17 percent to
SR260.7 million in 2022 from SR222.60 million in 2021.
According to its statement to the Saudi Stock
Exchange, the healthy bottom line was driven by improved profit margins, lower
expected credit loss provisions and a rise in “realized and unrealized gains of
investments at fair value.” FIPCO’s share price closed flat at SR37.80.
Osool & Bakheet Investment Co. announced a 1.8
percent cash dividend to Al Maather REIT Fund unitholders for the fourth quarter
of 2022 at SR0.18 per unit. The total dole out to the shareholder was SR11.05
million. Al Maather REIT Fund’s share price rose 1.05 percent to SR8.65.
Meanwhile, Mulkia Investment Co., the fund manager
and operator of Mulkia Gulf Real Estate REIT Fund, announced that an additional
offering to raise the total value of the fund’s assets will start on March 16
and continue until March 29.
The unit subscription price was set at SR6.68 per
unit, and retail investors could subscribe to the offering through Al Rajhi
Bank, Bank AlJazira, and Mulkia Investment’s website. The fund’s share price
witnessed 2,268 trades and closed at SR7.40.