Kuwait Times, Wednesday, Mar 22, 2023 | Sha'ban 30, 1444
Closing bell: TASI rises 141.6 points on recovering oil prices
Saudi Arabia’s Tadawul All Share Index increased
141.62 points on Tuesday – or 1.39 percent – to close at 10,359.74, from
10,218.12, thanks to oil price rise, extending a recovery.
MSCI Tadawul 30 Index also increased 1.64 percent to 1,410.74, and the parallel
market, Nomu, edged down by 0.21 percent closing at 18,928.89.
TASI’s total trading turnover of the benchmark index was SR4.9 billion ($1.3
billion) as 176 stocks of the listed 224 advanced and 38 receded.
Arab Sea Information System Co. was the top gainer of the day, closing the
trading session up 6.40 percent at SR70.70.
The second-best performer was Thimar Development Holding Co., increasing 9.92
percent to SR48.75 flat.
Perfect Presentation for Commercial Services Co. was the third-best performer,
rising 7.67 percent - or 31 points – to SR435, compared to its opening at SR404.
It also announced a tremendous increase in net profit by 63.06 percent to
SR131.4 million. The company’s shares closed 9.71 up at SR192.
Other top performers of the day were Saudi Industrial Export and Saudi Advanced
The biggest faller of the day was Yamama Cement Co., slipping by 3.19 percent to
Elm Co. is the next worst performer of the day, after being the third top
performer the day before, decreasing by 2.07 percent to SR426.
The third poor performer was Almarai Co., which drops by 2.01 percent, closing
The other poor performers were Al-Rajhi Company for Cooperative Insurance and Al
Jouf Cement Co.
Riyadh Cement Co, announced its annual financial results for 2022, posting an
11.18 percent decrease in its net profit to SR189.8 million compared to the same
period at SR213.7 million in 2021. The company’s share price on the other hand,
Riyadh Cement said in a statement that the decrease in net profit is driven by a
decrease in sales, despite the decrease in the general and administrative
expenses and zakat expenses.
Alkhorayef Water and Power Technologies Co reported a net profit of SR107.4
million in 2022, up 4 percent from SR103 million in 2021, closing at SR131.8 per
Saudi Company for Hardware incurred a major loss in net profit by 400.1
percent to SR142.5 million. The drop was mainly due to a drop in sales by 11.7
percent in 2022, increasing inventory provision by SR38.5 million and booking
impairment loss on non-financial assets by SR29.7 million. The company’s share
price dropped by 1.25 percent to close at SR27.65 per share.
Alinma Tokio Marine Co. announced its annual financial results for 2022, posting
a total comprehensive profit for the current year of SR8.6 million, up from a
loss of SR14.8 million. Alinma’s share price closed at SR14.62, up 0.97 percent.
Al Alamiya for Cooperative Insurance Co. reported a net comprehensive loss for
the current year of SR52.8 million compared to SR36.8 million in the previous
year, which is an increase of 43.32 percent. Al Alamiya’s share price edged up
0.17 percent to close at SR12.02.
Middle East Paper Co. on the other hand, posted a 22.58 percent increase in net
profit to SR270.7 million in 2022 compared to SR220.5 million in the previous
year. The increase in net profit was attributed to growth in revenues by 12
percent to SR130 million. The share price also increased by 0.98 percent closing
National Gas and Industrialization Co. also announced its annual financial
results for 2022 posting a 6.3 percent increase in net profit to SR214.1
million. Yet, the company’s share price decreased by 0.53 percent to close at
Jahez International Company for Information System Technology reported a major
decrease in net profit of SR58.9 million, down 49.62 percent compared to 2021.
Jahez attributed the decrease to an increase in the segment net profit by 56
percent to SR180.4 million from SR115.9 million and an increase in Zakat
expenses. However, the share price increased by 0.15 percent to close at SR664
Furthermore, Banan Real Estate Co. announces positive annual financial results
for 2022, reporting a 52.39 percent rise in net profit to SR37.4 million from
SR24.3 million in 2021. However, its share price slightly decreased by 1.40
percent closing at SR56.5.
The company said in a statement that the increase is due to a rise in rental
revenues, driven by the acquisition of a hotel apartment building in the
Sulaymaniyah district and the Plaza 46 building in the Qurtoba district.
Aldawaa Medical Service Co. also posted a notable increase of 27.73 percent in
net profit of 2022 to SR305.4 million compared to SR227.7 million in the
previous year. The medical services company’s share price increased by 1.51
percent, closing at SR74.1.
“The reason is mainly due to the increase in sales and the rationing of expenses
with resulted in improving the gross profit and operating profit,” Aldawaa said
in a bourse filing.
The Medical services company, Mouwasat, also reported a 3.63 percent increase in
net profit in 2022 at SR599 million, due to an increase in the number of visits
in the outpatient sector and the increase in occupancy rates in the internal
departments. The share price increased 2.35 percent, closing at SR200.
On the other hand, Arriyadh Development Co. achieved a net profit of SR300.4
million during the current period, indicating an almost 6 percent drop. This is
mainly due to a 16 percent decrease in Tanal’s revenues, which is an associate