Arab News, Mon, May 06, 2024 | Shawwal 27, 1445
Closing bell: Saudi main index rises to close at 12,373
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.78 points, or
0.17 percent, to close at 12,373.11.
The total trading turnover of the benchmark index
was SR5.26 billion ($1.4 billion) as 92 of the stocks advanced, while 129
retreated.
Similarly, the Kingdom’s parallel market Nomu also
rose 332.34 points, or 1.26 percent, to close at 26,790.15. This comes as 27 of
the stocks advanced, while as many as 31 retreated.
Meanwhile, the MSCI Tadawul Index jumped 4.56
points, or 0.29 percent, to close at 1,551.76.
The best-performing stock of the day was Zahrat Al
Waha for Trading Co. whose share price surged 9.97 percent to SR47.45.
Other top performers include Raydan Food Co. as
well as Saudi Cable Co.
The worst performer was Gulf Insurance Group whose
share price dropped by 9.94 percent to SR34.90.
Other subdued performers included Al-Baha
Investment and Development Co. as well as Salama Cooperative Insurance Co.
On the announcements front, Saudi Tadawul Group
Holding Co. has announced its interim financial results for the period ending on
March 31.
According to a Tadawul statement, the company’s
net profit hit SR201.5 million in the first quarter of 2024, reflecting a 121
percent surge when compared to a similar quarter last year.
The increase was mainly driven by a rise in
operating revenues, operating expenditures, and earnings per share as well as a
climb in gross profit and operational profit.
Moreover, the National Agricultural Development
Co. also announced its interim financial results for the first three months of
2024.
A bourse filing revealed that the firm’s net
profit reached SR101.3 million by the period ending on March 31, up 168 percent
in comparison to the corresponding period in 2023.
The increase in net profits is primarily
attributed to a rise in revenue, a decrease in the cost of sales, and a
reduction in finance costs, among other factors.
Furthermore, Gulf Insurance Group also announced
its interim financial results for the first quarter of the year.
According to a Tadawul statement, the company
reported a net loss of SR20.2 million, contrasting with a net profit of SR56.6
million in the same period of the previous year.
This loss is primarily attributed to a decrease in
insurance revenue combined with adverse movement in reinsurance contracts.
Additionally, Saudi Aramco Base Oil Co., also
known as Luberef, announced its interim financial results for the period ending
on March 31.
A bourse filing revealed that the firm’s net
profit stood at SR239 million at the end of the first quarter of 2024,
reflecting a 46.3 percent drop when compared to the same quarter a year ago.
The decline in net profit for the current quarter
compared to the same quarter of the previous year is attributed to a decrease in
base oil crack margins.
Meanwhile, Saudi Cable Co. disclosed its annual
financial results for the period ending on Dec. 31.
According to a Tadawul statement, the company
reported a net profit of SR36.5 million in the first three months of 2024, a
significant improvement from the net loss of SR584.9 million recorded in the
corresponding period a year ago.