Arab News, Wed, May 08, 2024 | Shawwal 29, 1445
Closing Bell: TASI edges down to close at 12,357 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 14.51 points,
or 0.12 percent, to close at 12,357.99.
The total trading turnover of the benchmark index
was SR7.03 billion ($1.87 billion) as 70 of the listed stocks advanced, while
150 retreated.
Similarly, the MSCI Tadawul Index decreased by
1.42 points, or 0.09 percent, to close at 1,547.71.
The Kingdom’s parallel market Nomu slipped by
49.36 points, or 0.18 percent, to close at 26,741.64. This comes as 24 of the
listed stocks advanced while as many as 28 retreated.
The best-performing stock of the day was Batic
Investments and Logistics Co., whose share price surged by 6.36 percent to
SR3.51.
Other top performers include Development Works
Food Co. Ltd and Electrical Industries Co., whose share prices soared 5.42
percent and 4.97 percent to SR128.40 and SR5.70, respectively.
Other top performers include Saudi Co. for
Hardware and Zahrat Al Waha for Trading Co.
The worst performer was Saudi Real Estate Co.,
whose share price dropped by 7.61 percent to SR22.34.
Other worst performers were Al-Baha Investment and
Development Co. as well as Americana Restaurants International PLC, whose share
prices dropped by 7.14 percent and 5.07 percent to stand at SR0.13 and SR3.18,
respectively.
Additional poor performers include United
Cooperative Assurance Co. and AlSaif Stores for Development and Investment Co.
On the announcements front, Americana Restaurants
International PLC announced its interim financial results for the period ending
on March 31, with revenues amounting to SR1.85 million, down from SR2.21 million
in the corresponding period in 2023.
The company attributed the 16.3 percent decline to
lower like-for-like sales due to ongoing geopolitical tensions in the region, as
well as reduced sales volumes in March due to shifts in consumer behavior during
Ramadan.
Net profits also decreased by 51.8 percent to
reach SR105,090 in the first three months of 2024 compared to SR217,984 in the
same period last year.
According to a statement by the company on
Tadawul, this decrease was attributed to lower sales due to the geopolitical
situation and the onset of Ramadan, as well as higher depreciation charges and
rent expenses on account of new store openings during the period.
Saudi Real Estate Co. also announced its financial
results for the same period, with revenues surging by 8.8 percent to reach
SR427.6 million, compared to SR393 million in 2023.
The increase was primarily driven by a 28 percent
surge in revenues from infrastructure projects, totaling SR56 million, and a 23
percent increase in rental revenue, totaling SR15 million.
However, the company’s net profits decreased in
the first quarter of this year to SR2.9 million, marking a 67.4 percent decline
compared to the same quarter in 2023.
This decline, as stated in an official Tadawul
announcement, was attributed to an increase in cost of revenues resulting in a
13 percent increase, totaling SR34 million, a 14 percent rise in general and
administrative expenses amounting to SR5 million, and an increase in finance
costs by 14 percent with the amount of SR8 million.