Arab News, Monday, May 15, 2023 | Shawwal 25, 1444
Closing bell: TASI falls 44.35 points, Al-Baha Investment leaps 10%
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index fell 44.35 points, or 0.39 percent, to
close at 11,348.48 on Sunday, as 99 of the 224 stocks closed in the green and
106 in the red.
While the parallel market Nomu tumbled 4.07
percent to close at 20,397.31, the MSCI Tadawul Index dropped slightly by 0.61
percent to close at 1,526.58.
The total trading turnover of the benchmark index
was SR4.51 billion ($1.2 billion).
Al-Baha Investment and Development Co. was the top
performer of the day, as its share price soared 9.99 percent to SR17.84.
Alkhaleej Training and Education Co. and Al-Rajhi
Co. Cooperative Insurance also saw gains, with their share prices rising by 6.42
percent and 8.29 percent, respectively.
The worst performer was Etihad Etisalat Co., which
dropped 3.30 percent to SR45.35.
On the announcements front, Maharah Human
Resources Co. announced a 46.94 percent increase in net profit to SR36.47
million compared to SR24.82 million in the same quarter of 2022.
It booked revenue of SR463.08 million, up 21.45
percent from the SR381.28 million recorded in the previous year. Its share price
closed lower at SR62.30.
Tanmiah Food Co. showed a 1,300 percent increase
in net profit to SR21 million in the first quarter of 2023 compared to SR1.5
million in the year-ago period.
It was due to a non-recurring, one-time gain
attributed to the recent sale of Supreme Foods Processing Co. to Tyson Foods.
The company also witnessed a 42.25 percent
increase in revenues to SR484.5 billion during the first quarter of 2023 from
SR340.6 billion during the same period last year. Its share price closed lower
at SR145.20.
Elm Co. announced a 28.8 percent increase in net
profit to SR322 million during the first quarter of 2023 from SR250 million in
the year-ago period.
The company reported an increase in revenues by
17.95 percent to SR1.29 billion in 2023 from SR1.1 billion in the previous year.
The growth was attributed to the company’s digital business segment. Its share
price closed higher at SR470.
Arabian Drilling reported a 50 percent increase in
net profit to SR141 million during the first quarter of 2023 from SR94 million
in the year-ago period.
The company also reported a 30.05 percent increase
in revenues to SR779 million between January and March 2023 from SR599 million
during the same period last year.
The company ascribed the increase to two new
offshore rigs that started in December 2022. Its share price soared 2.37 percent
to close at SR153.
National Medical Care Co. recorded a 87.6 percent
increase in net profit to SR56.3 million during the first quarter of 2023 from
SR29.99 million in the year-ago period.
Revenue rose 23.6 percent to SR261.4 million in
2023 from SR211.48 million in the same quarter of 2022. Its share price climbed
3.48 percent to finish at SR97.90.
Hail Cement Co. reported a net profit of SR18.5
million during the first quarter of 2023 compared to a loss of SR6.89 million in
the year-ago period.
The company explained that it saw a decline in raw
materials and the cost of sales, which offset the decrease in sales.
Revenue dropped 9.86 percent to SR61.85 million in
the first quarter of 2023 from SR68.61 million. Its share price closed lower at
SR12.24.
Saudi Chemical Co. reported a 1.34 percent
decrease in net profit to SR32.27 million during the first quarter of 2023 from
SR32.71 million in the year-ago period. Its revenue increased 15 percent to
SR1.04 billion from SR904 million during the period under review. The company’s
share price fell 1.41 percent to close at SR32.05.
Saudi Vitrified Clay Pipes Co. announced a net
loss of SR2.9 million for the first quarter of 2023 compared to a profit of
SR1.27 million in the year-ago period.
The company announced revenue of SR20.6 million, a
rise of 11.35 percent from the SR18.5 million recorded in the preceding year.
Its share price jumped 2.18 percent to close higher at SR46.
Murabaha Flexible Finance Co. announced its
upcoming initial public offering on the primary market of the Saudi Stock
Exchange.