Arab News, Mon, Apr 29, 2024 | Shawwal 20, 1445
Closing Bell: Saudi benchmark index edged down to close at 12,381
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 102.46 points,
or 0.82 percent, to close at 12,381.95.
The total trading turnover of the benchmark
index was SR3.64 billion ($972 million), as 29 of the stocks advanced while 201
retreated.
Nomu, the Kingdom’s parallel market, also dropped
414.9 points, or 1.55 percent, to close at 26,277.06. This comes as 11 of
the stocks advanced while as many as 50 retreated.
Meanwhile, the MSCI Tadawul Index slipped 9.52
points, or 0.61 percent, to close at 1,553.88.
The best-performing stock of the day on the main
index was Al-Baha Investment and Development Co. The company’s share price
surged 7.69 percent.
Other top performers included Saudi Cable Co. as
well as Fawaz Abdulaziz Alhokair Co.
The worst performer was ACWA Power Co., whose
share price dropped by 5.76 percent to SR425.
Saudi Ground Services Co. as well as Al-Babtain
Power and Telecommunication Co. also did not perform well.
On the announcements front, Saudi Tadawul Group
approved the distribution of dividends worth SR276 million to shareholders for
the fiscal year ending Dec.31, 2023, with SR2.3 per share and 23 percent share
par value.
Moreover, Dr. Sulaiman Al-Habib Medical Services
Group announced its interim financial results for the period ending March 31.
According to a Tadawul statement, the company’s
net profit hits SR550 million in the first quarter of 2024, reflecting a 12.6
percent surge compared to the same quarter last year.
The increase was mainly driven by revenue growth
due to the jump in the number of patients.
Saudi Arabian Amiantit 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 SR474 million in the first quarter of the year, up 23,672 percent
from the corresponding quarter in 2023.
This climb is mainly attributed to the company’s
accounting profits which amounted to SR639 million in the current quarter.
Additionally, Arab National Bank announced its
interim financial results for the first quarter of the year.
According to a Tadawul statement, the firm’s net
profits rose 15.73 percent against the same quarter of the prior year to hit
SR1.23.
The increase is primarily linked to net
special commission income, net fees and commission income, and dividend income,
among other reasons.
Saudi Steel Pipe Co. also announced its interim
financial results for the period ending March 31.
A bourse filing revealed that the company’s net
profit reached SR76 million in the first quarter of 2024, a 1,166 percent jump
from the corresponding quarter in 2023.
This rise is due to an increase in gross profit
coupled with a decrease in selling, marketing, and distribution expenses and a
drop in trade receivable bad debt provision.
Meanwhile, Savola Group Co. announced the
submission of an application to increase its capital by offering rights issues
to the Capital Market Authority.