Arab News, Mon, Feb 26, 2024 | Shaban 16, 1445
Closing Bell: Saudi main index slips to close at 12,605
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, shedding 29.74 points,
or 0.24 percent, to close at 12,604.59.
The total trading turnover of the benchmark index
was SR6.63 billion ($1.77 billion) as 148 of the stocks advanced while 74
retreated.
On the other hand, the Kingdom’s parallel market,
Nomu, rose 194.49 points, or 0.76 percent, to close at 25,702.15. This comes as
44 of the stocks advanced while as many as 22 retreated.
Meanwhile, the MSCI Tadawul Index slipped 7.60
points, or 0.47 percent, to close at 1,620.57.
The best-performing stock of the day was Saudi
Arabian Amiantit Co. The company’s share price surged 9.96 percent to SR29.25.
Other top performers include Arabian Pipes Co. as
well as Saudi Steel Pipe Co.
The worst performer was Al-Baha Investment and
Development Co., whose share price dropped by 6.67 percent to SR0.14.
On the announcements front, Hail Cement Co.
announced its annual financial results for the period ending Dec. 31.
According to a Tadawul statement, the firm’s net
profit reached SR24.61 million in 2023, reflecting a 49.95 percent rise compared
to 2022.
The increase in net profit was mainly attributed
to a decrease in general and administrative costs as well as a drop in zakat
expenses.
It was also primarily linked to achieving profits
from financial investments at fair value as well as high returns on Murabaha
deposits during the aforementioned period.
Additionally, Saudi Steel Pipe Co. has also
revealed its annual consolidated financial results for 2023.
A bourse filing disclosed that the company’s net
profit hit SR217 million in the year ending on Dec. 31, up 301.85 percent in
comparison to the corresponding period a year earlier.
The rise in net profit is mainly driven by a surge
in gross profit, recognition of a bargain purchase gain, a rise in other income,
and a drop in Zakat and tax expense.
Saudi Lime Industries Co. announced the signing of
a conditional binding agreement with Astra Industrial Group and Tharawat Mining
Co. to acquire a 100 percent stake in the share capital of Astra Mining Ltd. Co.
According to a Tadawul statement, the transaction
value is up to a maximum of SR35 million for acquiring the company shares and
settlement of company debt to local banks amounting to SR129.6 million.
Accordingly, the maximum amount is SR164.6 million.
Moreover, the Capital Market Authority approved
the public offering of King Khalid University Endowment Fund units.
Meanwhile, Al-Modawat Specialized Medical Co. will
list on Nomu today.