Arab News, Wed, Feb 28, 2024 | Shaban 18, 1445
Closing Bell: Saudi main index rebounds to close at 12,602
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index bounced back on Tuesday after recording
declines on two days.
The benchmark index gained 69.79 points to close
at 12,601.55 with an overall trading value of SR7.31 billion ($1.95 billion),
with 169 stocks advancing and 52 declining.
The Kingdom’s parallel market, Nomu, also gained
661.67 points to close at 26,254.28 and the MSCI Tadawul Index also edged up by
0.68 percent to 1,627.71.
The best-performing stock of the day was Middle
East Pharmaceutical Industries Co., also known as Avalon Pharma, which debuted
on the main market on Tuesday. The company’s share price soared by 30 percent to
SR106.60.
Other top performers were Saudi Steel Pipe Co. and
Batic Investments and Logistics Co., whose share prices surged by 9.93 percent
and 9.87 percent, respectively.
The worst performer of the day was Saudi Arabian
Amiantit Co., as its share price slipped by 5.24 percent to SR29.85.
On the announcements front, Arabian Centers Co.,
also known as Cenomi Centers, said that its board of directors approved issuing
dollar-denominated sukuk under its international sukuk program.
In a Tadawul statement, Cenomi Centers revealed
that the amount and the terms of offerings will be announced later, depending on
the market conditions.
The lifestyle center operator added that the sukuk
issuance is subject to the approval of the relevant regulatory authorities.
Meanwhile, National Medical Care Co. revealed that
it witnessed a net profit rise of 42 percent in 2023 to SR240.9 million compared
to the previous year.
The medical service provider said the rise in net
profit was driven by higher revenue, gross profit, and interest income, along
with lower sales costs and zakat charges.
National Medical Care Co. added that the net
profit for the fourth quarter of 2023 also witnessed a surge of 15 percent to
SR63.5 million compared to the same period in 2022.
Saudi Basic Industries Corp. also revealed its
financial results for 2023 on Tuesday.
The company, also known as SABIC, reported a net
loss of SR2.58 billion in 2023, compared to a net profit of SR16.5 billion in
2022.
In a statement to Tadawul, the company attributed
the accumulation of losses to a decline in revenue due to a decrease in average
selling prices and sales volumes.