Arab News, Sat, Mar 02, 2024 | Shaban 21, 1445
Closing Bell: Saudi bourses end the week in green
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index
rallied for the third consecutive day, gaining 19.44 points to close at
12,630.86.
The Kingdom’s parallel market, Nomu, also rose on
Thursday, gaining 110.79 points to reach 26,402.82.
The MSCI Tadawul Index edged up by 0.06 percent to
close at 1,623.68.
The benchmark index posted a trading value of
SR12.93 billion ($3.45 billion), with 97 stocks advancing and 123 declining.
Middle East Pharmaceutical Industries Co., also
known as Avalon Pharma, which debuted on Tadawul on Tuesday, was the best
performer of the day. The company’s share price surged by 29.91 percent to
SR179.80.
Other top performers were Al-Rajhi Co. for
Cooperative Insurance and Saudi Automotive Services Co., whose share prices
soared by 10 percent and 8.77 percent, respectively.
The worst performer was Rabigh Refining and
Petrochemical Co., as its share price slipped by 8.01 percent to SR8.27.
On the announcements front, Saudi utility firm
ACWA Power reported that its net profit inched up by 8 percent in 2023 to SR1.66
billion compared to the previous year.
In a bourse filing, the company attributed the
rise in profit to higher operating income from existing projects, mainly due to
better plant availability.
The company added that lower Zakat and tax
charges, along with lower impairment loss and other expenses, also supported its
net profit growth last year.
In 2023, ACWA Power’s total revenue surged by
15.52 percent to SR6.09 billion compared to the preceding year.
The statement revealed that total shareholders’
equity, after minority interest, stood at SR19.15 billion by Dec. 31, 2023,
compared to SR18.65 billion a year ago.
Meanwhile, Arabian Centers Co., also known as
Cenomi Centers, announced the start of US dollar-denominated Shariah-compliant
sukuk issuance.
In a Tadawul statement, the company said that the
issue value and the offer price will be determined pending the market
conditions.
On Thursday, Alinma Bank announced the completion
of its dollar-denominated Additional Tier 1 capital certificates issuance at a
value of $1 billion.
The Additional Tier 1 capital certificates will be
listed on the International Securities Market of the London Stock Exchange.