Arab News, Mon, Mar 04, 2024 | Shaban 23, 1445
Closing bell: Saudi main index slips to close at 12,555
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 75.66 points,
or 0.60 percent, to close at 12,555.20.
The total trading turnover of the benchmark index
was SR8.19 billion ($2.18 billion) as 82 of the stocks advanced, while 134
retreated.
On the other hand, the Kingdom’s parallel market
Nomu rose 559.57 points, or 2.12 percent, to close at 26,962.39. This comes as
32 of the stocks advanced, while as many as 31 retreated.
Meanwhile, the MSCI Tadawul Index slipped 14.06
points, or 0.87 percent, to close at 1,609.62.
The best-performing stock of the day was Al-Rajhi
Co. for Cooperative Insurance. The company’s share price surged 9.92 percent to
SR93.10.
Other top performers included Saudi Steel Pipe Co.
as well as Middle East Pharmaceutical Industries Co.
Conversely, Mobile Telecommunication Co. Saudi
Arabia, also known as Zain KSA, experienced the most significant decline, with
its share price dropping by 6.31 percent to SR13.96. Other underperformers in
the market were Saudi Arabian Amiantit Co. and Hail Cement Co.
On the announcements front, Arabian Centres Co.
has reported the successful completion of the offering of $500 million worth of
US dollar-denominated Shariah-compliant sukuk.
According to a statement from Tadawul, the company
anticipates that the issuance will be credit-neutral. The proceeds from the
issuance are intended for the refinancing of its 2019 sukuk, set to mature in
November 2024.
With a maturity of five years, the total number of
sukuk stands at 2,500 with a par value of $200,000 and a return of 9.5
percent.
Moreover, Zain KSA has announced its annual
consolidated financial results for the year ending Dec. 31.
A bourse filing revealed that the firm’s net
profit reached SR1.26 billion, reflecting a 130 percent surge compared to the
same period in 2022.
The rise is primarily attributed to the company
achieving its highest-ever revenues, totaling SR9.9 billion in 2023, marking an
8.9 percent growth compared to 2022. This surge in revenue resulted in a 7
percent increase in the cost of revenue.
In addition to this, gross profit increased by 10
percent, representing SR541 million, as a result of the growth in the
high-margin segments.
Furthermore, Saudi Real Estate Co. also announced
its annual financial results for the year 2023. According to a Tadawul
statement, the company’s net profit hit SR67.6 million in the period ending on
Dec. 31, down 38.82 percent in comparison to 2022 figures.
The drop is mainly attributed to an increase in
financial charges by SR96 million due to the significant rise in interest rates
as well as a climb in net losses in one of the subsidiaries due to the recording
of extraordinary losses of SR46 million in one of its projects.