Arab News, Mon, Mar 11, 2024 | Ramadan 1, 1445
Closing Bell: Saudi main index rises to close at 12,619
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 40.74 points, or
0.32 percent, to close at 12,618.62.
The total trading turnover of the benchmark index
was SR7.59 billion ($2.02 billion) as 151 of the stocks advanced, while 66
retreated.
On the other hand, the Kingdom’s parallel market
Nomu slipped 129.53 points, or 0.49 percent, to close at 26,324.59. This comes
as 21 of the stocks advanced, while as many as 40 retreated.
Meanwhile, the MSCI Tadawul Index rose 0.65
points, or 0.04 percent, to close at 1,603.58.
The best-performing stock of the day was Saudi
Steel Pipe Co. The company’s share price surged 10 percent to SR67.10.
Other top performers included Saudi Chemical Co.
as well as East Pipes Integrated Co. for Industry.
The worst performer was Arabian Contracting
Services Co. whose share price dropped by 10 percent to SR232.2.
On the announcements front, Saudi Tadawul Group
Holding Co. has announced its annual financial results for the year ending on
Dec. 31, 2023.
According to a Tadawul statement, the entity’s net
profit hit SR390.1 million during the period, down 8.12 percent in comparison to
2022 figures. The drop is mainly attributed to a decrease in operating revenue
along with a surge in operating expenses.
Moreover, the group has also announced the board
of director’s decision to distribute SR276 million in cash dividends to
shareholders for the fiscal year 2023.
A bourse filing revealed that the total number of
shares eligible for dividends amounted to 120 million, with the dividend per
share standing at SR2.30. The statement also revealed that the percentage of
dividends to the share par value stood at 23 percent.
Additionally, Arabian Internet and Communications
Services Co. has announced the signing of a framework agreement with Saudi
Aramco for Computing Devices to provide, distribute, and maintain the computing
devices and its accessories for Saudi Aramco.
According to a Tadawul statement, the agreement
value may exceed 5 percent of solutions’ revenues as per the latest audited
annual financial statements for the year 2023.
Furthermore, Saudi Aramco has also announced its
annual financial results for the year ending on Dec. 31, 2023.
A bourse filing revealed that the firm’s net
profit dropped 24.71 percent to reach SR454.76 billion in 2023 compared to 2022
figures.
The decrease mainly reflects the impact of lower
crude oil prices and lower volumes sold as well as weakening refining and
chemicals margins. This was partially offset by a decrease in production
royalties, along with lower income taxes and zakat.
Meanwhile, Lana Medical Co. has announced the
opening and operation of the high-risk medical waste treatment plant in the
Industrial City of Hail.
The announcement comes after Lana obtained all the
necessary approvals, licenses, and certificates from the relevant authorities.
The station will serve the Hail region and the
north of the Kingdom. It includes a group of high-standard facilities and
equipment to serve the health and environmental sectors.