RIYADH: Saudi Arabia’s Tadawul Composite Index rose 149.22 points, or 1.24 percent, to close the week at 12,175.43 on Sunday.
The benchmark index had a total trading volume of SR6 billion ($1.6 billion), with 143 stocks advancing and 84 declining.
Saudi Arabia’s parallel market NoM also rose 82.97 points, or 0.31 percent, to close at 26,502.98. During the period, 36 stocks advanced and 34 declined.
The MSCI Tadawul index rose 22.36 points, or 1.49 percent, to close at 1,524.49.
The best-performing stock of the day was Kingdom Holdings Co., whose shares rose 9.95% to 8.95 Saudi Riyals.
Other top companies include Miahona Company and Saudi Manpower Solutions Company.
The worst performer was Almunajem Foods, whose shares fell 4.66% to 98.20 Saudi Riyals.
Sabic Agri-Nutrients announced its interim consolidated financial statements for the period ending June 30th.
The company’s net profit stood at 1.54 billion Saudi riyals at the end of the first half of 2024, down 5.26 percent compared to the same period in 2023, according to a Tadawul statement.
The decrease in net income included a 6 percent decrease in average selling prices, tempered by a 2 percent increase in unit sales.
Dr Sulaiman Al Habib Medical Services Group also announced its interim financial results for the first half of 2024.
The company’s net profit for the period ended June 30 reached SR1.1 billion, representing an increase of 13.2% compared to the first half of 2023, according to a stock exchange filing.
The increase in net income was primarily due to increased revenues associated with increased patient volume.
The company also announced the board of directors’ decision to distribute a cash dividend of 409.5 million Saudi Riyals to shareholders in the second quarter of 2024.
The total number of shares eligible for the dividend is 350 million, with each share paying 1.17 Saudi riyals, according to a separate Tadawul statement.
It also revealed that the dividend rate relative to the face value of the shares was 11.7%.
Saudi Arabia’s National Shipping Company, also known as Bahari, has announced its interim financial results for the period ending June 30th.
The company’s net profit is expected to reach SR1.18 billion in the first half of 2024, up 20% year-on-year, according to a stock exchange filing. The sharp increase was mainly due to higher gross profit and financial income.
“Bahari has had a strong first half of the year, delivering commendable performance across all divisions,” Bahari CEO Ahmed Ali Al Subai said in a statement. “Our success is due to optimized fleet management and route efficiencies, supported by improving market conditions for VLCCs and chemical tankers.”
The Capital Market Authority has issued a resolution approving Arabian Contracting Services Company’s request to increase its capital from SR500 million to SR550 million by issuing one bonus share for every 10 shares held by shareholders registered in the Securities Depository Centre’s register as of the close of trading on the second business day following a date to be determined later by the company’s board of directors.
The increase will be paid for by transferring 50 million Saudi riyals from a “retained earnings” account to the company’s capital, according to the statement.
Eligible investors can start subscribing for ASG Plastic Factory’s 750,000 shares from July 28. The company plans to list on the Nomu parallel market at a price of SR40-SR44 per share.
The shares on offer represent 10.64 percent of the company’s post-IPO capital of 70.5 million SAR, or 11.90 percent of its pre-IPO capital, divided into 7.05 million shares with a par value of 10 SAR each.
