Arab News, Thu, May 09, 2024 | Dhu al-Qadah 1, 1445
Closing Bell: TASI edges up to close at 12,460 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index climbed on Wednesday, gaining 102.12
points, or 0.83 percent, to close at 12,460.11.
The total trading turnover of the benchmark
index was SR8.189 billion ($2.18 billion), as 138 of the listed stocks advanced
while 81 retreated.
Similarly, the MSCI Tadawul Index increased by
9.75 points, or 0.63 percent, to close at 1,557.46
The Kingdom’s parallel market Nomu also climbed by
144.95 points, or 0.54 percent, to close at 26,886.59. This comes as 32 of the
listed stocks advanced while as many as 35 retreated.
The best-performing stock of the day was
Acwa Power Co., whose share price surged by 9.7 percent to SR438.80.
Other top performers include Alkhaleej Training
and Education Co. and the Mediterranean and Gulf Insurance and Reinsurance Co.,
whose share prices soared 8.92 percent and 8.09 percent to SR37.25 and SR34.75,
respectively.
Additional top performers include Al-Baha
Investment and Development Co. and Malath Cooperative Insurance Co.
The worst performer was Nahdi Medical Co., whose
share price dropped by 2.48 percent to SR133.60.
Other poor performers were the Co. for Cooperative
Insurance as well as Jabal Omar Development Co., whose share prices dropped by
2.42 percent and 2.32 percent to stand at SR161 and SR27.40, respectively.
Additional poor performers include United
Cooperative Assurance Co. and AlSaif Stores for Development and Investment Co.
On the announcements front, Al Rajhi Bank
announced its intention to issue US-denominated additional tier-1 capital sukuk
under its international additional tier-1 capital sukuk program established on
April 18 following the board of directors’ decision on March 25.
The bank informed Tadawul that the value and terms
of the sukuk offering would be decided based on current market conditions.
The sukuk will be issued through a special-purpose
vehicle and will be accessible to qualified investors, both domestically and
internationally.
The bank appointed Al Rajhi Capital, Citigroup
Global Markets Ltd, Dubai Islamic Bank, and Emirates NBD, as well as Goldman
Sachs International, HSBC, and Standard Chartered Bank, as joint lead managers
and bookrunners for the potential offering.
Nahdi Medical Co. announced its results for
interim financial results for the period ending on March 31, with
revenues surging by 7.24 percent to reach SR2.257 billion, compared to SR2.105
billion in 2023.
The increase was primarily driven by a strong
performance in the core pharma segment and a solid recovery in front shop
segment led by the beauty categories.
However, the company’s net profits decreased in
the first quarter of this year to SR232.9 million, marking a 4.67 percent
decline compared to the same quarter in 2023.
Saudi Telecom Co. also announced its financial
results for the same period with earnings increasing 5.07 percent compared to
the same quarter last year, reaching SR19.1 billion.
Saudi Real Estate Co. also announced its financial
results for the same period, with revenues surging by 8.8 percent to reach
SR427.6 million, compared to SR393 million in 2023.
The revenue growth was mainly attributed to the
increase in stc Saudi Arabia earnings by 1.2 percent, driven by the rise in
commercial unit revenues by 6.7 percent and carriers and wholesale unit incomes
by 5.7 percent, which offset the decline in business unit revenues.
Furthermore, stc’s subsidiaries’ gains also
increased by 13 percent.
Halwani Bros. Co.’s earnings increased by
5.93 percent to SR270.36 billion compared to SR255.22 billion in its interim
financial results, which ended March 31.
The reason for the increase in sales during the
current quarter compared to the same period of the previous year is due to a
rise in the company’s transactions in the Kingdom and its subsidiary in Egypt.