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Jeddah - Yasmine El Tohamy - Here are a few things you need to know as Saudi stocks start trading on Tuesday.
- Banque Saudi Fransi (BSF) reported a net profit of SR 1.546 billion ($410.5 million) for 2020, a 50 percent drop from SR 3.115 billion a year earlier.
- Saudi Arabia's Capital Market Authority (CMA) gave the green light for National Commercial Bank (NCB) to increase its capital from SR 30 billion to SR 44.78 billion, through issuing 1.478 billion ordinary shares.
- Samba Financial Group said an extraordinary general assembly meeting will be held on March 1, to discuss the planned merger with NCB.
- Al Yamamah Steel Industries Co. swung to a net profit after Zakat and tax of SR 42.7 million for the first quarter ended Dec. 31, 2020, versus a net loss of SR 7.6 million a year earlier.
- NCB Capital will distribute cash dividend to AlAhli REIT Fund (1) unit holders for the six-month period ending Dec. 31, 2020, at SAR 0.325 per unit, or 3.25 percent of initial price per unit.
- Hail Cement Co.’s board of directors recommended a 5 percent cash dividend at SAR 0.5 per share, for 2020.
- CMA approved a request by Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF) to reduce its capital by 12.5 percent from SAR 800 million to SR 700 million.
- Alkhabeer REIT Fund’s board of directors approved the fund manager, Alkhabeer Capital’s, recommendation to halt the acquisition process of a property located in Riyadh.
- Brent crude on Tuesday gained 52 cents to reach $61.08 per barrel. WTI crude also increased 46 cents to reach $58.43/bbl.
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