Oil declines ahead of US inventories data

Oil declines ahead of US inventories data
Oil declines ahead of US inventories data

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Jeddah - Yasmine El Tohamy - Here are a few things you need to know as Saudi stocks start trading on Wednesday.

1) National Commercial Bank (NCB) reported net profit of SR 11.4 billion ($3.04 billion) for 2020, up 0.3 percent year-on-year (YoY).

2) Saudi Public Transport Co.’s (SAPTCO) board of directors recommended withholding cash dividend for 2020.

3) Abdullah Saad Mohammed Abo Moati for Bookstores Co. (Abo Moati) reported a net profit after Zakat and tax of SR 4.5 million for the nine months period ended Dec. 31, 2020, a 56 percent YoY decline.

4) Ataa Educational Co. signed a binding memorandum of understanding (MoU) with Arabian Education and Training Group Co., to acquire 100% of the company's shares in exchange for cash and shares in Ataa Educational.

5)Riyad Bank announced the completion of the issuance of a domestic SAR-denominated Tier-2 sukuk, worth SR 3 billion, through private placement.

6) SAPTCO reported a net loss after Zakat and tax of SR 375.2 million in 2020, versus a net profit of SR 35.3 million a year earlier.

7) Al Yamamah Steel Industries Co.'s board of directors approved increasing the annual production capacity of pipe and tube factories in Jeddah and Dammam.

8) The process of receiving applications of institutional investors in Alkhorayef Water and Power Technologies Co.’s (AWPT) book-building process ended Feb. 9, 2021.

9) Brent crude on Wednesday declined 11 cents to reach $60.98 per barrel. WTI crude also decreased 17 cents to reach $58.19/bbl.

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