Aramco’s earnings beat drives shares 2.3% higher as trading session kicks off

Aramco’s earnings beat drives shares 2.3% higher as trading session kicks off
Aramco’s earnings beat drives shares 2.3% higher as trading session kicks off

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s stock exchange, in addition to major Middle Eastern markets, fell last week on worries that high inflation and rising interest rates will weigh on the global economy.

The main TASI index was down 4.06 percent at 12,835, with Al Rajhi Bank dropping 6.5 percent, and the parallel market Nomu also edged down to 22,646.

TASI’s oil giant Aramco had surpassed Apple as the world’s top valued company, worth around $2.382 trillion, slightly higher than Apple’s $2.381 trillion valuation.

All Gulf bourses were down in line with Saudi Arabia. UAE stock indexes in Abu Dhabi and registered the biggest losses of 5.8 and 5.7 percent, respectively.

Kuwait’s BKP was next, down 3.4 percent, followed by the Bahraini and Qatari bourses which shed almost 2.5 percent each.

Elsewhere, Egypt’s primary stock exchange went down by 1.6 percent.

Stock news

Saudi Aramco’s profit surged 81 percent in the first quarter of 2022 to SR148 billion ($40 billion). The oil giant also declared a quarterly dividend of SR0.3 per share

Arabian Shield Cooperative Insurance Co. recorded a 53 percent decline in profit to SR7 million in the first quarter of 2022

Chemical giant SABIC has announced the start of pre-commissioning activities at a China plant in partnership with China Petroleum & Chemical Corp., known as Sinopec

Saudi Chemical Co. saw its profit drop by 20 percent to SR32.7 million in the first quarter

Wataniya Insurance Co. announced that its rights issue offering was 82 percent covered, generating SR166 million

Saudi Tadawul Group Holding Co., the owner of the Saudi Exchange, reported lower profits of SR141 million in the first quarter of 2022

Astra Industrial Group reappointed Sabih Masri as board chairman and Khaled Masri as vice chairman of the board

Al-Jouf Agricultural Development Co. posted a 297 percent profit surge to SR15 million in the first quarter of 2022

United Electronics Company, known as eXtra, received shareholders’ approval to distribute SR4.5 per share for the first and second half of 2021

Batic Investments and Logistics Co. secured a deal to acquire 2.6 percent of Smart Cities Solutions for Communications and Information Technology at a value of SR7.8 million

Al Kathiri Holding Co. turned into losses of SR2.07 million during the first quarter due to lower sales

Fawaz Abdulaziz Alhokair announced a partial fire had broken out on Friday at Mall of Dharan, which is operated by Arabian Centres Co.

Somou Real Estate Co., currently listed on the Kingdom’s parallel Nomu market, received its board’s approval to transfer to the main index TASI

Walaa Cooperative Insurance Co. widened losses by 35 percent to SR32 million during the first quarter of 2022

Calendar

May 15, 2022

End of Arabian Food & Dairy Factories Co.’s IPO book-building

May 22, 2022

Start of Amwaj International Co.’s IPO book-building

May 25, 2022

End of Amwaj International Co.’s IPO book-building

 

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