Oman’s OQ invites banks to pitch for gas pipeline network IPO: sources

Oman’s OQ invites banks to pitch for gas pipeline network IPO: sources
Oman’s OQ invites banks to pitch for gas pipeline network IPO: sources

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi stocks reversed the prior session’s losses to start the week higher on Sunday, after oil giant beat analysts’ expectations with record profits.

The main TASI index closed 2.5 percent higher at 13,149, and the Kingdom’s parallel Nomu market was up 0.9 percent to 22,845.

Shares of Aramco surged 4.2 percent intraday in response to an 82-percent increase in first-quarter profit to SR148 billion ($40 billion).

Bahrain’s BAX also recorded gains of 0.6 percent on Sunday, while stock indexes of Qatar and Egypt lost 2 and 1.4 percent, respectively. The Omani bourse ended the session almost flat.

In energy trading, Brent crude was priced at $109.76 a barrel, and US benchmark WTI traded at $109.04 a barrel at 9:00 a.m. Saudi time.

Stock news

Taiba Investments Co. turned into a profit of SR20 million in the first quarter, supported by post-pandemic recovery

Saudi Azm was awarded a project to provide advisory services to the ministry of communications and information technology’s digital transformation unit

Azm got its board’s approval to establish an office with a capital of SR500,000 for software development in Poland 

Insurance firm Tawuinya’s net profit before Zakat declined 49 percent to SR41 million last quarter

Saudi Steel Pipe Co. closed a deal valued at SR139 million to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services

AXA Cooperative Insurance Co. got shareholders’ approval to pay out an annual cash dividend of SR1 per share

Saudi Printing and Packaging Co. narrowed losses to SR3.3 million in its quarterly earnings as general and administrative costs fell

First-quarter profit of National Medical Care Co. was down 16 percent to near SR30 million

Alinma Investment Co. said unitholders of Alinma Retail REIT Fund will receive dividends amounting to SR11.8 million for 2021

Al-Etihad Cooperative Insurance Co. saw its net profit before Zakat drop 95 percent to SR689,910 last quarter

Saudi Vitrified Clay Pipes Co.’s profit soared 452 percent to SR1.27 million during the first quarter of 2022

Arabian Cement Co. reported a profit drop of 37 percent to SR41.9 million for the first quarter of 2022

Theeb Rent a Car Co. made SR42.6 million in first-quarter profit, up 64 percent from SR26 million a year ago

Shareholders of Nayifat Finance Co. are set to receive half-year dividends of SR0.75 per share

Middle East Healthcare Co.’s profits were up nearly 70 percent last quarter to SR20.5 million

Dur Hospitality Co.  signed a deal worth SR181 million to expand and develop Rixos Jeddah resort

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription

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