Shares of Saudi jeweler L'azurde dip despite posting $4m profits

Shares of Saudi jeweler L'azurde dip despite posting $4m profits
Shares of Saudi jeweler L'azurde dip despite posting $4m profits

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s stock market closed lower for a second consecutive session on Sunday as investor sentiment was dragged down by weak earnings results.

The main index TASI dropped 0.8 percent to reach 12,334, while the parallel market Nomu lost 0.8 percent to 22,329.

Kingdom Holding Co. soared 9.9 percent after Saudi Arabia's Public Investment Fund acquired a SR5.7 billion ($1.5 billion) stake in the firm from billionaire Prince Alwaleed bin Talal.

Elsewhere in the Middle East, stock exchanges of Egypt, Bahrain, Oman, and Kuwait were all down between 0.4 and 0.9 percent, while Qatar’s QSI ended 0.1 percent higher.  

Oil prices gained on Monday with US fuel demand, tight supply and a slightly weaker US dollar supporting the market.

Brent crude rose to $113.53 a barrel and US benchmark West Texas Intermediate crude traded at $111.03 a barrel as of 9:09 a.m. Riyadh time.

Stock news

Saudi awarded contracts worth almost SR200 million collectively to Saudi Steel Pipe Co. and Arabian Pipes Co. for the supply of oil and gas steel pipes

Telecom giant stc partnered with a consortium, led by eWTP Arabia, to set up a cloud computing unit with SR894 million capital

Saudi retailer BinDawood Holding Co. posted a 5 percent profit surge to SR65.5 million in the first quarter, thanks to the easing of pandemic restrictions

Al Abdullatif Industrial Investment Co.’s losses increased by 176 percent during the first quarter of 2022 to reach SR12,110

Saudi Public Transport Co. narrowed its losses by 96 percent from SR54 million to SR2 million during the first quarter

Batic Investments and Logistics Co.’s profit in the first quarter stood at SR842,232, erasing SR3.2 million in losses from a year earlier

Mouwasat Medical Services Co. signed a nonbinding deal to fully acquire Egypt’s Al-Marasem International Hospital

Aseer Trading, Tourism, and Manufacturing Co. swung into a net profit of SR10.2 million in the first quarter

Saudi Marketing Co.’s first-quarter profit surged 45 percent to SR6.17 million due to higher retail revenue generated by Farm Superstores

Saudi Industrial Exports Co., better known as Sadirat, narrowed losses by 98 percent to SR5 million in the first quarter of 2022

Saudi Azm for Communication and Technology Co. sealed a deal with the Ministry of Communications and Information Technology to provide consulting services to its digital transformation unit

Nayifat Finance Co. announced the resignation of CEO Abdulmohsen Abdulrahman Musaed Al-Sowailem due to “his personal circumstances”

The Mediterranean and Gulf Insurance and Reinsurance Co. turned into a net loss before Zakat of SR55 million in the first quarter

Saudi Industrial Development Co.’s losses widened by 175 percent to SR4.8 million last quarter

Saudi Enaya Insurance Co.’s board recommended a capital raise to SR300 million to support the company’s future plans

Knowledge Economic City widened losses in the first quarter by 41 percent to SR6.7 million

Tabuk Agricultural Development Co. suffered 654-percent higher losses of SR10.1 million in the first quarter of 2022

Calendar

May 23, 2022

Start of Anaam International Holding Group’s subscription to new shares and rights trading

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO book-building

May 30, 2022

Close of Anaam International Holding Group’s rights trading

June 2, 2022

Close of Anaam International Holding Group’s new shares subscription

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