Iraq is committed to OPEC’s production cut, says minister

Iraq is committed to OPEC’s production cut, says minister
Iraq is committed to OPEC’s production cut, says minister

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index increased 181.08 points on Sunday – or 1.82 percent – to close at 10,157.73 compared to its previous closing at 9,976.65.  

While MSCI Tadawul 30 Index dropped 2.23 percent to 1,377.21, the parallel market, Nomu, edged down slightly by 0.18 percent to 18,977.13.  

TASI’s total trading turnover of the benchmark index was SR7.6 billion ($2.02 billion) as 52 stocks of the listed 224 advanced and 162 receded.   

Balady Poultry, which began trading today on Nomu, opened at SR118.20 per share and stayed unchanged at the closing, before registering a 29.89 percent increase over the previous close of SR91 per share.  

Themar Development Holding Co. was the biggest gainer of the day, closing the trading session up 8.86 percent at SR39.95   

The next best performer was Jabal Omar Development Co., up 7.86 percent to SR20.56.  

Amlak International Finance Co. was the third-best performer, rising 5.60 percent to SR15.14.  

Other top performers of the day were Gulf Insurance Group and Makkah Construction and Development Co.  

The biggest faller of the day was Arabian Drilling Co., down 4.49 percent to SR136, as it reported a net profit of SR557.7 million for 2022, up 103.84 percent compared to 2021. The company also reported a 22.94 percent increase in revenues to SR2.7 billion compared to 2021.  

Arabian Drilling attributed the results to a strong oil drilling demand resulting in higher drilling utilization and an increase in day rate, notably in the offshore segment  

Meanwhile, the shares of Canadian Medical Center Co., which reported today a net profit rise of 11.31 percent to SR15.6 billion for 2022, close at SR43.3.  

The company also announced a 5 percent cash dividend for the second half of 2022 distributing SR3.8 million, representing SR0.5 dividend per share. The medical company’s shares closed 1.59 percent down at SR43.3.  

AlSaif Stores for Development and Investment Co., which also announced its financial results for 2022 on Thursday, reported a net profit of SR129 million, down 29.81 percent compared to 2021. Its distribution of cash dividends for the last quarter of 2022 were SR35 million, accounting for SR1 per share.  

Additionally, City Cement Co., posed a 28.24 percent decline in net profit to SR115 million compared to SR160 million the year before.  Its revenues fell 13.15 percent to SR431.3 million. In addition, the company announced offering 5 percent of the capital as dividends for the second half of 2022. Despite its negative results, the company’s share closed 0.58 percent up at SR20.66. 

Meanwhile, Saudi Chemical Co. reported a 14.29 percent increase in net profit to SR80 million while its revenue increased 8.36 percent to almost SR3.7 billion compared to the year before. The company’s share closed slightly down to SR28.3. Its revenues increased due to better pharma and explosive sector sales, as well as an increase in gross profit  

On the other hand, the shares of Group Five Pipe Saudi Co. fell 9.04 percent to SR20.92. This was driven by its 64.04 percent decrease in its revenues to SR230.5 million from SR641 million in 2021. 

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