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Jeddah - Yasmine El Tohamy - Closing bell: Saudi stocks edge up; Tadawul announces indices maintenance for Q1
RIYADH: The Saudi Stock Exchange updated the free-float shares for all listed issuers on the main market TASI and parallel market Nomu, effective April 2.
The companies that will be included in the Tadawul index are Alinma Hospitality REIT Fund and Thimar Development Holding Co.
The firms that will be included in the Nomu index are Leen Alkhair Trading Co., Nofoth Food Products Co., Alqemam for Computer Systems Co., WAJA Co., Balady Poultry Co., KnowledgeNet Co., Bena Steel Industries Co., and Horizon Food Co.
The Tadawul All Share Index rose for the fourth day in a row on Tuesday, as it went up 4.47 points or 0.04 percent to 10,468.08.
Parallel market Nomu also went up by 286.61 points or 1.49 percent to close at 19,534.39, while the MSCI Tadawul 30 Index went down by 0.24 percent to 1,416.92.
The total trading turnover of the benchmark index was SR5.73 billion ($1.53 billion).
Takween Advanced Industries Co. was the top performer of the day, as its share prices went up by 9.98 percent to SR9.48.
Other top performers were National Metal Manufacturing and Casting Co. and Middle East Specialized Cables Co. whose shares went up by 9.98 percent and 9.94 percent respectively.
Middle East Specialized Cables Co. was the worst performer, as its share prices dropped by 2.95 percent to SR59.30.
On the announcements front, Thimar Development Holding Co., in a bourse statement revealed that it trimmed its net losses in 2022 to SR4.7 million, from SR162.45 million in 2021. As the company successfully trimmed its losses, its share prices went up rose by 2.67 percent to SR44.25.
Another company which announced its financial results on Tuesday was Electrical Industries Co. The firm reported a net profit of SR94.17 million in 2022, a 93 percent surge from SR48.84 million compared to the year-earlier period. The company’s share prices soared by 3.16 percent to SR34.3.
Naba Alsaha Medical Services Co.’s net profit surged to SR26.92 million in 2022, up 4.24 percent, from SR25.82 million in 2021. Driven by the rise in profit, the company’s share prices increased by 2.36 percent to SR52.
Meanwhile, Saudi Advanced Industries Co., known as SAIC, also announced its earnings report for 2022. The company’s net profit went up by 9.96 percent to SR100.21 million in 2022, compared to SR91.13 million in 2021.
As the profit surged, SAIC’s board recommended distributing a cash dividend of 5 percent of capital or SR 0.50 per share for 2022. The share prices of SAIC also went up by 1.32 percent to SR24.50.
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