Oil rises on US crude draw and Iraqi supply risks

Oil rises on US crude draw and Iraqi supply risks
Oil rises on US crude draw and Iraqi supply risks

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose for the sixth session in a row on Thursday, up by 86.92 points – or 0.83 percent – to 10,590.10, driven by favorable market conditions. 

Parallel market Nomu also went up by 288.68 points – 1.47 percent – to close at 19,892.03, while the MSCI Tadawul 30 Index rose 1.09 percent to 1,435.05.

The total trading turnover of the benchmark index was SR6.2 billion ($1.65 billion).

The top gainer of the day was Gulf Union Alahlia Cooperative Insurance Co. whose shares went up by 9.93 percent to SR9.74. 

Other top gainers of the day were BinDawood Holding Co. and Batic Investments and Logistics Co. whose share prices rose 8.39 percent and 5.99 percent respectively. 

Meanwhile, Red Sea International Co. announced that it will not be able to publish its annual financial results ending on Dec. 31, 2022 as the firm is still working with the external auditor to issue the annual financial statements. 

It also noted that it will complete the audit work and publish the annual financial statements before April 27, 2023. 

Red Sea International Co. was also the worst performer on Thursday, as the company’s share prices dropped by 3.82 percent to SR25.15. 

On the announcements front, Saudi Real Estate Co., posted a net profit of SR110.5 million in 2022, almost double the earnings of SR 54.9 million in 2021. As the profits surged, the company’s share prices ticked up on Thursday by 0.16 percent to SR12.38. 

Raydan Food Co. also announced its financial report. The company narrowed its 2022 net losses to SR 24.6 million, from SR 42.2 million in 2021.The shares of the firm, however, dropped by 2.69 percent to 25.35. 

Horizon Food Co. reported a 12 percent dip in its earning to SR8.88 million in 2022, compared to SR10.16 million in 2021. The company attributed the decrease in net profit to a rise in selling and marketing expenses due to increased sales and geographical expansion. Horizon Food Co.’s share prices remained unchanged on Thursday at SR40.35. 

Another company which announced its financial report was MOBI Industry Co. The firm reported a 13.68 percent fall of net profit year-on-year to SR13.92 million. Despite a fall in net profit, the company’s share prices rose 0.35 percent on Thursday to SR58. 

Fesh Fash Snack Food Production Co. reported that its net profit surged 54.67 percent to SR2.16 million in 2022, compared to SR1.40 million in 2021. Amid a rise in profit, the company’s share prices dropped 1.2 percent to SR144 million. 

Natural Gas Distribution Co. also announced its financial results. The firm’s net profit rose by 32.66 percent in 2022, compared to SR2.48 million in 2021. The company’s share prices fell by 0.97 percent SR51.

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