Saudi Arabia advances with clean energy projects, aiming for 50% renewables by 2030

Saudi Arabia advances with clean energy projects, aiming for 50% renewables by 2030
Saudi Arabia advances with clean energy projects, aiming for 50% renewables by 2030

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 168.83 points, or 1.57 percent, to close at 10,596.02. 

The total trading turnover of the benchmark index was SR3.80 billion ($1.01 billion) as seven stocks advanced, while 215 retreated.  

The Kingdom’s parallel market, Nomu, also shed 336.14 points, or 1.48 percent, to close at 22,331.80. This comes as 12 stocks advanced, while as many as 44 retreated. 

As for the MSCI Tadawul Index, it dropped 18.93 points, or 1.37 percent, to close at 1,363.51. 

The best-performing stock of the day was Saudi Reinsurance Co. The company’s share price surged 1.87 percent to SR18.48. 

Other top performers include Alandalus Property Co. as well as Saudi Awwal Bank, whose share prices soared by 1.78 percent and 1.67 percent to stand at SR22.88 and SR33.40, respectively. 

Saudi Industrial Investment Group and Qassim Cement Co. were also among the top performers of the day. 

The worst performer was Arabian Contracting Services Co. The firm’s share price dropped 8.48 percent to SR190. 

Other worst performers were Thimar Development Holding Co. as well as National Agricultural Development Co., whose share prices dropped by 7.55 percent and 7.31 percent to stand at SR22.04and SR43.10, respectively. 

Al-Baha Investment and Development Co. and Saudi Pharmaceutical Industries and Medical Appliances Corp. were also among the worst performers of the day. 

While Alqemam for Computer Systems Co. was the top performer on Nomu, Paper Home Co. was the worst performer. 

On the announcements front, Almarai Co. declared its condensed consolidated interim financial results for the first nine months of 2023. 

According to a Tadawul statement, the company’s net profit surged 19.55 percent compared to the corresponding period a year earlier to reach SR1.67 billion by Sept. 30. 

The almost 20 percent increase in consolidated profits is mainly attributed to a 6 percent surge in revenue, a 22 percent rise in operating profit, and a 20 percent increase in net profit attributable to shareholders. 

The bourse filing also revealed that the net profit growth was also supported by the full consolidation of the group’s Egypt and Jordan operations earlier this year. 

In addition to this, the firm’s profits rose 5 percent in the third quarter when compared to the same quarter a year ago to reach SR486.3 million. This figure is less than the average analysts’ expectations estimated at SR630 million.

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