IsDB to expand participation in IMF’s Financial Sector Assessment Program

IsDB to expand participation in IMF’s Financial Sector Assessment Program
IsDB to expand participation in IMF’s Financial Sector Assessment Program

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 73.91 points, or 0.71 percent, to close at 10,482.85. 

The total trading turnover of the benchmark index was SR3 billion ($802 million) as 122 stocks advanced, while 91 retreated.  

Similarly, the Kingdom’s parallel market, Nomu, also rose 147.79 points, or 0.66 percent, to close at 22,596.28. This comes as 26 stocks advanced, while 25 retreated. 

As for the MSCI Tadawul Index, it gained 12.45 points, or 0.93 percent, to close at 1,349.40. 

The best-performing stock of the day was Saudi Fisheries Co. as its share price surged 9.20 percent to SR23.50. 

Other top performers included Al-Baha Investment and Development Co. as well as Dr. Sulaiman Al Habib Medical Services Group, whose share prices soared by 7.69 percent and 6.39 percent, to close at SR0.14 and SR239.60, respectively. 

The worst performer was Saudi Arabian Amiantit Co. The firm’s share price dropped by 6.31 percent to SR37.85. 

Other worst performers included Thimar Development Holding Co. as well Saudi Automotive Services Co., whose share prices dropped by 3.32 percent and 2.60 percent to stand at SR13.98 and SR56.30, respectively. 

On the announcements front, Dr. Sulaiman Al Habib Medical Services Group released its interim financial results for the first nine months of 2023.  

The firm’s net profits reached SR544.77 million in the third quarter of the year, reflecting a 29.52 percent surge from the figure recorded in the same period a year ago.  

The rise in net profit is mainly attributed to an overall increase in revenues, net income, and earnings before interest, taxes, depreciation and amortization.  

The National Agricultural Development Co. also announced its financial results for the period ending on Sept. 30.  

A bourse filing disclosed that the company’s net profits reached SR75.27 million in the third quarter of 2023, recording a 171.24 percent increase compared to the same quarter in 2022. 

This surge is primarily attributed to the company experiencing a growth in revenues and an uptick in selling and marketing expenses during the period. Additionally, there was a reduction in the cost of sales as a percentage of revenue. 

Similarly, Elm Co. also announced its interim condensed consolidated financial results for the first nine months of 2023.  

According to a Tadawul statement, the entity’s net profits hit SR334 million in the third quarter of the year, up 22.34 percent in comparison to the amount recorded in the same period a year earlier.  

This surge in net profits comes as a result of a 30.33 percent rise in revenues, in addition to a 17.76 percent rise in operating expenses.  

Meanwhile, Arabian Internet and Communications Services Co., also referred to as SOLUTIONS, has announced its interim condensed consolidated financial results for the period ending in Sept. 30.  

A bourse filing revealed that the company’s net profits stood at SR387 million by the end of the third quarter of 2023, reflecting a 29 percent increase compared to the same quarter a year ago.  

This rise in net profits is attributed to the increase in revenues by SR756 million which was offset by an increase in the cost of revenues by SR459 million. 

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