Closing Bell: Saudi main index surges to close at 10,853

Closing Bell: Saudi main index surges to close at 10,853
Closing Bell: Saudi main index surges to close at 10,853

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 38.47 points, or 0.36 percent, to close at 10,853.36. 

The total trading turnover of the benchmark index was SR6.88 billion ($1.83 billion) as 156 stocks advanced, while 62 retreated.  

Similarly, the Kingdom’s parallel market, Nomu, also rose 184.19 points, or 0.83 percent, to close at 22,369.63. This comes as 28 stocks advanced, while as many as 24 retreated. 

The MSCI Tadawul Index gained 7.80 points, or 0.56 percent to close at 1,408.44. 

The best-performing stock of the day was Mouwasat Medical Services Co., with its share price surging 5.10 percent to SR103. 

Other notable performers included Saudi Kayan Petrochemical Co. and Allied Cooperative Insurance Group, with their share prices soaring by 4.78 percent and 4.71 percent, respectively, reaching SR10.96 and SR12.46.  

On the flip side, the worst performer was the Power and Water Utility Co. for Jubail and Yanbu, with its share price dropping by 4.60 percent to SR53.90.  

Other underperformers were ACWA Power Co. and Saudi Steel Pipe Co., with share prices declining by 4.42 percent and 4.04 percent, respectively, standing at SR216 and SR34.35. 

In company announcements, ACWA Power released its interim financial results for the period ending on Sept. 30.  

According to a Tadawul statement, the firm reported net profits of SR1.08 billion in the first nine months of the year, reflecting a 22.49 percent increase compared to the corresponding period in the previous year.  

The rise in net profits was primarily attributed to higher operating income and a reduced zakat and tax charge during the period.  

Americana Restaurants International also announced its interim financial results for the first nine months of the year. A bourse filing revealed that the company’s net profits surged by 15.77 percent year-on-year, reaching SR850.11 million on Sept. 30.  

The increase in net profits resulted from business growth, improved operational efficiency, and the impact of one-off tax claim charges in Egypt.  

Similarly, Saudi Steel Pipe Co. reported its financial results for the period ending on Sept. 30. According to a Tadawul statement, the entity’s net profits stood at SR131.74 million at the end of the first nine months of 2023, marking a 205.87 percent increase from the same period in the previous year.  

The rise in net profit was primarily linked to an increase in gross profit and the recognition of a bargain purchase gain.   

Another company that disclosed its financial results for the first nine months of the year was Al-Rajhi Co. for Cooperative Insurance. A bourse filing showed that the company’s net profits reached SR222.61 million on Sept. 30, reflecting a 223.88 percent increase compared to the first nine months in 2022.  

The rise in net profits was attributed to an increase in net income after zakat, coupled with growth in insurance service results, net investment income, and gross written premiums.  

Meanwhile, Saudi Basic Industries Corp. also announced its interim financial results for the period ending on Sept. 30. According to a Tadawul statement, the firm reported a net loss of SR1.04 billion in the first nine months of the year, down from the SR16.24 billion net profit recorded in the same period in 2022.  

This decrease was mainly due to lower average selling prices and a decline in the value of sales. It was also attributed to a reduction in SABIC’s share in the results of joint ventures and associated companies. 

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