Saudi Arabia secures 52% of all regional startup funding during 2023

Saudi Arabia secures 52% of all regional startup funding during 2023
Saudi Arabia secures 52% of all regional startup funding during 2023

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,252.06 points on Monday, marking a decrease of 33.01 points, or 0.27 percent.  

Conversely, the parallel market Nomu concluded at 24,671.82, registering an uptick of 114.18 points, or 0.46 percent.  

The MSCI Index also descended by 9.46 points to settle at 1,589.80, a drop of 0.59 percent. 

By the day’s end, the main index posted a trading value of SR8.9 billion ($2.3 billion) with 107 stocks advancing and 113 declining. On the other hand, Nomu reported a trade volume of SR44.4 million. 

TASI’s top performer was MBC Group Co., which saw a 30 percent jump in its share price to SR32.50. Naseej International Trading Co. and Limi Rental Co. also recorded notable gains, with their shares closing at SR64.50 and SR107, marking an increase of 6.79 and 6.57 percent, respectively. Arab Sea Information System Co. and Al Kathiri Holding Co. also fared well. 

On the announcement front, United Electronics Co., also known as Extra, released its estimated financial results for the full year of 2023. The company recorded a 2.7 percent growth in its revenue last year compared to 2022, reaching SR6.19 billion. 

This increase can be attributed to a slight uptick in retail sector sales, coupled with the growth of revenues from consumer financing services.  

Furthermore, the company achieved SR1.35 billion in gross profit during the last 12 months, resulting in a 7.3 percent increase compared to the period before. 

Despite the rise in retail sector sales and increased revenues from Extra’s services and consumer financing, the company’s net profit for 2023 decreased by 11.3 percent compared to 2022. 

This decline was primarily attributed to an increase in financing expenses by SR46.3 million, influenced by rising lending rates. 

The company reported losses of SR32.3 million in the second quarter, following the cessation of expansion plans in Egypt, along with a general increase in sales, marketing, general, and administrative expenses. 

Moreover, Middle East Pharmaceutical Industries Co., known as Avalon Pharma, has announced its plans to initiate an initial public offering and list its ordinary shares on Saudi Exchange’s main market.

This announcement follows the approval from the Capital Market Authority in December 2023 allowing Avalon Pharma to proceed with the offering.  

Recognized as one of the fastest-growing pharmaceutical manufacturing companies in the Kingdom, Avalon Pharma aims to offer 6 million shares, which constitute 30 percent of its issued share capital. 

These units are being offered as a sale of existing shares by the current selling shareholders, the company stated in a press note.  

The final offer price will be established at the conclusion of the book-building process.  

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