Qatar records over $5bn trade surplus despite export decrease

Qatar records over $5bn trade surplus despite export decrease
Qatar records over $5bn trade surplus despite export decrease

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 102.61 points, or 0.84 percent, to close at 12,264.17. 

The total trading turnover of the benchmark index was SR6.96 billion ($1.85 billion) as 132 of the listed stocks advanced, while 80 retreated.  

Similarly, the MSCI Tadawul Index increased by 14.15 points, or 0.89 percent, to close at 1,597.33. 

In contrast, the Kingdom’s parallel market Nomu dipped, losing 228.10 points, or 0.90 percent, to close at 25,020.60. This comes as 30 of the listed stocks advanced while as many as 25 retreated. 

The best-performing stock of the day was AlJazira REIT, whose share price surged 9.96 percent to SR18.10, marking its highest in more than a year. 

Other top performers include Bank Aljazira and MBC Group Co., whose share prices soared by 9.20 percent and 7.53 percent, to stand at SR21.12 and SR 62.80 respectively. 

Other top performers included LIVA Insurance Co. and Savola Group. 

The worst performer was Abdulmohsen Alhokair Group for Tourism and Development, whose share price dropped by 3.89 percent to SR2.72. 

Other worst performers were Sinad Holding Co. as well as Fawaz Abdulaziz Alhokair Co., whose share prices dropped by 2.65 percent and 2.04 percent to stand at SR13.20 and SR17.28, respectively. 

Moreover, other worst performers also include National Medical Care Co. and Ash-Sharqiyah Development Co. 

On the announcements front, Lana Co. has acquired Saham Environmental Services Co. for SR5 million, aligning with its expansion strategy in the environmental sector.  

“This acquisition of Lana Co. comes to enhance its ability to serve its customers with a wide range of environmental services,” the statement said. 

The acquisition supports Lana’s commitment to environmental services growth, aligns with Vision 2030, and will be financed through internal cash flows. Its financial impacts will appear in 2024’s first quarter results. 

On another note, Aldrees Petroleum and Transport Services Co. has resolved to increase its capital by issuing additional shares.  

According to a Tadawul statement, the capital is set to rise from SR750 million to SR 1 billion, reflecting a 33.33 percent increase. The number of shares will go from 75 million to 100 million.  

This capital increase aims to align with the company’s growing business and expansion plans. 

In 2023, Aldrees Petroleum and Transport Services Co. reported a 16.13 percent increase in net profit, reaching SR280.8 million compared to SR241.8 million in 2022. 

According to a statement, the revenues for 2023 rose by 20.05 percent to SR14.83 billion, compared to SR12.35 billion in 2022. This growth was attributed to expansion, increased presence in the number of stations, and logistic services development in the transportation sector. 

Aldrees' net profit saw an annual rise of 0.97 percent in the final quarter of 2023 to hit SR72.5 million. 

The company’s revenues in the previous year’s fourth quarter also grew by 18.59 percent, reaching SR3.95 billion compared to SR3.33 billion in the same quarter of 2022.

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