Saudi Arabia waives customs duties on certain goods to boost industrial sector

Saudi Arabia waives customs duties on certain goods to boost industrial sector
Saudi Arabia waives customs duties on certain goods to boost industrial sector

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index surged on Thursday, gaining 15.98 points, or 0.13 percent, to close at 12,577.88.

The total trading turnover of the benchmark index was SR9.73 billion ($2.59 billion) as 98 of the listed stocks advanced, while 120 retreated. 

Similarly, the MSCI Tadawul Index increased by 2.04 points, or 0.13 percent, to close at 1,602.93.

On the other hand, the Kingdom’s parallel market Nomu slipped, losing 119.17 points, or 0.45 percent, to close at 26,454.12. This comes as 30 of the listed stocks advanced, while 29 retreated.

The best-performing stock of the day was Electrical Industries Co., whose share price surged by 8.70 percent to SR4.75.

Other top performers included East Pipes Integrated Company for Industry and Alkhaleej Training and Education Co., whose share prices soared by 8.17 percent and 6.04 percent, to stand at SR135 and SR36, respectively.

In addition to this, other stocks to see rises included Middle East Pharmaceutical Industries Co. and Alujain Corp.

The worst performer was Saudi Company for Hardware, whose share price dropped by 5.09 percent to SR38.20.

Other fallers were Saudi Arabian Amiantit Co. as well as AYYAN Investment Co., whose share prices dropped by 4.71 percent and 4.44 percent to stand at SR28.35 and SR25.80, respectively.

CATRION Catering Holding Co. and Arabian Contracting Services Co. also performed poorly.

On the announcements front, Riyadh Cables Group Co. revealed its annual financial results for 2023, with revenues amounting to SR7.82 billion, up from SR6.85 billion in the previous year, driven by the increase in the volumes and quantities sold.

Additionally, net profit reached SR518.4 million in 2023 up from SR351.8 million in the previous year, due to the increase in revenues coupled with product mix.

Saudi Cement Co. also announced its annual financial results for 2023, with revenues reaching SR1.46 billion, compared to SR1.41 billion in the previous year, attributing the upstick to the increase in the quantities and value of sales.

The company’s net profit decreased in 2023 and reached SR381 million down from SR398.8 million in 2022, mainly due to an increase in selling and distribution expenses as well as a rise in general and administrative expenses and a surge in financial charges.

The company also attributed the downfall in its net profit to a decrease in share of profit of investment in an associate and increase in zakat expense, in spite of the rise in other revenues and increase in gain on sale of investment related to the subsidiary.

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