Technology strengthening financial system in UAE, says central bank

Technology strengthening financial system in UAE, says central bank
Technology strengthening financial system in UAE, says central bank

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Jeddah - Yasmine El Tohamy - Closing Bell – TASI loses 63 points to close at 12,556, reaches $2.6bn trade volume 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,555.72 points on Monday, losing 62.90 points or 0.50 percent.  

The MSCI Tadawul Index also dipped by 7.94 points or 0.50 percent to finish at 1,595.64, while the parallel market Nomu rose by 50.82 points or 0.19 percent to conclude at 26,375.41. 

The main index posted a trading value of SR9.8 billion ($2.6 billion), with 79 stocks advancing and 149 declining. On the other hand, Nomu reported a trade volume of SR25 million.   

On the announcement front, First Milling Co. reported a 5.5 percent increase in revenues for the year 2023, totaling SR964.3 million, up from SR913.6 million in the previous year.  

This revenue growth is primarily due to a 9.0 percent increase in flour sales, the company’s major product segment, despite Mill C’s temporary shutdown for upgrades.  

The surge in flour sales is attributed to higher demand spurred by new product launches and a significant rise in small-pack sales.  

According to a bourse filing, the company recorded sales of its new Pre-Mix and Pesa Mill products for the first time. 

The company’s retail brand, AlOula, also experienced a 37 percent year-over-year growth in small-pack sales. 

Bran sales also saw a 5.9 percent increase, reflecting the company’s successful customer base diversification and expanded geographic reach within Saudi Arabia.  

However, feed sales slightly declined by 1 percent during the year, despite a 9 percent increase in volume, primarily due to price discounts triggered by reduced demand during the Kingdom’s extended rainy season in the first half of 2023. 

First Milling Co. reported a modest net profit increase of 1.25 percent for the year 2023, achieving SR220.2 million compared to SR217.5 million the previous year.  

The company’s profitability improvement is primarily attributed to increased sales in both value and volume, led by the flour category.  

BinDawood Holding Co. reported a substantial 14.4 percent increase in revenue in 2023, reaching SR5.6 billion, up from SR4.8 billion in 2022.  

This significant revenue boost is attributed to increased sales performance at BinDawood and Danube stores, underscored by enhancements in product quality and targeted marketing strategies derived from customer loyalty program data.  

Additionally, the full-year incorporation of subsidiaries acquired in July 2022 played a vital role in this revenue increase, according to a bourse filing. 

The company also saw a notable rise in net profit, which escalated to SR275.1 million in 2023 from SR124.7 million in 2022. This increase elevated the net profit margin to 4.9 percent in 2023 from 2.5 percent in 2022. 

The primary drivers for this profitability uptick were the higher revenue and improved gross margin stemming from the aforementioned strategic initiatives and operational efficiencies. 

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