Oil Updates – prices set to end week about 4% higher

Oil Updates – prices set to end week about 4% higher
Oil Updates – prices set to end week about 4% higher

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose to gain 5.38 points, or 0.04 percent, to close Thursday’s trading session at 12,728.53.

The total trading turnover of the benchmark index was SR14.36 billion ($3.89 billion) as 126 stocks advanced, while 93 retreated. 

The Kingdom’s parallel market, Nomu, rose 308.5 points, or 1.16 percent, to close at 26,989.40. This comes as 43 stocks advanced, while as many as 25 retreated.

Meanwhile, the MSCI Tadawul Index also rose 0.88 points, or 0.05 percent, to close at 1,606.22.

The best-performing stock of the day was Wafrah for Industry and Development Co. The company’s share price surged 9.97 percent to SR49.10.

Other top performers included Saudi Research and Media Group as well as Saudi Tadawul Group Holding Co.

The worst performer was Morabaha Marina Financing Co. whose share price dropped by 4.75 percent to SR11.62. 

On the announcements front, Yanbu Cement Co. announced its annual consolidated financial results for the period ending Dec.31.

According to a Tadawul statement, the entity’s net profit hit SR119.92 million, down 44.33 percent as compared to 2022 figures.

The drop is mainly attributed to a decrease in sales revenue, an increase in financing expenses, despite a surge in other income.

Moreover, Wataniya Insurance Co. also announced its annual financial results for 2023.

A bourse filing revealed that the firm’s net profit reached SR84.6 million in the period ending Dec.31, up from a net loss of SR27.6 million in the same period a year earlier.

This rise in profits was primarily owed to an increase in revenues, a surge in the insurance service results, and a rise in investment return.

Dallah Healthcare Co. also announced its annual financial results for the period ending Dec.31.

According to a Tadawul statement, the company’s net profit stood at SR360.1 million during 2023, reflecting 31.21 percent jump when compared to 2022 figures.

The climb in net profits is mainly linked to improved gross profits, enhanced performance of the of associates firms, and a special provision for zakat.

Meanwhile, the Capital Market Authority board issued its resolution approving Saudi Manpower Solutions Co.’s application for the registration and the offering of 120 million shares, representing 30 percent of the firm’s share capital.

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