Thank you for reading the news about Aramco CEO calls for energy transition reset during keynote speech at CERAWeek 2024 and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index wrapped up Monday’s trading session at 12,772.46 points, witnessing an increase of 10.03 points, or 0.08 percent.
The parallel market, Nomu, ended the day at 27,204.67 points, down 75.02 or 0.28 percent.
Conversely, the MSCI Tawadul Index grew by 1.53 points to close at 1,606.96, a 0.10 percent increase.
TASI reported a trading volume of SR11 billion ($2.94 billion), with 115 stocks gaining and 113 witnessing declines.
Nomu, on the other hand, saw a trading volume of SR26 million.
On the announcement front, the Saudi Industrial Investment Group Co. released its financial results for 2023, recording a 59.5 percent drop in net profits compared to the previous year.
Since SIIG employs the equity method for its joint venture investments, it does not list sales, revenue, and gross profit on its profit or loss statement.
However, the company’s results indicated a massive drop in net profits from SR277 million in 2022 to SR112 million in 2023.
SIIG reported a decline in its share of profits from joint ventures, primarily due to falling selling prices across all products and an unplanned shutdown at the Saudi Polymer Co. project this year.
Despite these challenges, the company observed an uptick in financing income, particularly from Murabaha, and a reduction in general and administrative expenses, indicating a mixed financial performance in the current fiscal period, according to a bourse filing.
Furthermore, United Mining Industries Co. saw a slight decrease in its revenue, recording SR240,327 in 2023, a 0.6 percent drop from SR241,813 the year before.
However, the company’s net profit experienced a massive uptick recording SR35,830 last year, an 11.81 percent rise from the year before, largely attributed to a change in the sales mix, according to a bourse filing.
Moreover, Nahdi Medical Co. reported a marginal increase in net profit for 2023, totaling SR892.6 million, up 0.5 percent from the previous year.
The company faced a slight decline in gross profit due to investments in sales promotions, leading to a gross margin of 40.4 percent.
Despite this, strategic investments in healthcare, e-commerce, and the UAE operations were supported by efficient cost management, keeping operating expenses steady.
Arabian Drilling also announced its financial results for 2023 reporting a 28.5 percent growth in revenue to reach SR3.4 billion.
The company’s net profit also increased to reach SR605 million, an 8.4 percent growth from 2022.
These were the details of the news Aramco CEO calls for energy transition reset during keynote speech at CERAWeek 2024 for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
