Dubai sees 550% annual rise in global SMEs attracted to the emirate

Dubai sees 550% annual rise in global SMEs attracted to the emirate
Dubai sees 550% annual rise in global SMEs attracted to the emirate

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 22.44 points, or 0.18 percent, to close at 12,607.98. 

The total trading turnover of the benchmark index was SR7.35 billion ($1.96 billion) as 155 stocks advanced, while 62 retreated.  

Similarly, the MSCI Tadawul Index increased by 1.57 points, or 0.10 percent, to close at 1,591.48. 

Furthermore, the Kingdom’s parallel market, Nomu surged, gaining 350.14 points, or 1.31 percent, to close at 27,008.60. This movement occurred as 43 stocks advanced, while 19 retreated. 

The best-performing stock of the day was Modern Mills for Food Products Co. Its share price surged by 30 percent to SR62.4 during its first trading session on the main Saudi stock market. 

Other top performers included Saudi Advanced Industries Co. and Saudi Cable Co., with their share prices soaring by 9.92 percent and 9.9 percent, reaching SR41.55 and SR101, respectively. 

Sustained Infrastructure Holding Co. and Red Sea International Co. also performed well.

The worst performer was Alkhaleej Training and Education Co., with its share price dropping by 9.90 percent to SR31.85. 

On the announcements front, Saudi Arabia’s Modern Mills for Food Products Co. made its debut on the main market. 

Furthermore, Taiba Investments Co. disclosed its annual financial results for the period ending Dec. 31, 2023. Its revenues amounted to SR536.4 million, up from SR330.2 million in 2022. This increase was attributed to the acquisition of Dur Hospitality Co., which contributed additional revenues from operating activities, along with an uptick in revenues from real estate leasing activity. 

Moreover, the company’s net profit reached SR109.8 million in 2023, down from SR139.57 million in the corresponding period in 2022. This decline is attributed to the costs related to the acquisition incurred by the firm and an increase in provisions for certain legal cases. 

BinDawood Holding Co. also disclosed its financial results for 2023, reporting revenues of SR5.6 billion compared to SR4.8 billion in 2022. This increase is attributed to the performances from both BinDawood and Danube stores. 

The company’s net profit surged in 2023, reaching SR275 million, up from SR124.7 million in 2022. 

“This increase in net profit margin is largely attributable to the cumulative impact of an increase in revenue and gross margin and is without the impact of any rent relief, which amounted to SR57.2 million in 2022,” the company stated in a Tadawul statement. 

Meanwhile, MBC Group Co.’s revenues amounted to SR1.7 million in 2023, with a net profit of SR17,555. 

However, the group lacks comparative figures as the current reporting period spans from its incorporation date on April 20, 2023, until the period’s end on Dec. 31, 2023. 

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