PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market
PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 164.33 points, or 1.31 percent, to close at 12,401.56. 

The total trading turnover of the benchmark index was SR5.91 billion ($1.57 billion) as 50 stocks advanced, while 172 retreated. 

The Kingdom’s parallel market, Nomu, dropped 592.85 points, or 2.23 percent, to close at 26,030.03. This comes as 23 stocks advanced, while as many as 42 retreated. 

Meanwhile, the MSCI Tadawul Index also slipped 17.61 points, or 1.10 percent, to close at 1,581.41.

The best-performing stock of the day was Red Sea International Co. The company’s share price surged 9.89 percent to SR30.00. 

Other top performers included National Industrialization Co. as well as Alinma Retail REIT Fund. 

The worst performer was Zamil Industrial Investment Co. whose share price dropped by 10 percent to SR26.10. 

On the announcements front, Alqemam for Computer Systems Co. announced its annual consolidated financial result for the period ending Dec.31. 

According to a Tadawul statement, the entity’s revenues reached SR18.8 million in 2023, reflecting an increase of 35.64 percent when compared to 2022 figures. 

The rise is directly linked to the 84.16 percent increase in revenue, which climbed to SR51.9 million this year from the prior year. 

Operating income also saw a significant rise of 38.98 percent, reaching SR21.2 million compared to the previous year.

Moreover, Arabian Contracting Services Co. also announced its annual financial results for 2023. 

A bourse filing revealed that the firm’s net profit reached SR318 million in the period ending Dec.31, reflecting an increase of 15.85 percent compared to the corresponding period a year earlier.  

This surge in net profit is primarily attributed to a 14 percent increase in revenue compared to the previous year, resulting from the expansion of the advertising network in the operational sectors of the company. 

Additionally, the continued digital transformation of advertising spaces contributed to this revenue growth. 

Furthermore, Tabuk Agricultural Development Co. also announced its annual financial results for the period ending Dec.31. 

According to a Tadawul statement, the company’s net profit hit SR81 million in 2023, up from the net loss of SR53 million that was recorded in 2022.  

The reason for the decrease in net losses and realizing net profits is the increase in the group’s share of profits from investments in companies using the equity method and the decrease in the provision for expected credit losses. 

Meanwhile, WSM for Information Technology Co. also announced its annual financial results for 2023. 

A bourse filing revealed that the firm’s net profit reached SR5.6 million in the period ending Dec.31, reflecting a jump of 33.99 percent compared to the corresponding period a year earlier.  

This climb in net profit is owed to the increase in revenue in 2023 compared to 2022.

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