Closing Bell: Saudi benchmark index edged down to close at 12,381

Closing Bell: Saudi benchmark index edged down to close at 12,381
Closing Bell: Saudi benchmark index edged down to close at 12,381

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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 102.46 points, or 0.82 percent, to close at 12,381.95.

The total trading turnover of the benchmark index was SR3.64 billion ($972 million), as 29 of the stocks advanced while 201 retreated.  

Nomu, the Kingdom’s parallel market, also dropped 414.9 points, or 1.55 percent, to close at 26,277.06. This comes as 11 of the stocks advanced while as many as 50 retreated.

Meanwhile, the MSCI Tadawul Index slipped 9.52 points, or 0.61 percent, to close at 1,553.88. 

The best-performing stock of the day on the main index was Al-Baha Investment and Development Co. The company’s share price surged 7.69 percent. 

Other top performers included Saudi Cable Co. as well as Fawaz Abdulaziz Alhokair Co.

The worst performer was ACWA Power Co., whose share price dropped by 5.76 percent to SR425.

Saudi Ground Services Co. as well as Al-Babtain Power and Telecommunication Co. also did not perform well.

On the announcements front, Saudi Tadawul Group approved the distribution of dividends worth SR276 million to shareholders for the fiscal year ending Dec.31, 2023, with SR2.3 per share and 23 percent share par value. 

Moreover, Dr. Sulaiman Al-Habib Medical Services Group announced its interim financial results for the period ending March 31. 

According to a Tadawul statement, the company’s net profit hits SR550 million in the first quarter of 2024, reflecting a 12.6 percent surge compared to the same quarter last year. 

The increase was mainly driven by revenue growth due to the jump in the number of patients.

Saudi Arabian Amiantit Co. also announced its interim financial results for the first three months of 2024. 

A bourse filing revealed that the firm’s net profit reached SR474 million in the first quarter of the year, up 23,672 percent from the corresponding quarter in 2023. 

This climb is mainly attributed to the company’s accounting profits which amounted to SR639 million in the current quarter. 

Additionally, Arab National Bank announced its interim financial results for the first quarter of the year. 

According to a Tadawul statement, the firm’s net profits rose 15.73 percent against the same quarter of the prior year to hit SR1.23. 

The increase is primarily linked to net special commission income, net fees and commission income, and dividend income, among other reasons. 

Saudi Steel Pipe Co. also announced its interim financial results for the period ending March 31. 

A bourse filing revealed that the company’s net profit reached SR76 million in the first quarter of 2024, a 1,166 percent jump from the corresponding quarter in 2023. 

This rise is due to an increase in gross profit coupled with a decrease in selling, marketing, and distribution expenses and a drop in trade receivable bad debt provision. 

Meanwhile, Savola Group Co. announced the submission of an application to increase its capital by offering rights issues to the Capital Market Authority.  

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