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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, losing 69.22 points, or 0.57 percent, to close at 12,105.54.
The total trading turnover of the benchmark index was SR6.8 billion ($1.8 billion) as 55 of the listed stocks advanced, while 173 retreated.
The MSCI Tadawul Index also dropped 10.49 points, or 0.69 percent, to close at 1,512.94.
The Kingdom’s parallel market Nomu gained 123.53 points, or 0.47 percent, to close at 26,164. This comes as 33 of the listed stocks advanced, while 32 retreated.
Sumou Real Estate Co. was TASI’s best-performing stock as the company’s share price surged 9.98 percent to SR47.95.
Other top performers included Kingdom Holding Co. as well as Perfect Presentation for Commercial Services Co., whose share prices soared by 9.93 percent and 4.04 percent, to stand at SR7.86 and SR15.96 respectively.
Other top gainers included Nayifat Finance Co. and Gulf Union Alahlia Cooperative Insurance Co.
Miahona Co. was the worst performer, wth its share price dropping by 6.82 percent to SR39.60.
Nama Chemicals Co. and Jadwa REIT Saudi Fund saw their share prices drop by 3.39 percent and 3.22 percent to SR27.10 and SR12.02, respectively.
Other poor performers included Rasan Information Technology Co. and National Medical Care Co.
On the announcements front, First Mills Co. reported a net profit of SR45.5 million in the second quarter of the year, representing a rise of 30.3 percent compared to the same period in 2023.
Revenue also saw an annual increase of 13 percent in the second quarter of this year to reach SR242.3 million.
The company announced that it will distribute cash dividends of SR1.55 per share to shareholders for the first half of 2024.
The total dividend distribution amounts to SR86.03 million, to be allocated across 55 million shares.
Saudi telecom Etihad Etisalat Co., also known as Mobily, reported a 33 percent increase in profits, reaching SR661 million in the second quarter of 2024, compared to SR497 million in the same period last year.
The company attributed the rise in net profit to higher operating profits and a 26.2 percent reduction in financing expenses, which decreased to SR130 million due to a reduced debt portfolio.
Lower zakat and income tax expenses also contributed to the improved financial performance, it added.
Saudi Telecom Co. also reported a 9 percent increase in profits, reaching SR3.3 billion in the second quarter, compared to SR3.0 billion in the same period last year.
The company attributed the rise in net profit to a revenue increase of SR828 million, which was partially offset by a SR272 million rise in the cost of revenues, resulting in a gross profit increase of SR556 million.
Operating expenses decreased by SR48 million, and zakat and income tax expenses fell by SR23 million, it added.
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