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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index ended the week’s first trading session on Sunday by losing 291.41 points, or 2.42 percent, to close at 11,754.37.
The total trading turnover of the benchmark index was SR6.45 billion ($1.72 billion) as 10 of the stocks advanced, while 223 retreated.
The Kingdom’s parallel market, Nomu, slipped 480.44 points, or 1.81 percent, to close at 26,128.86. This comes as 17 stocks advanced while 53 retreated.
The MSCI Tadawul Index also slipped 37.35 points, or 2.47 percent, to close at 1,475.24.
The best-performing stock of the day was The Co. for Cooperative Insurance, also known as Tawuniya, whose share price surged 7.99 percent to SR154.00.
Other top performers included Almasane Alkobra Mining Co. as well as Taleem REIT Fund.
The worst performer was Kingdom Holding Co., whose share price dropped by 10 percent to SR8.28.
Other underperformers included Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
On the announcements front, Herfy Food Services Co. revealed its interim financial results for the period ending June 30.
According to a Tadawul statement, the company reported a net loss of SR23.24 million for the first six months of 2024, compared to SR8.27 million in the same period the previous year.
The increase in net losses is attributed to higher selling and marketing expenses, driven by a rise in delivery application costs, as well as an increase in general and administrative expenses.
Al-Baha Investment and Development Co. has reported its interim financial results for the first half of this year. The company’s net profits for the period ending June 30 reached SR2.91 million, marking a 296 percent increase compared to the same period in 2023.
The increase in net profit is primarily attributed to high occupancy rates in the group’s complexes.
Edarat Communication and Information Technology Co., part of Edarat Group, has also released its interim financial results for the period ending June 30.
According to a Tadawul statement, the firm’s net profit rose 40 percent year-on-year to SR11.58 million in the first half of 2024.
This increase is mainly due to higher gross and operating profits, along with lower general and administrative expenses.
Saudi Reinsurance Co. has also released its interim financial results for the first six months of 2024.
A bourse filing revealed that the company’s net profit for the first half of 2024 reached SR27.59 million, marking a 12.6 percent increase from the same period last year.
This rise in net income is attributed to a 20 percent increase in net insurance service results, a 68 percent growth in business, and higher net investment results.
Sumou Real Estate Co. has announced its interim financial results for the six months ending June 30.
According to a Tadawul statement, the company’s net profit rose 7.8 percent year-on-year to SR53.49 million. The increase is attributed to higher revenues from new real estate projects and improved returns on investments in associated firms.
Al-Rajhi Bank reported its interim financial results for the first half of this year with a bourse filing showing the bank’s net profit reached SR9.1 billion, a 9.74 percent increase from the same period last year.
This growth is largely due to a 5.6 percent rise in total operating income, driven by increased net financing and investment income, higher fees from banking services, and exchange income.
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