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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 249.91 points, or 2.13 percent, to close at 11,504.46.
The total trading turnover of the benchmark index was SR10.5 billion ($2.8 billion) as 16 of the listed stocks advanced while 215 retreated.
The MSCI Tadawul Index decreased by 27.58 points, or 1.87 percent, to close at 1,447.66.
The Kingdom’s parallel market Nomu also dropped 427.39 points, or 1.64 percent, to close at 25,701.47. This comes as 24 of the listed stocks advanced while 50 retreated.
The best-performing stock of the day was The Co. for Cooperative Insurance, witnessing a 3.9 percent increase in its share price to reach SR160.
Other top performers included Dallah Healthcare Co. and Elm Co., whose share prices soared by 3.21 percent and 2.08 percent, to stand at SR161 and SR924.80, respectively.
Al Hassan Ghazi Ibrahim Shaker Co. and Saudi Al-Etihad Cooperative Insurance Co. were also among the leading companies.
The worst performer was AYYAN Investment Co., whose share price dropped by 10 percent to SR14.22.
Other poor performers included Walaa Cooperative Insurance Co. and Allied Cooperative Insurance Group, whose share prices dropped by 9.96 percent and 9.92 percent to SR24.22 and SR15.62, respectively.
Salama Cooperative Insurance Co. and Miahona Co. also experienced declines in performance, with their share prices falling significantly.
On the announcement front, Alinma Bank reported a 24.4 percent year-on-year increase in net profit for the first half of the year, reaching SR2.73 billion, up from SR2.19 billion during the same period last year.
Net earnings rose by 15 percent, driven by higher financing and investment returns, increased fee revenue, and gains from fair value adjustments and exchange gains, partially offset by a decline in other operating revenues.
Saudi Aramco Base Oil Co. reported its financial results for the first half of the year, showing an 11.4 percent increase in revenue, reaching SR4.91 million, up from SR4.4 million in the same period last year.
The company attributed the revenue growth to higher prices and volumes of by-products and increased sales volumes of base oil. However, net profit decreased by 40.2 percent during the same period, falling to SR535,857 from SR954,192 last year.
The decline in net profit was primarily due to a decrease in crack margins for base oil and by-products.
Al-Rajhi Co. reported its financial results, showing insurance revenues of SR2.6 million for the first half of the year, a 46.54 percent increase from SR1.8 million in the previous period, driven by overall business growth.
The company’s net profit after zakat attributable to shareholders rose 46.7 percent to SR201,133, up from SR137,103 in the previous period.
Key highlights included growth in the insurance service, reaching SR611,136, compared to SR137,864 in the previous period, marking a 343.29 percent increase.
Ades Holding Co. also reported revenues of SR3.1 billion in the first half of 2024, marking a 54.3 percent year-over-year increase.
The rise was driven by several factors, including higher revenues from Saudi Arabia, reflecting the contribution from 19 rigs of the Aramco mega project, up from seven rigs in the same period in 2023.
The company’s net profit saw an annual growth of 105.9 percent to reach SR402.9 million, attributed to a strong bottom-line performance along with improved earnings before interest, taxes, depreciation and amortization.
Arabian Pipes Co. secured a contract to supply pipes to Saudi Aramco, valued at approximately SR107 million.
The company said on Tadawul that the contract was valid for 11 months, with the financial impact anticipated during the second and third quarters of 2025.
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