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Jeddah - Yasmine El Tohamy - RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 104.57 points, or 0.90 percent, to close at 11,771.69.
The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion) as 162 of the stocks advanced, while 61 retreated.
The Kingdom’s parallel market Nomu slipped 293.95 points, or 1.14 percent, to close at 25,521.34. This comes as 28 stocks advanced, while 39 retreated.
The MSCI Tadawul Index gained 17.22 points, or 1.18 percent, to close at 1,480.07.
Thimar Development Holding Co. led the day’s stock performance, with its share price jumping 9.97 percent to SR40.80.
Other notable gainers included Al-Babtain Power and Telecommunication Co., and Fawaz Abdulaziz Alhokair Co.
The worst performer was Baazeem Trading Co. whose share price dropped by 9.05 percent to SR6.53.
Other notable decliners included Wafrah for Industry and Development Co. and Al Moammar Information Systems Co.
On the announcements front, Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, reported its interim financial results for the period ending June 30.
According to a Tadawul statement, the company recorded a net loss of SR67.6 million in the first half of the year, compared to a net profit of SR113.8 million in the same period last year.
The decline was primarily due to reduced revenue, a slight drop in selling, general, and administrative expenses, increased net finance expenses, and a decrease in Zakat and income tax expenses, despite a rise in other operating income.
Al Gassim Investment Holding Co. reported a net loss of SR3.58 million for the first half of 2024, a decline from the net profit of SR1.39 million recorded in the same period last year.
This turnaround was primarily due to increased zakat provisions, higher general and administrative expenses, and a rise in provisions for expected credit losses. Additionally, the decrease in financing revenue and despite higher other revenues, contributed to the loss.
Al-Moammar Information Systems Co. reported a net profit of SR116 million for the period ending June 30, marking a 20 percent increase from the same period in 2023. The rise was driven by a one-time gain of SR80 million from the disposal of shares in its associate firm Edarat and the valuation of data center units.
Saudi Awwal Bank has announced that its board of directors has approved a cash dividend distribution of SR2.05 billion for the first half of fiscal year 2024.
According to a statement on Tadawul, the dividend will be allocated to 2.05 billion shares, with a dividend of SR1 per share after deducting Zakat. The dividend represents 10 percent of the share’s par value.
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