Suspension of trading on the shares of “Saudi Group” and “Petrochem”...

Suspension of trading on the shares of “Saudi Group” and “Petrochem”...
Suspension of trading on the shares of “Saudi Group” and “Petrochem”...

Saudi Arabia’s Tadawul announced the suspension of trading the shares of the Saudi Industrial Investment Group and its National Petrochemical Company “Petrochem” at the request of the two companies, starting today, Monday.

And Saudi Tadawul stated in two statements, that the suspension of trading will be for one session in accordance with the provisions of the listing rules and procedures for suspending trading in listed securities, in preparation for announcing a fundamental event, provided that trading in the stock will resume tomorrow, Tuesday.

The profits of the Saudi Industrial Investment Group recorded during the second quarter of this year 505 million riyals, compared to 55 million riyals losses in the corresponding quarter of last year.

The group said in a previous statement that the reason for the increase in net profits during the current quarter compared to the same quarter of the previous year is due to the increase in the group’s share in the results of jointly managed projects to reach 226 million riyals in the current quarter, compared to 53 million riyals in the same quarter of the previous year. As a result of the high selling prices of products.

The data showed that the National Petrochemical Company (Petrochem) achieved profits, of which the group’s share for the current quarter amounted to 301 million riyals, compared to losses of 95 million riyals for the same quarter of the previous year, as a result of the high selling prices of products in the current quarter.

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