Arab News, Thu, Mar 21, 2024 | Ramadan 11, 1445
Closing Bell: Saudi main index slips to close at 12,739
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 64.67 points,
or 0.51 percent, to close at 12,739.33.
The total trading turnover of the benchmark index
was SR8.17 billion ($2.18 billion) as 86 of the listed stocks advanced, while
136 retreated.
Similarly, the MSCI Tadawul Index decreased by
10.34 points, or 0.64 percent, to close at 1,599.33.
On the other hand, the Kingdom’s parallel market
Nomu surged, gaining 83.41 points, or 0.31 percent, to close at 27,228.97. This
comes as 19 of the listed stocks advanced, while 41 retreated.
The best-performing stock of the day was Saudi
Cable Co. The firm’s share price surged by 9.97 percent to SR62.90.
Other top performers included Middle East
Specialized Cables Co. and Sumou Real Estate Co., whose share prices soared by
9.93 percent and 9.12 percent to stand at SR30.45 and SR64.60, respectively.
In addition to this, Saudi Industrial Development
Co. and Saudi Paper Manufacturing Co. also fared well.
The worst performer was Saudi Steel Pipe Co.,
whose share price dropped by 7.83 percent to SR71.80.
Others who saw falls included Saudi Enaya
Cooperative Insurance Co. and SICO Saudi REIT Fund, whose share prices dropped
by 5.38 percent and 4.93 percent respectively to stand at SR18.66 and SR5.21.
Halwani Bros. Co. and Filing and Packing Materials
Manufacturing Co. also did not perform well.
On the announcements front, Jahez International
Co. for Information System Technology revealed its annual financial results
for 2023, with revenues amounting to SR1.7 billion. This was up from SR1.6
billion in 2022, driven by an increase in the average commission revenue.
Additionally, net profit reached SR125.3 million
in 2023, an increase from SR58.98 million in the corresponding period in 2022,
due to the improvement of the margin contribution per order because of the
efficiency and economy of scale.
The company also announced in a statement on
Tadawul, the board approval to transfer from the parallel market to the main
market and appointment of a financial advisor with respect to the transfer
application.
Furthermore, Group Five Pipe Saudi Co. revealed
its annual financial results for 2023, with revenues reaching SR455.3 million,
compared to SR230.5 million in 2022, attributing the uptick to the rise in sales
volume and the average selling price per tonne.
The company’s net profit increased to reach SR9.37
million, up from a deficit of SR24.2 million over the previous 12 months. This
was mainly due to sales totaling SR455 million during 2023.
Furthermore, Dar Alarkan Real Estate Development
Co.’s revenues reached SR2.7 billion in 2023, down from SR3.9 billion in 2022,
due to lower property sales.
However, the company’s net profit increased in
2023 and reached SR610.7 million up from a SR441.7 million in 2022, mainly due
to the rise in share of income from associates and the increase in lease
revenue.