Arab News, Sat, Mar 23, 2024 | Ramadan 13, 1445
Saudi Arabia’s main index rises to close at 12,835
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index rose
on Thursday, gaining 96.32 points, or 0.76 percent, to close at 12,835.65.
The total trading turnover of the benchmark index
was SR9.02 billion ($2.4 billion) as 82 stocks advanced, while 139
retreated. The Kingdom’s parallel market, Nomu, also rose 133.32 points, or 0.49
percent, to close at 27,362.29. This comes as 39 stocks advanced, while as many
as 20 retreated.
Meanwhile, the MSCI Tadawul Index slipped 17.84
points, or 1.12 percent, to close at 1,617.17.
The best-performing stock of the day was Saudi
Steel Pipe Co. The company’s share price surged 9.89 percent to SR78.90.
Other top performers included Saudi Cable Co. as
well as CHUBB Arabia Cooperative Insurance Co.
The worst performer was Saudi Printing and
Packaging Co. whose share price dropped by 6.56 percent to SR16.82.
Saudi Chemical Co. and Malath Cooperative
Insurance Co. did not perform well.
On the announcements front, Aljazira Takaful
Taawuni Co. announced its annual consolidated financial result for the period
ending Dec.31.
According to a Tadawul statement, the entity’s net
profit hit SR44.25 million during the period, up 14.88 percent in comparison to
2022 figures.
The drop was mainly attributed to an increase in
insurance revenue, a surge in insurance service results, a jump in net
investment result after deducting the finance income, and a climb in total
comprehensive income.
Moreover, Arabia Insurance Cooperative Co. also
announced its annual financial results for 2023.
A bourse filing revealed that the firm’s net
profit reached SR60.46 million in the period ending Dec.31, reflecting an 875
percent surge from the corresponding period a year earlier.
The rise in profits was primarily owed to the
increase in net insurance service results by around SR53 million resulted by the
increase in revenues of medical insurance segment in addition to the increase in
net investment and other income.
Meanwhile, Waja Co. has announced the signing of a
contract worth SR49.45 million for the technical framework subscription project
for the supply and installation of various office furniture and external
equipment for the Ministry of Finance facilities.
The three-year contract is expected to bring about
a positive financial impact on the company’s revenues.