Arab News, Tue, Mar 26, 2024 | Ramadan 16, 1445
Closing Bell: TASI sheds points to close at 12,657 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index closed at 12,656.94 points on Monday,
marking a decrease of 139.15 points or 1.09 percent.
Conversely, the parallel market, Nomu, concluded
at 27,237.44, registering an uptick of 397.03 points or 1.48 percent.
The MSCI Index descended by 20.19 points to settle
at 1,592.39, a drop of 1.25 percent.
On the announcement front, Jabal Omar Development
Co. has reported a remarkable turnaround in its financial results for 2023.
The company has witnessed a substantial increase
in revenues and a shift from a net loss of SR352 million ($94 million) last year
to a net profit of SR35.8 million this year.
Moreover, the group saw a rise in revenues,
marking a 56 percent growth compared to the previous year, which is largely due
to the substantial improvements in hotel occupancy and average room rates,
according to a bourse filing.
Additionally, the firm’s commercial centers have
witnessed a notable revenue increase, contributing to the overall financial
growth.
One of the pivotal factors lending to the
company’s net profit this year is the recognition of a gain of SR391 million
from the sale of land in the Jabal Omar project.
Moreover, a reduction in operating expenses by 20
percent has further enhanced the group’s profitability.
Saudi Networkers Services Co. has also unveiled
its financial results for 2023, highlighting a robust performance with
significant revenue and profit increases.
According to a bourse filing, the company’s
earnings surged to SR554.7 million, up 15.88 percent from SR478.6 million in the
previous year. This was largely driven by expanded business with existing
clients and the acquisition of new customers.
The firm’s gross profit witnessed an uptick of
16.33 percent, standing at SR73.8 million compared to SR63.4 million in 2022.
This was complemented by a 20.69 percent increase
in operational profit, which reached SR43.2 million from the previous year’s
SR35.8 million.
Net profit experienced a notable rise, escalating
21.5 percent to SR36.5 million from SR30 million in 2022, reflecting the
company’s effective strategies and operational efficiencies.
The total comprehensive income also grew, reaching
SR38.7 million, a 17.26 percent increase from SR33 million the prior year.
This financial growth translated into a positive
impact on shareholder value, with earnings per share rising to SR6.1 from SR5 in
2022.
Moreover, Jamjoom Pharmaceuticals Factory Co. has
unveiled impressive financial results for 2023, demonstrating a significant leap
in revenue and net profit.
The company recorded a 20.1 percent increase in
earnings, reaching SR1.1 billion compared to the previous year’s SR916.7
million.
This growth is largely due to enhanced sales in
the Saudi market, bolstered by new brand introductions, price optimizations, and
a marked uptick in exports, particularly in the Gulf region, North Africa, and
Iraq.
The net profit for the company soared by 70.7
percent to SR292.4 million from the prior year’s SR171.3 million.
This substantial increase is attributed to the
revenue surge coupled with efficient selling and distribution expense management
and a significant reduction in finance costs.