Saudi Arabia's Tadawul Index Dips, AlJazira Approves Capital Increase, and Market Highlights: Fawaz Abdulaziz Alhokair Co. Surges, Bank AlJazira's Profits Up, Al Rajhi Takaful Hits Record High, and Major Sukuk Issuance by Rawabi Holding
Saudi Arabia's Tadawul All Share Index and MSCI Tadawul Index decreased by 0.82% and 0.58% respectively, with a total trading turnover of SR6.9 billion.
The parallel market, Nomu, increased by 1.38%.
Fawaz Abdulaziz Alhokair Co. was the best-performing stock, with a 6.39% surge, while Etihad Atheeb Telecommunication Co. and Saudi Cable Co. also saw significant gains.
Overall, 34 stocks advanced and 144 retreated.
Several Saudi Arabian companies saw varying stock price performances.
National Metal Manufacturing and Casting Co., Saudi Steel Pipe Co., and Al-Sagr Cooperative Insurance Co. had the best and worst performances, with increases of 3.32% and 7.11% for the former two, and a decrease of 7.11% for the latter to SR33.30.
ACWA Power and Bawan Co. also experienced decreases of 6.87% and 5.78% to SR420 and SR44, respectively.
Bank AlJazira held a general assembly to approve increasing its capital by SR2.05 billion, a 25% increase, achieved through capitalizing statutory reserves and issuing additional shares.
The text reports that Bank AlJazira's board of directors was authorized to distribute interim dividends semi-annually or quarterly during fiscal year 2024.
The compensation and benefits policy for senior executives was also approved.
Banque Saudi Fransi's profits increased by 7% to SR1.15 billion in the first quarter of 2024, driven by a 27.5% rise in commission income due to higher financing and investment returns.
Specific commission expenses caused a slight decrease in net commission income.
Total operating expenses decreased by 6.2% mainly due to a reduction in provision for expected credit losses on loans and advances.
The text reports several financial developments in Saudi Arabia.
Al-Rajhi Co. for Cooperative Insurance's stock reached a new high of SR142 on April 25.
The Saudi Exchange approved the listing of two government debt instruments, worth SR5.1 billion, to be traded on April 29.
Al-Rajhi also saw an increase in provisions for other financial assets and staff costs.
Lastly, Rawabi Holding successfully issued a SR1.2 billion sukuk.
Rawabi Holding has set a new record in issuing a SR1.1 billion sukuk (Islamic bond), surpassing its previous record of SR875 million in 2023.
Since the launch of its sukuk program in 2020, Rawabi Holding has issued approximately SR6.5 billion across 18 tranches and redeemed seven tranches worth around SR2.9 billion.
This new issuance is a response to the high market demand.