Saudi Arabia's Tadawul Index Dips: Batic Investments Surges, Americana, Saudi Real Estate Decline
Saudi Arabia's Tadawul All Share Index and MSCI Tadawul Index decreased by 0.12% and 0.09%, respectively, on Tuesday, with a total trading turnover of SR7.03 billion.
Of the listed stocks, 70 advanced and 150 retreated.
The parallel market Nomu also slipped by 0.18%, with 24 stocks rising and 28 falling.
The best-performing stock was Batic Investments and Logistics Co., whose share price surged by 6.36%.
Other top performers included Development Works Food Co Ltd and Electrical Industries Co., whose share prices increased by 5.42% and 4.97%, respectively.
The text discusses the stock market performance of various companies in Saudi Arabia.
Top performers include Saudi Co. for Hardware and Zahrat Al Waha for Trading Co., while the worst performer was Saudi Real Estate Co., whose share price dropped by 7.61 percent.
Other poor performers were Al-Baha Investment and Development Co., Americana Restaurants International PLC, United Cooperative Assurance Co., and AlSaif Stores for Development and Investment Co. Americana Restaurants International PLC announced interim financial results with a 16.3 percent revenue decline due to geopolitical tensions and reduced sales volumes during Ramadan.
The text reports on the financial performance of two Saudi Arabian companies, Saudi Arabian Mining Co. and Saudi Real Estate Co., for the first quarter of 2024.
Saudi Arabian Mining Co. experienced a 51.8% decrease in net profits, reaching SR105,090, due to lower sales caused by geopolitical issues and Ramadan, as well as higher depreciation and rent expenses from new store openings.
In contrast, Saudi Real Estate Co. saw a 8.8% increase in revenues, totaling SR427.6 million, driven by a 28% surge in infrastructure project revenues and a 23% increase in rental revenue.
However, the company's net profits decreased by 67.4% to SR2.9 million in the same period.
The text reports that Tadawul announced a decline in net profit due to an increase in cost of revenues by 13% totaling SR34 million, a 14% rise in general and administrative expenses amounting to SR5 million, and a 14% increase in finance costs with SR8 million.
In summary, Tadawul experienced a net profit decline due to higher costs in revenues, administration, and finance.