Saudi Arabia's Tadawul Index Dips, Nomu Gains: Bupa Arabia Surges 10% on Strong Earnings
The Tadawul All Share Index in Saudi Arabia decreased by 0.61 points, or 0.005%, to close at 12,372.50, with a total trading turnover of SR7.36 billion ($1.96 billion).
The MSCI Tadawul Index also decreased by 0.17%, or 2.63 points, to close at 1,549.13.
In contrast, the parallel market, Nomu, increased by 0.85 points, or 0.003%, to close at 26,791.
A total of 116 stocks advanced, while 110 retreated.
The best-performing stocks were Bupa Arabia for Cooperative Insurance Co., Mediterranean and Gulf Insurance and Reinsurance Co., and Al-Rajhi Company for Cooperative Insurance, whose share prices surged by 10%, 9.97%, and 9.93%, respectively.
The worst performer was Arabian Internet and Communications Services Co., whose share price dropped by 4.46% to SR334.4. Two companies, Saudi Cable Co. and Gulf Insurance Group, experienced share price decreases of 3.55% and 3.01% respectively, to SR76 and SR33.85.
In contrast, Bupa Arabia for Cooperative Insurance Co. reported a significant increase in profits, reaching SR359 million in Q1 2024, up 91% from SR189 million in the same quarter of the previous year.
Net investment income also rose by 54% to SR158 million, and insurance revenues increased by 16.63% to SR4.37 million, due to operational expansion and an increase in insured individuals.
Al-Rajhi Cooperative Insurance reported a 50.6% revenue growth in the first quarter of 2023, reaching SR1.4 million from SR865,298 in the same period last year.
The increase was due to an expansion in business volume.
Net profit after zakat attributable to shareholders also rose by 81.7% to SR111,376 from SR61,282, primarily due to a 16% surge in net insurance service results, which increased to SR113,229 from SR97,616.
In contrast, the parallel market, Nomu, increased by 0.85 points, or 0.003%, to close at 26,791.
A total of 116 stocks advanced, while 110 retreated.
The best-performing stocks were Bupa Arabia for Cooperative Insurance Co., Mediterranean and Gulf Insurance and Reinsurance Co., and Al-Rajhi Company for Cooperative Insurance, whose share prices surged by 10%, 9.97%, and 9.93%, respectively.
The worst performer was Arabian Internet and Communications Services Co., whose share price dropped by 4.46% to SR334.4. Two companies, Saudi Cable Co. and Gulf Insurance Group, experienced share price decreases of 3.55% and 3.01% respectively, to SR76 and SR33.85.
In contrast, Bupa Arabia for Cooperative Insurance Co. reported a significant increase in profits, reaching SR359 million in Q1 2024, up 91% from SR189 million in the same quarter of the previous year.
Net investment income also rose by 54% to SR158 million, and insurance revenues increased by 16.63% to SR4.37 million, due to operational expansion and an increase in insured individuals.
Al-Rajhi Cooperative Insurance reported a 50.6% revenue growth in the first quarter of 2023, reaching SR1.4 million from SR865,298 in the same period last year.
The increase was due to an expansion in business volume.
Net profit after zakat attributable to shareholders also rose by 81.7% to SR111,376 from SR61,282, primarily due to a 16% surge in net insurance service results, which increased to SR113,229 from SR97,616.
Translation:
Translated by AI
