Saudi Arabia's Tadawul Index Surges, Acwa Power Co. Leads; Al Rajhi Bank Announces Sukuk Offering
On Wednesday, Saudi Arabia's Tadawul All Share Index rose 0.83 percent, or 102.12 points, to close at 12,460.11.
The index had a total trading turnover of SR8.189 billion ($2.18 billion), with 138 advancing stocks and 81 retreating ones.
The MSCI Tadawul Index also increased by 0.63 percent, or 9.75 points, to close at 1,557.46.
The parallel market Nomu climbed 0.54 percent, or 144.95 points, to close at 26,886.59, with 32 advancing and 35 retreating stocks.
Acwa Power Co. was the best-performing stock, surging 9.7 percent to SR438.80, while Alkhaleej Training and Education Co. and Mediterranean and Gulf Insurance and Reinsurance Co. saw their shares soar 8.92 percent and 8.09 percent, respectively.
The text reports on the stock market performance of various companies in Saudi Arabia.
Top performers include Al-Baha Investment and Development Co. and Malath Cooperative Insurance Co., whose share prices increased.
The worst performer was Nahdi Medical Co., whose share price decreased by 2.48 percent.
Other poor performers were Co. for Cooperative Insurance, Jabal Omar Development Co., United Cooperative Assurance Co., and AlSaif Stores for Development and Investment Co., whose share prices also decreased.
Notable announcements were made by Al Rajhi Bank, which intends to issue US-denominated additional tier-1 capital sukuk.
The text reports that a bank is planning to issue a sukuk (Islamic bond) through a special-purpose vehicle, with the value and terms to be determined by current market conditions.
The sukuk will be open to qualified investors, both domestically and internationally.
The bank has appointed several financial institutions as joint lead managers and bookrunners for the potential offering.
Separately, Nahdi Medical Co. announced its interim financial results for the period ending March 31, 2023.
The company reported a revenue increase of 7.24 percent to SR2.257 billion, up from SR2.105 billion in the previous year.
The growth was mainly due to a strong performance in the core pharmaceutical segment and a solid recovery in the front shop segment, particularly in the beauty categories.
In the first quarter of this year, Saudi Telecom Co.'s net profits decreased by 4.67 percent to SR232.9 million compared to the same quarter in 2023.
Saudi Real Estate Co., on the other hand, reported a revenue growth of 8.8 percent to SR427.6 million, driven by an increase in stc Saudi Arabia earnings, specifically in commercial unit revenues and carriers and wholesale unit incomes.
Saudi Telecom's earnings were offset by a decline in business unit revenues.
Meanwhile, Saudi Telecom's financial results showed earnings increasing by 5.07 percent to SR19.1 billion compared to the same quarter last year.
STC's subsidiaries reported a 13% increase in gains.
Halwani Bros. Co.'s earnings grew by 5.93% to SR270.36 billion from SR255.22 billion in their interim financial results ending March 31.
The increase in sales during the current quarter was due to higher transactions in the Kingdom and their subsidiary in Egypt.
The MSCI Tadawul Index also increased by 0.63 percent, or 9.75 points, to close at 1,557.46.
The parallel market Nomu climbed 0.54 percent, or 144.95 points, to close at 26,886.59, with 32 advancing and 35 retreating stocks.
Acwa Power Co. was the best-performing stock, surging 9.7 percent to SR438.80, while Alkhaleej Training and Education Co. and Mediterranean and Gulf Insurance and Reinsurance Co. saw their shares soar 8.92 percent and 8.09 percent, respectively.
The text reports on the stock market performance of various companies in Saudi Arabia.
Top performers include Al-Baha Investment and Development Co. and Malath Cooperative Insurance Co., whose share prices increased.
The worst performer was Nahdi Medical Co., whose share price decreased by 2.48 percent.
Other poor performers were Co. for Cooperative Insurance, Jabal Omar Development Co., United Cooperative Assurance Co., and AlSaif Stores for Development and Investment Co., whose share prices also decreased.
Notable announcements were made by Al Rajhi Bank, which intends to issue US-denominated additional tier-1 capital sukuk.
The text reports that a bank is planning to issue a sukuk (Islamic bond) through a special-purpose vehicle, with the value and terms to be determined by current market conditions.
The sukuk will be open to qualified investors, both domestically and internationally.
The bank has appointed several financial institutions as joint lead managers and bookrunners for the potential offering.
Separately, Nahdi Medical Co. announced its interim financial results for the period ending March 31, 2023.
The company reported a revenue increase of 7.24 percent to SR2.257 billion, up from SR2.105 billion in the previous year.
The growth was mainly due to a strong performance in the core pharmaceutical segment and a solid recovery in the front shop segment, particularly in the beauty categories.
In the first quarter of this year, Saudi Telecom Co.'s net profits decreased by 4.67 percent to SR232.9 million compared to the same quarter in 2023.
Saudi Real Estate Co., on the other hand, reported a revenue growth of 8.8 percent to SR427.6 million, driven by an increase in stc Saudi Arabia earnings, specifically in commercial unit revenues and carriers and wholesale unit incomes.
Saudi Telecom's earnings were offset by a decline in business unit revenues.
Meanwhile, Saudi Telecom's financial results showed earnings increasing by 5.07 percent to SR19.1 billion compared to the same quarter last year.
STC's subsidiaries reported a 13% increase in gains.
Halwani Bros. Co.'s earnings grew by 5.93% to SR270.36 billion from SR255.22 billion in their interim financial results ending March 31.
The increase in sales during the current quarter was due to higher transactions in the Kingdom and their subsidiary in Egypt.
Translation:
Translated by AI
