Saudi Arabia's Tadawul Index Surges, Makkah Construction Leads; ACWA Power Approves Cash Dividend and Capital Increase
Saudi Arabia's Tadawul All Share Index rose by 25 points to close at 12,394.91 for the second day in a row, with a total trading turnover of SR7.47 billion ($1.99 billion.
The parallel market Nomu also increased by 0.41 percent.
However, the MSCI Tadawul Index dropped by 9.12 points.
Makkah Construction and Development Co. had the highest gain with a 7.88 percent increase in share price, while National Agricultural Development Co. and Saudi Reinsurance Co. also saw significant gains.
The worst performer was Saudi Electricity Co., with a 3.72 percent decrease in share price.
Overall, 187 stocks advanced and 36 declined.
ACWA Power shareholders approved the distribution of a SR0.45 cash dividend per share for 2023 and authorized an increase of SR14.62 million in capital from retained earnings.
Separately, Almunajem Foods Co. announced signing a share purchase agreement to buy a 23% stake from Balady Poultry Trading Co.'s shareholders for SR181.33 million, subject to regulatory approvals.
Two Saudi Arabian companies, Yamama Cement Co. and National Co. for Glass Industries (Zoujaj,) reported their financial results for the first quarter of 2024.
Yamama Cement Co. announced a 2.34% increase in net profit to SR115.03 million, due to lower cost of sales and higher revenues.
National Co. for Glass Industries experienced a significant jump in net profit by 166.27% to SR22.9 million.
However, the MSCI Tadawul Index dropped by 9.12 points.
Makkah Construction and Development Co. had the highest gain with a 7.88 percent increase in share price, while National Agricultural Development Co. and Saudi Reinsurance Co. also saw significant gains.
The worst performer was Saudi Electricity Co., with a 3.72 percent decrease in share price.
Overall, 187 stocks advanced and 36 declined.
ACWA Power shareholders approved the distribution of a SR0.45 cash dividend per share for 2023 and authorized an increase of SR14.62 million in capital from retained earnings.
Separately, Almunajem Foods Co. announced signing a share purchase agreement to buy a 23% stake from Balady Poultry Trading Co.'s shareholders for SR181.33 million, subject to regulatory approvals.
Two Saudi Arabian companies, Yamama Cement Co. and National Co. for Glass Industries (Zoujaj,) reported their financial results for the first quarter of 2024.
Yamama Cement Co. announced a 2.34% increase in net profit to SR115.03 million, due to lower cost of sales and higher revenues.
National Co. for Glass Industries experienced a significant jump in net profit by 166.27% to SR22.9 million.
Translation:
Translated by AI
