Saudi Arabia's Tadawul Index Surges, Zahrat Al Waha Top Performer; Saudi Tadawul Group, National Agricultural Development, and Gulf Insurance Group Announce Q1 Financial Results
On Sunday, Saudi Arabia's Tadawul All Share Index increased by 0.17 percent, or 20.78 points, to close at 12,373.11.
The total trading turnover was SR5.26 billion ($1.4 billion), with 92 stocks advancing and 129 retreating.
The parallel market Nomu also rose by 1.26 percent, or 332.34 points, to close at 26,790.15, with 27 stocks advancing and 31 retreating.
The MSCI Tadawul Index gained 0.29 percent, or 4.56 points, to close at 1,551.76.
Zahrat Al Waha for Trading Co. had the best performance, with a 9.97 percent increase in share price to SR47.45, while Gulf Insurance Group had the worst performance, with a 9.94 percent decrease in share price to SR34.90.
Raydan Food Co. and Saudi Cable Co. were also among the top performers.
Several companies, including Al-Baha Investment and Development Co., Salama Cooperative Insurance Co., and Saudi Tadawul Group Holding Co., reported their interim financial results for the first quarter of 2024.
Tadawul's net profit surged 121% to SR201.5 million, driven by increased operating revenues, earnings per share, gross profit, and operational profit.
The National Agricultural Development Co. also announced a 168% increase in net profit to SR101.3 million.
Gulf Insurance Group experienced an increase in net profits due to higher revenue, lower cost of sales, and decreased finance costs.
However, the company reported a net loss of SR20.2 million in the first quarter of 2024, contrasting with a profit of SR56.6 million in the same period of the previous year, caused by a decrease in insurance revenue and adverse reinsurance contracts.
Separately, Saudi Aramco Base Oil Co. (Luberef) reported a net profit of SR239 million in the first quarter of 2024, representing a 46.3% drop compared to the same quarter in 2023.
The text reports that Saudi Cable Co. experienced a net profit of SR36.5 million in the first quarter of 2024, a significant improvement from a net loss of SR584.9 million in the same quarter of the previous year.
The improvement is due to factors outside of Saudi Cable Co., specifically a decrease in base oil crack margins leading to a decline in net profit for other companies.
Saudi Cable Co.'s financial results for the year ending on Dec. 31, 2023, were also disclosed, showing a net loss the previous year.
The parallel market Nomu also rose by 1.26 percent, or 332.34 points, to close at 26,790.15, with 27 stocks advancing and 31 retreating.
The MSCI Tadawul Index gained 0.29 percent, or 4.56 points, to close at 1,551.76.
Zahrat Al Waha for Trading Co. had the best performance, with a 9.97 percent increase in share price to SR47.45, while Gulf Insurance Group had the worst performance, with a 9.94 percent decrease in share price to SR34.90.
Raydan Food Co. and Saudi Cable Co. were also among the top performers.
Several companies, including Al-Baha Investment and Development Co., Salama Cooperative Insurance Co., and Saudi Tadawul Group Holding Co., reported their interim financial results for the first quarter of 2024.
Tadawul's net profit surged 121% to SR201.5 million, driven by increased operating revenues, earnings per share, gross profit, and operational profit.
The National Agricultural Development Co. also announced a 168% increase in net profit to SR101.3 million.
Gulf Insurance Group experienced an increase in net profits due to higher revenue, lower cost of sales, and decreased finance costs.
However, the company reported a net loss of SR20.2 million in the first quarter of 2024, contrasting with a profit of SR56.6 million in the same period of the previous year, caused by a decrease in insurance revenue and adverse reinsurance contracts.
Separately, Saudi Aramco Base Oil Co. (Luberef) reported a net profit of SR239 million in the first quarter of 2024, representing a 46.3% drop compared to the same quarter in 2023.
The text reports that Saudi Cable Co. experienced a net profit of SR36.5 million in the first quarter of 2024, a significant improvement from a net loss of SR584.9 million in the same quarter of the previous year.
The improvement is due to factors outside of Saudi Cable Co., specifically a decrease in base oil crack margins leading to a decline in net profit for other companies.
Saudi Cable Co.'s financial results for the year ending on Dec. 31, 2023, were also disclosed, showing a net loss the previous year.
Translation:
Translated by AI
