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Tuesday, May 21, 2024

Saudi Tadawul Index Drops 17.71 Points, Seera Group and Zamil Industrial Report Net Profits

Saudi Tadawul Index Drops 17.71 Points, Seera Group and Zamil Industrial Report Net Profits

The Tadawul All Share Index in Saudi Arabia decreased by 17.71 points to close at 12,103.20 for the second day in a row.
The total trading turnover was SR6.30 billion ($1.68 billion) with 128 stocks advancing and 96 declining.

The MSCI Tadawul Index dropped by 0.47 percent to 1,512.30.

Saudi Industrial Development Co. had the highest increase in share price, up by 9.95 percent to SR9.61.

Other top performers included Wafrah for Industry and Development Co. and Al-Baha Investment and Development Co., whose shares rose by 9.9 percent and 7.69 percent respectively.

The worst-performing stock was Basic Chemical Industries Co., which saw a 7.57 percent decrease in share price to SR33.60.

Seera Group Holding reported a 7.01% increase in net profit to SR61 million in Q1 2024, with total revenue of SR1.07 billion due to growth in car rental and travel platform segments and new acquisitions.

Lumi Rental Co. saw a 11.15% decrease in net profit to SR44.71 million in Q1 2024.

Zamil Industrial Investment Co. reported a net profit of SR5.42 million in Q1 2024, reversing a net loss of SR13.81 million in the same period of 2023.

Zamil, a Saudi Arabian industrial company, reported a 25.5% increase in sales and higher operating income in the steel and insulation sectors, leading to a profit rise.

Separately, Burgerizzr, a restaurant company, reported a net profit of SR5.3 million in Q1 2024, reversing a net loss of SR1.4 million in Q1 2023.

The profit improvement was due to higher same-store sales and more guests.
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