The Tadawul All Share Index, Saudi Arabia's main stock market, closed the first trading session of the week on Sunday with a gain of 149.22 points, or 1.24%, reaching 12,175.43.
Total trading turnover for the benchmark index amounted to SR6 billion (£1.3 billion), with 143 stocks advancing and 84 declining.
Nomu, the Kingdom's parallel market, also saw a rise of 82.97 points, or 0.31%, closing at 26,502.98. This was driven by 36 stocks gaining ground while 34 retreated.
The MSCI Tadawul Index rose by 22.36 points, or 1.49%, to close at 1,524.49.
Top Performers:
The best-performing stock of the day was Kingdom Holding Co., whose share price surged by 9.95% to SR8.95. Other notable performers included Miahona Co. and Saudi Manpower Solutions Co.
Worst Performer:
Almunajem Foods Co. was the worst performer, with its share price dropping by 4.66% to SR98.20.
Company Updates:
Sabic Agri-Nutrients Co. announced its interim consolidated financial results for the period ending June 30. According to a Tadawul statement, the company's net profit stood at SR1.54 billion (£320 million) for the first six months of 2024, a 5.26% decrease compared to the same period in 2023. This decline was attributed to a 6% drop in average selling prices, partially offset by a 2% increase in sold quantities.
Dr. Sulaiman Al-Habib Medical Services Group also disclosed its interim financial results for the first six months of 2024. A bourse filing revealed that the firm's net profit reached SR1.1 billion (£230 million) in the period ending June 30, representing a 13.2% surge compared to the first six months of 2023. The increase in net profit was mainly driven by revenue growth due to an increase in patient numbers.
The company also announced that its board of directors has decided to distribute SR409.5 million (£85 million) in cash dividends to shareholders for the second quarter of 2024. The total number of shares eligible for dividends amounted to 350 million, with a dividend per share of SR1.17 (£0.24), according to a separate Tadawul statement. This equates to a dividend payout ratio of 11.7% of the share's par value.
National Shipping Co. of Saudi Arabia, also known as Bahri, announced its interim financial results for the period ending June 30. A bourse filing disclosed that the firm's net profit climbed 20% year-on-year to reach SR1.18 billion (£245 million) in the first six months of 2024. This surge was primarily attributed to an increase in gross profit and finance income.
âBahri had a good first half of this year and delivered commendable operational performance across our divisions,â said Ahmed Ali Al-Subaey, CEO of Bahri, in a statement. âOur success was driven by optimized fleet management and route efficiency, supported by improved market conditions for VLCCs (very large crude carrier) and chemical tankers.â
Capital Market Authority Approves Capital Increase:
The Capital Market Authority has issued a resolution approving Arabian Contracting Services Co.'s request to increase its capital from SR500 million (£104 million) to SR550 million (£114 million). This will be achieved by issuing one bonus share for every 10 owned by shareholders listed in the Securities Depository Center's registry as of the closing of the second trading day after the due date, which will be determined by the firm's board. The increase will be financed by transferring SR50 million (£10 million) from the "retained earnings" account to the company's capital.
ASG Plastic Factory Co. IPO Subscription Begins:
Qualified investors can begin subscribing to 750,000 shares of ASG Plastic Factory Co. on July 28. The firm is set to list on the Nomu parallel market at a price between SR40 (£8) and SR44 (£9) per share. The offered holdings represent 10.64% of the post-initial public offering capital of SR70.5 million (£14.6 million) or 11.90% of the pre-IPO capital, divided into 7.05 million shares at a par value of SR10 (£2) each.