RIYADH: Saudi Arabia’s Tadawul All-Share Index fell on Sunday, shedding 67.36 points (0.55%) to close at 12,217.05.
Total trading volume in the benchmark index was 5.33 billion riyals ($1.42 billion), with 78 stocks gaining and 147 stocks losing.
Meanwhile, the Saudi parallel market Nom index rose 109.49 points (0.40%) to close at 27,195.93. This was due to 30 stocks rising and 27 stocks falling.
Meanwhile, the MSCI Tadawul index fell by 7.05 points (0.46%) to close at 1,530.49.
The best performing stock on the day was Saudia Dairy and Foodstuff, whose share price soared 9.97% to R386.20.
Other top performers include Saudi Chemical Company and Al Jouf Agricultural Development Company.
Timaal Development Holding was the worst performer, with its share price down 9.94% to R14.14.
Other lackluster performers include Tanmia Food Co. and Wallah Cooperative Insurance Co.
On the announcement front, Etihad Etisalat, also known as Mobily, announced its interim financial results for the year ended March 31st.
According to Tadawul’s statement, the company’s net profit reached SR638 million in the first quarter of 2024, an increase of 37.2% compared to the same period last year.
This increase was primarily driven by an increase in gross profit and a sharp increase in earnings before interest, taxes, depreciation and amortization. Operating expenses also increased, while finance costs, zakat and income taxes decreased.
Additionally, Tanmia Food Company also announced its interim financial results for the first three months of 2024.
The company’s net profit reached SR21 million in the year ended March 31, unchanged compared to the same period in 2023, according to a stock exchange filing.
Additionally, Elm announced interim financial results for the first quarter of this year.
According to Tadawul’s statement, the company’s net profit increased by 7.1% year-on-year in the first three months of 2024, reaching 345 million riyals.
This increase was primarily due to an increase in revenue, operating expenses and income from the Murabaha deposit.
Allianz Saudi Fransi Cooperative Insurance also announced its interim results for the year ended March 31.
According to stock exchange filings, the company’s net profit was 9.98 million riyals at the end of the first quarter of 2024, an increase of 4.01% compared to the same period last year.
The increase in net profit before zakat and income tax for the quarter compared to the same period last year was mainly due to an 86% increase in net investment income.
Additionally, United International Transportation Company (Budget Saudi) announced interim financial results for the first three months of 2024.
According to Tadawul’s statement, the company’s net profit reached SR 69.7 million in the first quarter of 2024, an increase of 0.565% compared to the same period last year.
The sharp increase in net income was primarily due to steady growth in long-term and short-term rental income.
Saudi Electric Power also announced its interim financial results for the period ending March 31st.
The company’s net profit was 897 million riyals at the end of the first quarter of 2024, an increase of 86.8% year-on-year, according to a stock exchange filing.
The sharp increase in net income for the quarter compared to the same period last year was primarily due to increased revenue requirements, new revenue from development projects and increased revenue from Dawiyat.
Meanwhile, United Electronics Corporation (eXtra) announced that shareholders have approved the election of board members for the next three years starting May 13th.
