Saudi Arabia: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 145.35 points, or 1.21 percent, to close at 11,850.64.    

The total trading turnover of the benchmark index was SR4.37 billion ($1.16 billion) as 55 of the stocks advanced, while 166 retreated.   

Similarly, the Kingdom’s parallel market Nomu slipped 41.38 points, or 0.16 percent, to close at 26,638.19. This comes as 26 of the listed stocks advanced while 33 retreated.   

Meanwhile, the MSCI Tadawul Index slipped 20.47 points, or 1.37 percent, to close at 1,473.08. 

The best-performing stock of the day was Bupa Arabia for Cooperative Insurance Co. The firm’s share price surged 4.79 percent to SR240.80.  

Other top performers include Saudi Fisheries Co. as well as National Medical Care Co. 

The worst performer was Al-Baha Investment and Development Co. whose share price dropped by 7.14 percent to SR0.13. 

Other worst performers were Electrical Industries Co. as well as Saudi Arabian Mining Co. 

On the announcements front, East Pipes Integrated Co. has announced its annual financial results for the period ending on March 31.  

According to a Tadawul statement, the company’s net profit hit SR267 million in the year ending in March 2024, reflecting a 167 percent surge when compared to the corresponding period a year earlier.   

The increase is mainly due to a sustained rise in average sales prices as well as a decrease in the cost of production per tonne. 

Moreover, Saudi Ground Services Co. has announced that the board of directors has approved establishing a 100 percent owned new subsidiary as a limited liability company in Saudi Arabia under the name “Ground Service Co. for Travel and Tourism Services.”  

A bourse filing revealed that the new subsidiary will have a share capital of SR500,000. 

This decision comes after meeting the requirements set by the relevant authorities and regulations for operating travel agency services and air transport procedures, which are in line with the National Economic Activities Classification Guide, following the necessary approvals from the authorities. 

This step aligns with the strategic direction of Saudi Ground Services Co., aiming for growth, business development, and diversification of its revenues. 

Furthermore, MBC FZ-LLC, a subsidiary wholly owned by MBC Group, has announced the signing of a production contract worth SR65 million with MedYapim Middle East Audiovisual Media Production Co., a related party, for the production of a television series. 

The contract is expected to be completed by February 2025, in accordance with the terms and conditions of the agreement and is projected to have a positive impact on the firm’s financial statements of 2025.