Arab News, Mon, May 27, 2024 | Dhu al-Qadah 19, 1445
Closing bell: Saudi main index slips to close at 11,850
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.