Arab News, Thu, Oct 31, 2024 | Rabi al-Thani 28, 1446
Closing Bell: Saudi main index slips to close at 12,018
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index dipped on
Wednesday, losing 43.28 points, or 0.36 percent, to close at 12,018.81.
The total trading value of the benchmark index was
SR5.98 billion ($1.59 billion), as 92 stocks advanced, while 129 retreated.
The MSCI Tadawul Index decreased by 6.42 points,
or 0.42 percent, to close at 1,511.37
The Kingdom’s parallel market, Nomu, edged up by
245.89 points, or 0.92 percent, to close at 26,868.99. This comes as 39 stocks
advanced, while 36 retreated.
The best-performing stock of the day was Etihad
Altheeb Telecommunications Co., with its share price surging by 6.18 percent to
SR116.8.
Other top performers included Red Sea
International Co., which saw its share price rise by 4.98 percent to SR75.9.
MBC Group, and Saudi Arabian Amiantit Co., also
saw a positive change at 4.57 percent and 4.08 percent to SR42.35 and SR34.45,
respectively.
The worst performer of the day was Saudi
Industrial Export Co., whose share price fell by 7.12 percent to SR2.48.
Nahdi Medical Co. and Al-Baha Investment and
Development Co., also saw declines, with their shares dropping by 3.86 percent
and 3.85 percent to SR124.4 and SR0.25, respectively.
Leejam Sports Co. and Fourth Milling Co., also saw
a negative change at 3.63 percent and 3.58 percent to SR186 and SR5.11,
respectively.
On the announcements front, Retal Urban
Development Co. reported its preliminary financial results for the nine months
ending Sept. 30 with a net profit after zakat and tax of SR145.98 million. This
marked a 20.32 percent decline compared to the same period last year.
According to a statement, the decrease was
primarily due to an 87.4 percent drop in revenues from real estate unit and land
sales, despite an 87.6 percent rise in development contract revenues driven by
more active projects.
General and administrative expenses rose by 63.3
percent to SR60.68 million due to organizational growth. Selling and marketing
expenses also increased by 66 percent to SR23.54 million to boost market share
and brand strength.
Additionally, financing costs surged by 245.4
percent to SR58.27 million, impacted by higher debt and an increased Saudi
Interbank Offered Rate.
The company’s stock closed at SR14.22, down by
2.47 percent.
Nahdi Medical Co. reported net profit of SR662.9
million for the same period, marking an 8.2 percent annual decline. This was
partly due to the prior year’s non-recurring inventory provision release of SR33
million.
Operating expenses also rose by SR78.6 million as
the company invested in strategic initiatives, including new openings and
digitalization, though efficiency programs improved expenses as a percentage of
revenue by 1.3 percent.
The company’s stock closed the session at SR124.2,
reflecting a decrease of 4.02 percent.