Tadawul All Share index closed at 11,685.66 points, dropping by 66.46 points or 0.57 percent compared to yesterday’s close.
Here is a wrap of the latest market news
The net profit of Saudi Industrial Services Company (SISCO) plummeted by 47.3 percent to SR58.7 million ($15.7 million) in this year’s first three quarters. This was partly caused by a 21.2 percent divestment in the company’s stake in Red Sea Gateway Terminal.
Meanwhile, Astra Industrial Group saw a significant rise in its net profit for the first nine months of 2021 as it rose by 94.2 percent to SR150.6 million ($40.2 million). Jumps in sales of power and steel, specialty chemicals and pharmaceutical companies sectors contributed to the upswing in profits.
Tabuk Cement Co. reached a net profit of SR17.4 million ($4.6 million) in the nine-month period ending on 30 September 2021. This was 55.2 percent lower than last year’s net profit for the comparable period as sales slumped.
On the other hand, the Northern Region Cement Company made a net profit of SR71.3 million ($19 millon) for the first three quarters of 2021, growing by 12.9 percent from the previous year’s comparable period as financing costs declined this year.
Al Kathiri Holding Co. experienced a surge in its net profit for the first 3 quarters of the year, leaping by 138.1 percent to SR11.8 million ($3.2 million). This was driven by soaring sales as pandemic restrictions eased off.
Similarly, Herfy Food Services Company’s net profit skyrocketed by 247.7 percent to SR112.2 million for the first 9 months in 2021. The jump in profits was fuelled by a 26.5 percent rise in sales.
On the contrary, Alkhaleeji Training and Education Co. recorded a 97.8 percent drop in net profit to SR0.33 million ($0.08 million) for the nine-month period ending on 30 September 2021. Last year’s higher profits were primarily caused by a government subsidy that was lifted this year.
Saudi Fisheries Co. announced a net loss of SR37.8 million ($10.1 million) for 9M 2021. The company’s losses increased by 45 percent compared to the same period last year.
Insurance companies’ earnings
Bupa Arabia for Cooperative Insurance Co. announced a before-zakat net profit of SR737.3 million ($196.6 million) for the first 3 quarters of 2021. This was a marginal decline compared to the same period last year as it fell by 0.2 percent only.
The before-zakat net profit of SABB Takaful Co. soared by 140.6 percent to SR7.1 million ($1.9 million) compared to net loss last year. This was driven, in part, by rising net contributions earned.
On the other hand, Al Rajhi Takaful’s before-zakat net profit slipped to SR157.1 million ($41.9 million), falling by 20.3 percent. The drop in profits was induced by a decline in net contributions earned.
CEO appointment
Herfy Food Services Company announced that the board of directors approved the appointment of Sam Bader, the acting CEO, as the new CEO of the company.
Digital meetings
Saudi Industrial Development Co (SIDC). invited its shareholders to attend and vote in its ordinary general assembly meeting using so-called “means of modern technology” on Sunday 28 November 2021.
Zahrah Al-Waha also notified its shareholders that they will be able to vote electronically on the next ordinary general assembly meeting, planned to be held on Monday 8 November 2021.
In addition, the company announced the renewal of credit facilities agreement, which conforms to Sharia regulations, with the Saudi Investment Bank.
