Tadawul All Share Index (TASI) opened at 11,675, going down by 10.7 points or 0.1 percent from yesterday’s close.
Here is a wrap of the market’s latest news
Saudi Industrial Services Co. (SISCO) approved the distribution of cash dividends amounting at a total of SR32.6 million ($8.7 million) for its shareholders. This corresponded to SR0.4 ($0.11) per share or 4 percent of the share’s par value. The dividend will be distributed on November 23 2021.
Jarir Marketing Co. also announced the distribution of cash dividends to its shareholders for the third quarter of 2021. The company will distribute a total amount of SR246 million ($65.6 million) to shareholders. Per share, this will be SR2.05 ($0.55) or 20.5 percent of the share’s face value.
National Agricultural Development Co. (NADEC) and Pure Harvest Smart Farms signed three memorandum of understanding (MoU) to build and operate a high-tech hydroponic climate-controlled greenhouse.
Development Works Food Co. has submitted an official request to move to the main market following the board of directors’ approval of the plan, which took place on September 12 2021.
Al-Khaleeji Training and Education released the results of its extraordinary general assembly meeting. Most notably, the company agreed to increase its capital by SR200 million ($53.3 million) through the issuance of 20 million rights shares.
Similarly, the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) approved the recommended increase in capital by SR350 million ($93.3 million). The increase in capital will be through the offering and listing 35 million shares. This is expected to support the expansion of the company’s business activities and to improve the margin of solvency.
Companies’ earnings
Jarir Marketing Company’s net profit for the first nine months of 2021 grew marginally by 1.8 percent to SR729.4 million ($194.4 million) as general and administrative expenses decreased this year.
Saudi Chemical Co. announced a net profit of SR75.9 million ($20.2 million) for the first three quarters of this year. Compared to last year, net profit fell by 21.8 percent due to rising cost of revenues.
Knowledge Economic City made a net loss of SR2.6 million ($0.69 million) for the nine-month period ending on 30 September 2021. In a sign of improvement, the company’s net loss fell by 88.4 percent compared to the same period last year.
Saudi Steel Pipe Co. saw a huge decline in its 9M 2021 net loss, falling from a loss of SR35.2 million ($9.4 million) to a loss of SR0.64 million ($0.17 million). This was driven by an upturn in profits from discontinued operations following losses from this component last year as well as a decline in administrative expenses.
Buruj Cooperative Insurance Company made a before-zakat net loss of SR1.53 million ($0.41 million) in this year’s first three quarters. The company’s net loss narrowed moderately by 30.9 percent when compared to last year as total combined net investment income from policyholders and shareholders jumped by 82.3 percent.
In addition, Al Alamiya for Cooperative Insurance Co. announced a net loss of SR16.5 million ($4.4 million) for the three-quarter period ending on 30 September 2021. This is a massive decline when compared to last year’s net profit of SR9.96 million ($2.66 million) for the same period. Reasons for the deterioration in net income included higher net claims incurred, higher other underwriting expenses and lower investment income.
