RIYADH: Saudi Arabia’s Tadawul All Share Index lost 116.43 points — or 1.13 percent — to close at 10,153.30 on Thursday, extending Tuesday’s 101 points and Monday’s 122 points topple, after the bourse was closed on Wednesday.
While MSCI Tadawul 30 Index fell 1.23 percent to 1,383.84, the parallel market Nomu ascended 0.58 percent to 19,128.36.
TASI’s total trading turnover was SR4.02 billion ($1.07 billion) as 96 stocks of the listed 224 advanced and 113 receded.
Tihama Advertising and Public Relations Co. took the biggest hit as its share price fell 5.97 percent to SR66.10.
Halwani Bros. Co., Savola Group, Gulf Insurance Group, and Saudi Electricity Co. stocks also took a severe beating.
The Power and Water Utility Co. for Jubail and Yanbu emerged as the best-performing stock on Thursday as it closed 3.81 percent higher at SR54.50.
Among sectoral indices, 14 of the 21 listed on the stock exchange declined, while the rest gained.
On the announcements front, Saudi Kayan Petrochemical Co. informed the exchange that it registered a net loss after zakat and tax of SR1.24 billion in 2022 from a profit of SR2.39 billion in 2021 due to a decrease in average selling prices and an increase in average feedstock prices.
Revenues declined 11.85 percent to SR12,656.21 billion in 2022 from SR11,157.02 billion.
The company also booked a loss after zakat and tax of SR791.1 million in the fourth quarter of 2022, against a profit of SR449.28 million in the year-ago period. Saudi Kayan’s share price fell 1.91 percent to SR12.30.
Bupa Arabia for Cooperative Insurance Co. reported a 40 percent rise in net profit to SR1.02 billion in 2022 from SR730.70 million in 2021.
Earnings per share increased to SR5.78 last year from SR4.18 in 2021. The company’s net written premiums rose 22.19 percent to SR13.80 billion in 2022 from SR11.29 billion.
Bupa Arabia also garnered negative incurred claims of SR10.92 billion in the year ending Dec. 31, 2022, from SR9.04 billion in 2021. The company’s share price moved up slightly to SR156.40.
United International Transportation Co., also known as Budget Saudi, reported a 15 percent hike in net profit of SR252 million for 2022 from SR219.9 million during the previous year.
Budget Saudi’s share price closed flat at SR54.1.
Arabian Cement Co. also announced that it had clocked a 12 percent jump in net profit to SR181 million in 2022 from SR161 million in 2021 due to a rise in the profit share of associate companies, an increase in other income, and a decrease in finance costs. The company’s share price dipped slightly to SR35.1.
Meanwhile, ACWA Power Co. started the commercial operation of the 100 MW central tower in the Noor Energy 1 project on Feb. 20. The project is the fourth phase of Mohammed bin Rashid Al Maktoum Solar Park in Dubai.
The total capacity under commercial operation reached 517 MW out of a total of 950 MW, which is generated by concentrated solar power and photovoltaic panels. The utility company’s share price moved marginally up to SR138.80.
