https://arab.news/wkaag
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded the week in the red by slipping down 36.03 points, or 0.32 percent, to close at 11,271.19 on Thursday.
The total trading turnover reached SR6.31 billion ($1.68 billion).
The Kingdom’s parallel market Nomu also edged down by 3.84 points to 21,322.08, and the MSCI Tadawul Index dropped by 0.33 percent to 1,519.19.
The top performer of the day was Salama Cooperative Insurance Co., as its shares shot up by 9.17 percent to SR17.38.
It was followed by Alkhaleej Training and Education Co. and Amana Cooperative Insurance Co., as shares of the companies went up by 5.75 percent and 5.43 percent respectively.
The worst performer in Thursday’s session was Anaam International Holding Group. The company’s share prices dropped by 5.18 percent to SR26.55.
On the announcements front, Al Rajhi Bank said that its net profit rose 0.3 percent to SR4.14 billion in the first quarter of 2023, compared to SR4.13 billion in the same period a year earlier. The bank’s share price dropped by 1.66 percent to SR76.80.
Bank Albilad also announced its financial results for the first quarter. It said its net profit went up 14 percent to SR559.9 million, from SR490.3 million in the same period of 2022.
According to a Tadawul statement, the bank’s total operating income rose 6 percent year-on-year, mainly due to higher net income from investing and financing assets. Despite posting a rise in net profit, the share price of Bank Albilad fell by 0.72 percent to SR41.35.
Another company that announced its financial results was Saudi Steel Pipe Co. Its net profit fell by 56 percent to SR6.4 million in the first quarter, compared to SR14.5 million in the same period of 2022.
In a bourse statement, the company attributed the decline to a drop in gross profit to SR23.86 million due to lower sales volumes. Owing to the fall in profit, the company’s share price also dipped by 1.25 percent on Thursday to SR23.70.