RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Sunday, as it lost 2.58 points or 0.02 percent, to close at 11,341.82.
While the parallel market Nomu edged down 0.21 percent to 21,787.81, the MSCI Tadawul Index dropped slightly by 0.12 percent to 1,524.71.
The total trading turnover of the benchmark index was SR4.75 billion ($1.27 billion).
Ash-Sharqiyah Development Co. emerged as the top performer as its share price edged up 3.36 percent to SR25.20. Halwani Bros. Co. and Tabuk Agricultural Development Co. also performed well with their share prices rising by 2.56 percent and 1.47 percent respectively.
The worst performer of the day was Middle East Paper Co. which closed at SR33.95, registering a drop of 5.3 percent in its share price. This comes after the company reported a net loss of SR7.1 million for the first quarter of 2023.
On the announcements front, Emaar The Economic City said that its net loss for the first quarter of 2023 widened by 3.01 percent to SR171 million, compared to a loss of SR166 million in the same period of the previous year. The company’s share price edged up by 0.44 percent to close at SR9.14.
Another company that disclosed its financial statement on Sunday was Perfect Presentation for Commercial Services Co. In a bourse filing, the firm said its net profit jumped by 18.7 percent to SR26.20 million in the first quarter, compared to SR22.07 million in the same quarter of 2022. However, its share price edged down by 3.94 percent or SR224.20.
Methanol Chemical Co., also known as Chemanol, turned to a loss of SR48.84 million in the first quarter of 2023 compared to a profit of SR102.67 million in the same quarter of the previous year. The company’s share price dropped by 2.13 percent to SR24.76.
Meanwhile, Alandalus Property Co. narrowed its net profit by 27.94 percent in the first quarter of 2023 to SR14.26 million, from SR19.79 million in the same period a year ago. In a Tadawul statement, the company attributed the decline to higher financing cost and a rise in general, marketing and administrative expenses. The company’s share price closed lower by 0.75 percent at SR18.60.
Al Kathiri Holding Co. turned into profit in the first quarter of 2023. It reported a net profit of SR1.55 million, from a loss of SR2.07 million in the same period a year ago. Driven by its better financial performance, the company’s share price rose by 2.69 percent to SR3.44.
United International Transportation Co., also known as Budget Saudi, reported a 15.01 percent surge in net profit in the first quarter to SR69.31 million, from SR60.27 million for the same quarter of the previous year. The share price of the company, however, slipped by 1.69 percent to SR64.
Tam Development Co. recorded a subscription of 585,600 shares by qualified investors in an initial public offering on the parallel market.
The subscription period will run for five days until May 25. The shares offered represent 16 percent of TAM’s capital amounting to SR36.6 million capital, or 3.66 million shares.
