RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward movement for the second day in a row as it shed 79.54 points, or 0.7 percent, to close at 11,271.94 on Monday.
The benchmark index reported a total trading turnover of SR6.3 billion ($1.7 billion), an increase from SR3.7 billion on Sunday, as 56 of the 228 stocks advanced, while 161 declined.
The Kingdom’s parallel market Nomu also declined on Monday, dropping by 939.02 points to settle at 23,263.76.
Similarly, the MSCI Tadawul Index decreased by 0.81 percent to close at 1,482.92.
Al Etihad Cooperative Insurance Co. emerged as the top-performing stock of the day, with its share price surging 9.99 percent to close at SR18.94.
On the announcements front, Saudi Arabia’s Al Hokair Group released its financial results for the first half of 2023. It reported SR364.9 million in revenue, a 5.95 percent rise from the same period last year, according to a bourse filing.
However it netted a loss after zakat and tax of SR29.4 million in the first half of 2023, an uptick when compared with last year’s loss of SR67.65 million.
Arabian Cement Co. registered an annual decrease in revenue of 10.89 percent in its first half results to record a figure of SR436.9 million, a drop from SR490.3 million in the same period last year.
As a result, the company’s net profit also saw a year-on-year decrease of 11.16 percent to attain SR77.2 million in the first half of 2023, as opposed to SR86.9 million in the same period last year.
In a Tadawul filing, Saudi Real Estate Refinance Co. also registered a yearly decrease in its financial results for the first half of the year with revenue down by 13.98 percent compared to the same period last year.
The real estate giant recorded SR748.4 million in revenue this year, down from SR870 million in the first half of last year, mainly attributed to a slowdown in revenues from land sales.
On the other hand, Saudi Arabia’s Al Jouf Agricultural Development Co. saw a year-on-year increase in its overall financial results with revenues increasing by 30.47 percent in the first half of the year compared to the same period last year. Profits also saw an increase by 12.29 percent.
However, in the second quarter of 2023, the company saw a decrease in its revenue and profit on a quarterly basis, registering a decrease of 9.57 percent and a drop of 31.23 percent, respectively.
