RIYADH: Saudi Arabia’s Tadawul All Share Index extended its four-day winning streak on Wednesday, with a boost from the successful debut of SAL Saudi Logistics Services Co. on the main index.
The TASI closed at 10,814.89, marking a gain of 124.80 points for the day.
SAL Saudi Logistics Services Co. made an impressive debut on its first day of trading, with its share price surging by 26.60 percent to SR132.60 ($35.35).
Another top performer of the day was Saudi Steel Pipe Co., which saw its share price rise by 7.81 percent to SR35.90.
On the downside, Al-Baha Investment and Development Co. was the worst performer of the day, as its share price declined by 7.14 percent to SR0.13.
The total trading turnover for the benchmark index amounted to SR8.37 billion, with 108 listed stocks advancing and 109 declining.
In contrast, the Kingdom’s parallel market Nomu dropped by 164.17 points to close at 22,185.44, while the MSCI Tadawul Index gained 1.49 percent, reaching 1,400.64.
In corporate announcements, Nahdi Medical Co. reported a 4.96 percent decrease in net profit for the first nine months of the year, amounting to SR722.1 million, compared to the same period in 2022.
In a Tadawul statement, the company attributed this decline to lower gross profit and a 2.4 percent increase in operating expenses. As a result, the company’s net profit decreased by 5.22 percent to SR134.40.
Arabian Pipes Co. also announced positive financial results, reporting a net profit of SR91.4 million for the first nine months of this year, a significant turnaround from the SR7.5 million net loss in the same period the previous year.
According to a bourse filing, the rise in net profit was driven by a 153 percent increase in the company’s year-on-year sales revenue. The company was one of the top performers in the main index, as its share price soared by 9.98 percent to SR105.80.
SHL Finance Co. saw a decline in net profit to SR9.81 million for the first nine months, compared to SR80 million in the same period in 2022. However, the company’s share price increased by 1 percent to SR18.18.
Saudi Printing and Packaging Co. reported widening losses, with a net loss of SR57.35 million in the first nine months of this year, compared to a loss of SR6.25 million in the same period the previous year. The company’s share price dipped by 0.43 percent to SR13.92.
