https://arab.news/9qqyf
RIYADH: Saudi Arabia’s Tadawul All Share Index ended the week in green as it edged up 36.85 points, or 0.30 percent, to close at 12,202.78.
The main index posted a trading value of SR9.34 billion ($2.49 billion) with 110 of the listed stocks advancing and 108 declining.
The MSCI Tadawul Index also rose, up by 0.31 percent to 1,580.96.
However, Saudi Arabia’s parallel market Nomu shed 270.76 points to close at 25,449.73.
The best-performing stock on the main index was Etihad Atheeb Telecommunication Co. whose share price surged by 9.87 percent to SR69.
Other notable performers included Savola Group and National Co. for Learning and Education, with their share prices rising by 6.18 percent and 5.38 percent, respectively.
The worst performer of the day was Middle East Healthcare Co., as its share price dipped by 3.50 percent to SR126.80.
On the announcements front, Saudi Awwal Bank revealed that its net profit surged by 45.09 percent in 2023 to SR7 billion, compared to the previous year.
In a Tadawul statement, the bank attributed the year-on-year rise in net profit to an increase in total operating income.
“Total operating income increased mainly due to an increase in net special commission income, net fee and commission income and exchange income,” said the bank in the statement.
Al Yamamah Steel Industries Co. revealed that its net profit for the quarter ended on Dec. 31, 2023, increased to SR29.5 million, compared to a loss of SR41.9 million it incurred in the same period of the year.
The increase in net profit is primarily driven by a year-on-year rise in the volume and value of sales in the electricity segment by 15.13 percent and 11.89 percent, respectively.
Meanwhile, Arabian Dilling Co. announced that it signed a five-year contract worth SR850 million for three land rigs with Saudi Arabian Oil Co., also known as Saudi Aramco.
According to a Tadawul statement, the total number of these contracted after the signing of the contracts will be 48 onshore rigs and 12 offshore units.
The company added that the financial impact of the contract will be visible from the first quarter of 2025.