https://arab.news/8vj7q
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 175.70 points, or 1.41 percent, to close at 12,284.41.
The total trading turnover of the benchmark index was SR7.31 billion ($1.94 billion) as 41 of the stocks advanced, while 184 retreated.
On the other hand, the Kingdom’s parallel market Nomu rose 199.85 points, or 0.74 percent, to close at 27,086.44. This came as 20 of the stocks advanced, while as many as 45 retreated.
Meanwhile, the MSCI Tadawul Index slipped 19.92 points, or 1.28 percent, to close at 1,537.54.
The best-performing stock of the day was Al-Babtain Power and Telecommunication Co. The company’s share price surged 7.77 percent to SR45.75.
Other top performers include Retal Urban Development Co. as well as Tanmiah Food Co.
The worst performer was Gulf Union Alahlia Cooperative Insurance Co. whose share price dropped by 10 percent to SR22.68.
Other worst performers were Allied Cooperative Insurance Group as well as Al-Etihad Cooperative Insurance Co.
On the announcements front, Jamjoom Pharmaceuticals Factory Co. has announced its interim financial results for the period ending on March 31.
According to a Tadawul statement, the company’s net profit hit SR102.9 million in the first quarter of 2024, reflecting a 22 percent surge when compared to the similar quarter last year.
The increase was mainly driven by an increase in sales, which were slightly offset by the devaluation impact from the Egyptian pound.
Moreover, the National Gas and Industrialization Co. also announced its interim financial results for the first three months of 2024.
A bourse filing revealed that the firm’s net profit reached SR78.6 million by the period ending on March 31, up 7.6 percent in comparison to the corresponding period in 2023.
The increase in net profits is primarily attributed to a surge in gross profit by SR9 million due to increased revenues, alongside a rise in investment and finance income by SR2 million. Additionally, there was an increase in other income by SR1 million, coupled with a decrease in zakat expense by SR2 million.
Furthermore, Modern Mills for Food Products Co. also announced its interim financial results for the first quarter of the year.
According to a Tadawul statement, the company’s net profits climbed 1.3 percent to reach SR64.9 billion in the first three months of 2024 compared to the same period a year earlier.
This rise is mainly owed to revenue growth as well as improving efficiency.
Additionally, Saudi Industrial Investment Group also announced its interim financial results for the period ending on March 31.
A bourse filing revealed that the firm’s net profit stood at SR28 million at the end of the first quarter of 2024, compared to a net loss of SR242 million recorded in the same quarter a year ago.
The increase in net profit is attributed to SIIG’s higher share of profit from joint ventures, coupled with a reduction in zakat expenses.