https://arab.news/6vyxj
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 121.61 points, or 1.06 percent, to close at 11,625.10.
The total trading turnover of the benchmark index was SR5.6 billion ($1.49 billion) as 112 stocks advanced, while 110 retreated.
On the other hand, the Kingdom’s parallel market Nomu slipped 492.33 points, or 1.85 percent, to close at 26,118.24. This comes as 25 stocks advanced, while 35 retreated.
Meanwhile, the MSCI Tadawul Index rose 19.25 points, or 1.34 percent, to close at 1,455.32.
The best-performing stock of the day was East Pipes Integrated Company for Industry. The company’s share price surged 8.96 percent to SR163.00.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co. as well as Mouwasat Medical Services Co.
The worst performer was Astra Industrial Group whose share price dropped by 3.92 percent to SR147.
On the announcements front, East Pipes Integrated Co. for Industry announced the sign off of several contracts with Saudi Arabian Oil Co., or Aramco, with value exceeding SR1.65 billion for the manufacturing and supply of steel pipes.
According to a Tadawul statement, the financial impact of the 19-month contract will be reflected from the final quarter of the financial year 2024-25 to final quarter of the financial year 2025-26.
Moreover, Group Five Pipe Saudi Co. announced contracts sign off with Saudi Aramco worth SR186 million to manufacture and supply spiral-welded steel pipes.
A bourse filing revealed that the financial impact of the two-month contract is expected to be reflected starting from the second quarter of the fiscal year 2025.
Additionally, Gulf Union Al-Ahlia Cooperative Insurance Co. announced that it signed an insurance contract with Saeed Raddad Group to provide cooperative health insurance services to its employees and their families for one year.
According to a Tadawul statement, the contract value exceeds 5 percent of the gross written premiums according to the audited financial statements for the year 2023.
The one-year contract is expected to have a positive impact on Gulf Union Al-Ahlia Cooperative Insurance Co.’s financial results for 2024 and 2025.
Meanwhile, Ataa Educational Co. announced its interim financial results for the period ending April 30.
A bourse filing revealed that the company’s net profit hit SR44 million in the nine months ending in April 2024, reflecting a 7.4 percent surge when compared to the corresponding period a year earlier.
This jump is primarily owed to the acquisition of minority interest in Al-Yasmine, Al-Alsun, and Jeel Al-Majd companies, increased revenues in the education sector by 4 percent, and a decrease in operating costs by 2 percent.