https://arab.news/j7twd
- Total trading turnover of the benchmark index was $1.84 billion
- Best-performing stock of the day was Kingdom Holding Co.
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 54.03 points, or 0.44 percent, to close at 12,121.40.
The total trading turnover of the benchmark index was SR6.90 billion ($1.84 billion) as 69 of the listed stocks advanced, while 150 retreated.
The MSCI Tadawul Index decreased by 5.19 points, or 0.34 percent, to close at 1,519.30.
The Kingdom’s parallel market Nomu increased by 10.08 points, or 0.04 percent, to close at 26,513.06. This comes as 28 of the listed stocks advanced, while as many as 31 retreated.
The best-performing stock of the day was Kingdom Holding Co., with its share price surging 9.50 percent to SR9.80.
Other top performers include Saudi Automotive Services Co. and Tanmiah Food Co., whose share prices soared by 6.14 percent and 3.43 percent, to stand at SR62.20 and SR132.80, respectively.
Other top gainers included National Co. for Glass Industries and Al-Rajhi Co. for Cooperative Insurance.
The worst performer was Bawan Co. whose share price dropped by 4.25 percent to SR47.30.
Other notable decliners included Buruj Cooperative Insurance Co. and City Cement Co., with share prices falling by 3.87 percent and 3.68 percent to SR20.86 and SR18.84, respectively.
Saudi Manpower Solutions Co. and Al Sagr Cooperative Insurance Co. also saw their share prices decline.
On the announcements front, Arabian Cement Co. reported a 7.8 percent decline in sales, dropping to SR402.8 million in the first half of 2024 compared to the same period last year.
In a statement on Tadawul, the company attributed the decrease to lower sales volume due to reduced demand, despite an increase in the average selling price for the parent company.
However, its net profit surged by 7.6 percent in the first six months of this year to reach SR83.1 million compared to SR77.2 million in the same period last year.
The increase was primarily driven by a reduction in the group’s cost of sales, an increase in the parent company's average selling price, and a decrease in selling and distribution expenses.
Arabian Pipes Co.’s revenues during the same period surged by 22.3 percent to reach SR651.8 million. Its net profit also surged reaching SR111.8 million marking a 96.3 percent increase compared to the same period in 2023.
The company attributed the revenue increase to higher sales volume, with net profit rising due to gross profits climbing to SR180.5 million in the financial year 2024 from SR99.4 million in the previous 12-month period. This growth is largely a result of improved production efficiency and supply chain management, as well as ongoing efforts to reduce production costs.