https://arab.news/nccra
- Total trading turnover of the benchmark index was $1.69 billion
- MSCI Tadawul Index also shed 8.94 points to close at 1,519.89
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 44.87 points, or 0.37 percent, to close at 12,109.52.
The total trading turnover of the benchmark index was SR6.36 billion ($1.69 billion) as 64 stocks advanced, while 163 retreated.
The Kingdom’s parallel market Nomu dipped by 20.90 points, or 0.08 percent, to close at 26,651.19. This comes as 33 stocks advanced, while 29 retreated.
The MSCI Tadawul Index also shed 8.94 points, or 0.59 percent, to close at 1,519.89.
The best-performing stock of the day was Arabian Pipes Co., as its share price surged by 8.07 percent to SR142.
Other top performers included Saudia Dairy and Foodstuff Co. and Makkah Construction and Development Co., whose share prices soared by 4.76 percent and 4.29 percent, to stand at SR343.60 and SR116.80, respectively.
Al-Baha Investment and Development Co. emerged as the worst performer as its share price dropped by 7.69 percent to SR0.12.
Al Taiseer Group Talco Industrial Co. and Arabian Cement Co. also failed to perform well. Their share prices dropped by 6.69 percent and 4.76 percent to stand at SR60 and SR27, respectively.
On the announcements front, the Capital Market Authority approved the public offer by “Ashmore Investment Saudi Arabia” for “Ashmore Saudi Sharia Equity Fund.”
Retal Urban Development Co. announced that its sales surged by 65.4 percent in the first half of this year to reach SR964.3 million, compared to the same period last year.
The company attributed in a statement on Tadawul the rise in its sales to the increase in development contracts revenues by 76 percent to SR910.50 million. It detailed the reasons for the development contracts revenues surge attributing it to an increase in the number of ongoing projects from 11 to 16 projects, high completion rates and an upswing in units sold in the projects, and an increase in revenues from investment funds and joint projects.
The company’s net profit surged by 19.4 percent in the first six months of this year to reach SR 134.4 million compared to SR112.5 million in the same period last year.
The increase was primarily driven by an increase in revenues to SR964.30 million, and an increase in gross profit by 66 percent to SR255.80 million.
Nahdi Medical Co. reported positive revenue growth for the third quarter in a row, driven by an 8.9 percent increase in retail sales and substantial gains from its investments in the UAE healthcare and retail sectors. Revenue in these areas surged by 100.1 percent and 186.8 percent, respectively.
According to a statement, total revenue for the second quarter 2024 reached SR2.47 billion, up 10.8 percent from the first quarter of this year and 3.6 percent from the fourth quarter of 2023. For the first half of 2024, revenues reached SR4.73 billion, marking a SR393.6 million increase from the first half of 2023.
E-commerce contributed 23.6 percent of the second quarter’s revenues, up from 16.4 percent the previous year, with over 8,000 new products added online.