Closing Bell: Saudi benchmark index drops to 11,667 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 62.59 points, or 0.53 percent, to close at 11,667.12. 
The total trading turnover of the benchmark index was SR6.70 billion ($1.78 billion) as 36 stocks advanced, while 193 retreated.    
Nomu, the Kingdom’s parallel market, also decreased by 88.48 points or 0.34 percent, to close at 25,815.29. This comes as 33 stocks advanced, while as many as 32 retreated.  
Similarly, the MSCI Tadawul Index shed 4.50 points, or 0.31 percent, to close at 1,462.85. 
The best-performing stock of the day was Baazeem Trading Co., with its share price surging 9.95 percent to SR7.18. 
Other top performers included Halwani Bros. Co. and Theeb Rent a Car Co., whose share prices soared by 6.35 percent and 5.76 percent, to stand at SR51.90 and SR67.90, respectively. 
Red Sea International Co. and the National Co. for Glass Industries also performed well.
The worst performer was Middle East Healthcare Co. whose share price dropped by 9.41 percent to SR61.60. 
Al-Baha Investment and Development Co. and Scientific and Medical Equipment House Co. were among the top decliners, with their share prices dropping by 7.69 percent and 7.06 percent to SR0.12 and SR50, respectively. 
On the announcements front, Al Jouf Cement Co. reported a 15.7 percent rise in sales for the first half of this year, reaching SR160 million compared to the same period in 2023, according to an announcement on Tadawul. 
The company attributed this increase to a higher sales volume. Its net profit surged by 43.3 percent to SR20.5 million, up from SR14.3 million in the first half of last year. 
This profit growth was primarily driven by increased sales volume, despite a rise in the average cost of sales due to higher fuel prices and increased finance costs. 
MBC Group Co. reported its financial results for the same period, with sales reaching SR2.19 million and a net profit of SR229,361. The company noted that it acquired the subsidiaries at the end of the comparative period, resulting in no revenues or expenses being reported for that period. 
Emaar, The Economic City, also known as EEC, reported a decline in sales, which reached SR150 million in the first half of this year, down 74.3 percent from the same period in 2023. 
The company’s net loss increased significantly to SR694 million during this period, compared to SR76 million last year, marking an 813 percent rise.

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