RIYADH: Saudi Arabia’s Tadawul All Share Index rose by 1.23 percent to reach 11,913.62 points on Monday mainly driven by a significant growth in Al Majed Oud Co.’s stock price alongside other top performers.
The total trading turnover of the benchmark index was SR7.02 billion ($1.87 billion), as 185 of the listed stocks advanced, while 45 retreated.
The MSCI Tadawul Index increased by 17.08 points, or 1.16 percent, to close at 1,492.
The Kingdom’s parallel market Nomu slipped, losing 6.79 points, or 0.03 percent, to close at 24,649.17 points. This comes as 44 of the listed stocks advanced, while as many as 23 retreated.
TASI also recorded one of the best intraday highs since June, reaching 1.5 percent growth.
The index’s top performer, Al Majed Oud Co., saw a 30 percent increase in its share price to close at SR122.20, thanks to a strong financial performance during the first half of the year.
The perfume manufacturer recorded SR513 million in sales, a 21 percent increase compared to the year before. The company also saw an 18.2 percent increase in net profit to reach SR119.5 million, according to a bourse filing.
The firm attributed the growth in sales and net profit to a rise in the number of stores and the full presence of the Hajj season, unlike the same period of the previous year.
Other top performers included Al-Baha Investment and Development Co. and Al-Omran Industrial Trading Co., with share prices rising by 10 percent to SR0.33 and 9.94 percent to SR39.25, respectively.
Red Sea International Co. and Anaam International Holding Group also recorded positive trajectories today, with share prices rising by 9.88 percent to SR65.60 and 9.52 percent to SR1.38, respectively.
Other Tadawul announcements include Almarai Co.’s acquisition of Hammoudeh Food Industries, a Jordanian dairy and cheese producer.
Almarai Co. will acquire Hammoudeh through its subsidiary Teeba Investment for SR263 million, subject to adjustments. The move aims to strengthen Almarai’s presence in Jordan, aligning with its broader growth strategy of expanding within core markets.
The acquisition will be financed through Almarai’s internal cash flows and remains contingent on meeting contractual conditions and receiving regulatory approvals in both Saudi Arabia and Jordan.
This transaction is expected to expand Almarai’s regional operations, enhance its product range, and leverage operational scale for increased growth and profitability.
The Saudi dairy and cheese giant saw a 1.62 percent increase in its share price to close its Monday trading at SR56.50.
Rasan Information Technology Co. has also announced a board recommendation to increase its capital from SR75.8 million to SR77.5 million by capitalizing retained earnings.
This increase includes the issuance of 1.7 million ordinary shares allocated to an employee share program as part of a long-term incentive plan.
The recommendation will be subject to approval by the upcoming Extraordinary General Assembly, the date of which will be announced after securing the required regulatory approvals.
Rasan Information Technology Co. closed the day with a 5.17 percent increase in its share price to reach SR61.
