https://arab.news/n86ck
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 66.89 points, or 0.56 percent, to close at 11,995.22.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion) with 185 of the listed stocks advancing and 39 declining.
The MSCI Tadawul Index also gained 8.14 points to close at 1,504.4.
Similarly, Saudi Arabia’s parallel market gained 69.81 points to close at 24,522.95.
The primary driver behind the main index’s positive performance was Arab Sea Information System Co., whose share price surged by 9.9 percent to SR7.44.
On Oct. 9, the company announced the resignation of board member Turki bin Nasser Al-Dahmash, effective immediately.
Al-Dahmash stepped down for personal reasons after serving on the board for just over a year.
This comes amid other strategic shifts within the firm, as Arab Sea continues to focus on expanding its technological services, particularly through its newly established cloud computing unit, Era Data, which launched in 2023 with a capital of SR5 million.
Other top performers in the main market include Thob Al Aseel Co. and Al-Baha Investment and Development Co., as their share prices soared by 9.09 percent and 7.69 percent to SR4.80 and SR0.42, respectively.
Thob Al Aseel Co., a prominent Saudi company specializing in traditional clothing, has been making significant financial strides in 2024. For the first quarter of the year, the firm reported a net profit increase of 44 percent, reaching SR40.1 million.
This growth was driven by a rise in sales and improvements in profit margins, particularly from high-demand items. Revenue grew by 10.9 percent, and gross income jumped by 21.3 percent, reflecting the company’s strong performance amid increasing market demand.
The worst performer on the benchmark index was Herfy Food Services Co. The firm’s share price dropped by 4.11 percent to SR26.8.
Recently, Herfy Food Services Co. has been in the spotlight due to internal corporate tensions. The company’s largest shareholder, Savola Group, which holds a 49 percent stake, has requested a shareholder vote to dismiss a board member, Mohammed Abdulaziz Al-Shetwey.
This move is part of an ongoing dispute between Savola and Herfy’s management, raising concerns about governance issues within the company. The shareholder meeting, scheduled for November, will address this matter alongside other significant agenda items.