RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 182.91 points, or 1.54 percent, to close at 12,068.97.
The benchmark index recorded a total trading turnover of SR5.48 billion ($1.45 billion), with 213 stocks advancing and 19 declining.
The Kingdom’s parallel market, Nomu, also saw gains, rising 98.65 points, or 0.37 percent, to close at 26,916.94, as 32 of the listed stocks increased while 40 fell.
In contrast, the MSCI Tadawul Index dropped 22.67 points, or 1.52 percent, finishing at 1,517.57.
The top performer of the day was Miahona Co., whose shares surged by 9.86 percent to SR28.40. Other notable gainers included CHUBB Arabia Cooperative Insurance Co. and Saudi Manpower Solutions Co., with share prices rising 7.83 percent and 7.26 percent to SR48.90 and SR8.57, respectively.
On the downside, Al-Baha Investment and Development Co. was the worst performer, with its share price dropping 7.14 percent to SR0.26. Emaar The Economic City and City Cement Co. also saw declines, with their share prices falling by 7.14 percent and 1.85 percent to SR8.51 and SR17.74, respectively.
On the announcements front, Etihad Etisalat Co. — Mobily — announced its consolidated interim financial results for the period ending Sept. 30.
According to a Tadawul statement, the company recorded a net profit of SR2.12 billion for the first nine months of the year, reflecting a 43.13 percent increase compared to the same period in 2023.
This growth was primarily driven by a 5.7 percent rise in gross profit and an 8.2 percent increase in EBITDA, alongside a 24 percent rise in operating profit.
Additionally, financial charges decreased by 9.2 percent, while zakat and income tax increased. Mobily’s shares ended the session at SR52.20, up 2.16 percent.
Al-Rajhi Bank also reported its interim financial results for the period ending Sept. 30, showing a net profit of SR14.6 billion for the first nine months of 2024, a 14.09 percent rise compared to the same period in 2023. This increase was attributed to a 13.8 percent growth in total operating income, driven by higher net financing and investment income, fees from banking services, and exchange income. However, total operating expenses, including impairment charges, rose by 13.4 percent due to increased depreciation and employee-related benefits, despite a decline in other administrative expenses. The bank’s shares closed at SR87, up 1.88 percent.
National Industrialization Co. reported a net profit of SR69.8 million for the first nine months of 2024, marking a 63.5 percent decline compared to the same period in 2023.
This drop was mainly due to lower average selling prices for certain products, increased costs of sales, and a reduced share of profits from joint ventures. Despite an increase in revenue from higher sales volumes, the company ended the session at SR10.64, up 1.9 percent.
Jamjoom Pharmaceuticals Factory Co. announced a net profit of SR304.9 million for the first nine months of 2024, reflecting a 22.9 percent increase year on year, driven by revenue growth and operational efficiencies. The company’s shares closed at SR166, down 1.21 percent.
Lastly, Sabic Agri-Nutrients Co. reported a net profit of SR2.3 billion for the first nine months of 2024, a decrease of 11.4 percent compared to the same period in 2023. This decline was attributed to lower average selling prices and increased costs of goods sold. The company’s shares ended the session at SR116.60, up 1.55 percent.
