Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia

RIYADH: Saudi Arabia's Tadawul All Share Index fell on Monday, shedding 54.03 points, or 0.44 percent, to close at 12,121.40.

Total trading turnover for the benchmark index was SR6.90 billion ($1.84 billion) as 69 of the listed stocks advanced, while 150 retreated.

The MSCI Tadawul Index fell 5.19 points, or 0.34 percent, to close at 1,519.30.

The Kingdom's parallel market Nomu rose 10.08 points, or 0.04 percent, to close at 26,513.06. This comes as 28 of the listed stocks advanced, while as many as 31 retreated.

The best performing stock of the day was Kingdom Holding Co., where the share price rose 9.50 percent to SR9.80.

Other top performers are Saudi Automotive Services Co. and Tanmiah Food Co., whose share prices soared 6.14 percent and 3.43 percent to SR 62.20 and SR 132.80, respectively.

Other top winners were National Co. for Glass Industries and Al-Rajhi Co. for Cooperative Insurance.

The worst performer was Bawan Co. whose share price fell by 4.25 percent to SR 47.30.

Other notable decliners included Buruj Cooperative Insurance Co. and City Cement Co., with share prices falling 3.87 percent and 3.68 percent to SR20.86 and 18.84, respectively.

Saudi Manpower Solutions Co. and Al Sagr Cooperative Insurance Co. also saw its stock prices fall.

On the announcement front, Arabian Cement Co. reported a 7.8 percent decrease in sales, which fell to SR402.8 million in the first half of 2024 compared to the same period last year.

In a statement on the Tadawul, the company attributed the decline to lower sales volume due to reduced demand, despite an increase in the average selling price of the parent company.

However, its net profit rose 7.6 percent in the first six months of this year to reach SR83.1 million compared to SR77.2 million in the same period last year.

The increase was primarily driven by a reduction in the group's cost of sales, an increase in the parent company's average selling price and a reduction in sales and distribution costs.

Arabian Pipes Co.'s revenue during the same period increased by 22.3 percent to SR 651.8 million. Its net profit also rose to reach SR 111.8 million, which is a 96.3 percent increase compared to the same period in 2023.

The company attributed the revenue increase to higher sales volume, with net profit rising as gross profit climbed to SR 180.5 million in fiscal 2024 from SR 99.4 million in the previous 12-month period. This growth is largely a result of improved production efficiency and supply chain management, as well as ongoing efforts to reduce production costs.

Leave a Comment