Foreign ownership in Saudi stock market soars to $70bn in 2021: CMA report

Foreign ownership in Saudi stock market soars to $70bn in 2021: CMA report
The year also witnessed a higher frequency of listings on the bourse. (Getty Images)
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Updated 28 April 2022

Foreign ownership in Saudi stock market soars to $70bn in 2021: CMA report

Foreign ownership in Saudi stock market soars to $70bn in 2021: CMA report

RIYADH: Foreign ownership in Saudi Arabia’s stock exchange hit SR264 billion ($70 billion) last year amid efforts by the Kingdom to spur foreign investment.

Increased market attractiveness propelled a 54 percent rise in the ownership of qualified foreign investors at the end of 2021 compared to a year earlier, according to the latest release of the Capital Market Authority’s annual report.

The year also witnessed a higher frequency of listings on the bourse, with a total of 21 listings completed on the Kingdom’s main and parallel markets.

The report showed that Tadawul turned in a higher volume of sukuk and debt instruments issuances, valued at SR753 billion.

The CMA aims to list more companies and investment products this year, develop the Sukuk market, and boost attractiveness of the Kingdom’s capital market.

It said it will continue to support digital transformation in financial services, develop infrastructure institutions, and adopt sustainable finance to meet international standards in these areas.


Saudi Airlines Catering turns into profit of $21m in H1

Saudi Airlines Catering turns into profit of $21m in H1
Updated 21 sec ago

Saudi Airlines Catering turns into profit of $21m in H1

Saudi Airlines Catering turns into profit of $21m in H1

RIYADH: Saudi Airlines Catering Co. turned into profit during the first half of 2022, following a recovery from the COVID-19 pandemic restrictions and the resumption of flight operations.

Specialized in providing catering services on Saudia Airlines, the company generated SR78.8 million ($21 million) in the first half, compared to a net loss of SR47.5 million in the prior-year period, according to a bourse filing.

The firm attributed its performance to improved sales and an increase in flight operations, as well as a decrease in allowance for expected credit loss expense by SR12.4 million.

The Jeddah-based company’s revenues in the first half increased by 57 percent to SR808 million compared to SR513 reported during the same period last year.


Saudi electronics retailer eXtra to raise capital by 33 percent to $231m 

Saudi electronics retailer eXtra to raise capital by 33 percent to $231m 
Updated 13 min 45 sec ago

Saudi electronics retailer eXtra to raise capital by 33 percent to $231m 

Saudi electronics retailer eXtra to raise capital by 33 percent to $231m 

RIYADH: United Electronics Co., also known as eXtra, plans to raise its capital by over 33 percent to SR800 million ($231 million) from SR600 million, through the issuance of bonus shares, as the firm wants to strengthen its financial position.

The board of directors of electronics goods supplier has recommended increasing the company’s capital by raising the number of shares to 80 million from 60 million, according to a bourse filing. 

It said 16.8 million shares will be distributed as bonus shares, while 3.2 million shares will be added to the company’s employee shares program. 

Meanwhile, eXtra’s net profit for the first half of 2022 surged by 24 percent to SR225 million,  compared to SR182 million reported during the same period last year. 

eXtra also announced its decision to distribute SR150 million as dividends at SR 2.5 per share for the first half of 2022. 

The company said in a bourse filing that 60 million eligible shares will receive dividends on Aug. 25, 2022.


Lower sales drag down profits of City and Arabian Cement in H1

Lower sales drag down profits of City and Arabian Cement in H1
Updated 36 min 47 sec ago

Lower sales drag down profits of City and Arabian Cement in H1

Lower sales drag down profits of City and Arabian Cement in H1

RIYADH: City Cement Co. and Arabian Cement Co. reported lower profits during the first half of 2022, continuing the trend of declining cement sector profits.

City Cement Co. has reported SR42 million ($11 million) in profit for the first half, down 64 percent from the same period in 2021. Its revenues fell by 32 percent to reach SR197 million during the period.

Arabian Cement Co. saw its profits drop by 14 percent to SR87 million during the first half of 2022, while revenues fell by 11.6 percent during the period to reach SR490.3 million.

Despite lower profit, Arabian Cement has recommended distributing SR1.1 per share in dividends for the first half of 2022.


Saudi developer Retal Urban posts 10% profit growth boosted by higher revenue

Saudi developer Retal Urban posts 10% profit growth boosted by higher revenue
Updated 54 min 45 sec ago

Saudi developer Retal Urban posts 10% profit growth boosted by higher revenue

Saudi developer Retal Urban posts 10% profit growth boosted by higher revenue

RIYADH: Retal Urban Development Co. has posted a 10 percent profit growth for the first half of 2022, boosted by higher revenue.

Profits of the Saudi developer rose to SR93.5 million ($25 million) in the first half, from SR84.69 million in the same period a year earlier, according to a bourse filing.

The company attributed the profit growth to a 9 percent increase in revenues, as well as higher investment returns.

The board of the developer, in a separate announcement, proposed a SR2 per share in cash dividends for the first half of 2022.

 


Saudi pharmacy chain operator Nahdi distributes $80m H1 dividends as profit soars 

Saudi pharmacy chain operator Nahdi distributes $80m H1 dividends as profit soars 
Updated 09 August 2022

Saudi pharmacy chain operator Nahdi distributes $80m H1 dividends as profit soars 

Saudi pharmacy chain operator Nahdi distributes $80m H1 dividends as profit soars 

RIYADH: Nahdi Medical Co., the operator of one of the largest pharmacy chains in Saudi Arabia, has announced distributing SR300 million ($79.8 million) as dividends at SR 2.31 per share for the first half of 2022. 

The announcement comes after the company reported a 20 percent hike in net profit to SR506 million in the first half of 2022, compared to SR421.8 million in the corresponding period of the previous year.

The company said in a bourse filling that 130 million eligible shares will receive dividends on Aug. 25, 2022.