Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
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Updated 10 May 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main stock market crossed the 13,900-level for the first time in 16 years on Monday but gave up gains later in the day due to lower investor sentiment.

TASI, as the main index is known, closed flat at 13,814 points, and the parallel market Nomu dropped 0.3 percent to 23,475 points.

Elsewhere in the Gulf, stock exchanges of Abu Dhabi, Dubai, Qatar, Bahrain, and Kuwait all declined, with Dubai’s DFGMI dropping 2 percent. 

Bucking the regional trend, the Omani bourse added 0.5 percent.

Outside the Gulf, Egypt’s blue-chip index EGX30 shed 1.8 percent.

In energy trading, Brent crude reached $105.1 a barrel and US benchmark West Texas Intermediate traded at $102.35 a barrel as of 9:22 a.m. Saudi time on Tuesday.

Stock news

Petrochemical firm SABIC Agri-Nutrients Co. saw a near six-fold jump in its quarterly profits to SR2.5 billion ($670 million), buoyed by a surge in sales

The National Shipping Co. of Saudi Arabia, known as Bahri, announced plans to issue Sukuk worth SR3.9 billion

PIF-owned digital security firm Elm’s shareholders approved SR3 per share as cash dividends for 2021

Amlak International for Real Estate Finance posted an 8 percent increase in first-quarter profits to SR27 million 

Shareholders of Zahrat Al Waha for Trading Co. approved a cash dividend of SR 1.5 per share for 2021

UAE-based Aventus Global, a fully-owned unit of Saudi marketing firm Tihama, signed a deal with Nextbite to transfer its assets and liabilities at a value of 3.7 million dirhams

Abdullah Al Othaim Investment Co. said it intends to proceed with an initial public offering of a 30 percent stake on Saudi Arabia’s main stock market

Saudi Exchange announced the delisting of Saudi Electricity Co. Sukuk 5113, after the state-owned company fully redeemed its sukuks

Saudi Industrial Investment Group reported a 23 percent profit drop during the first quarter to SR235 million due to higher feedstock costs

Shareholders of Mouwasat Medical Services Co. approved the board’s recommendation to distribute annual cash dividends of SR2.75 per share

Wafrah for Industry and Development Co. turned from losses into profits of SR6.15 million during the first quarter of 2022

Seera Group Holding narrowed losses by 52 percent to SR63 million last quarter, driven by a rebound in travel

Jarir Marketing Co. said it will distribute dividends of SR2.05 per share after profits slightly slipped by 6 percent to reach SR251 million last quarter

Al-Baha Investment and Development Co. managed to reduce its accumulated losses to 27.5 percent of capital, amounting to SR81.7 million

Calendar

May 11, 2022

Start of Arabian Food & Dairy Factories Co.’s IPO book-building

May 15, 2022

Saudi Aramco will disclose its financial results for the first quarter of 2022

End of Arabian Food & Dairy Factories Co.’s IPO book-building

May 22, 2022

Start of Amwaj International Co.’s IPO book-building

May 25, 2022

End of Amwaj International Co.’s IPO book-building


Third Spain-France gas link could be ready in 2 1/2 years: Enagas CEO

Third Spain-France gas link could be ready in 2 1/2 years: Enagas CEO
Updated 6 sec ago

Third Spain-France gas link could be ready in 2 1/2 years: Enagas CEO

Third Spain-France gas link could be ready in 2 1/2 years: Enagas CEO
  • Spain has said any new gas infrastructure with France would need to be supported financially by the European Union

MADRID: A third gas link between Spain and France could be completed in two and a half years at a cost of 600-700 million euros ($640.14-$746.83 million) if the process was accelerated, the chief executive of Spain’s gas grid operator said on Wednesday.

The European Union is racing to find ways to wean itself off Russian gas after the major energy exporter invaded Ukraine, bringing interconnection projects into focus.

In discussions of energy security, Spanish Prime Minister Pedro Sanchez has highlighted Spain’s large number of terminals that can receive and store liquid natural gas. But limited pipeline connections with the rest of Europe make it less clear how they could be utilized in the short term.

Enagas’s CEO Arturo Gonzalo Aizpiri told reporters the connection, which was abandoned in 2019 after regulators decided it was not financially viable, could be completed at a cost of 600-700 million euros.

He said the estimate was based on a “conceptual study” and referred to the fact that gas transmission system operators act on the basis of decisions by their governments.

Enagas is one of a group of companies working to prepare Europe’s gas pipelines to carry low-carbon hydrogen.

Spain has said any new gas infrastructure with France would need to be supported financially by the European Union. 


Saudi retailer BinDawood expects to maintain good performance in Q2: CEO

Saudi retailer BinDawood expects to maintain good performance in Q2: CEO
Updated 17 min 35 sec ago

Saudi retailer BinDawood expects to maintain good performance in Q2: CEO

Saudi retailer BinDawood expects to maintain good performance in Q2: CEO

RIYADH: BinDawood Holding Co. is optimistic about continuing with a good performance in the second quarter following strong first-quarter results, which saw the company reporting a 5 percent growth in profit to SR65.5 million ($17.46 million), the retailer’s CEO Ahmad BinDawood told Argaam.

The lifting of pandemic restrictions has led to the return of more pilgrims to Makkah and Madinah, as well as more tourists and business travelers, resulting in higher consumer spending and footfall at stores in Makkah and Madinah, contributing to a significant rise in revenues, said BinDawood.

Talking about the company’s financial outlook for the second quarter, the CEO added that BinDawood Holding had a “very good” performance in all financial metrics and is “quietly optimistic” that it has finally turned the corner.

“We are unable to provide guidance, but we believe with a strong Ramadan and Eid season, as well as our ability to run promotions and marketing campaigns, we are confident in the year ahead,” he was quoted as saying in the interview with Argaam.

The retailer saw sales grow 13.9 percent and 18.5 percent year-on-year and sequentially, respectively, according to data compiled by Argaam.


Billionaires’ wealth declines as shares fall

Billionaires’ wealth declines as shares fall
Updated 31 min 11 sec ago

Billionaires’ wealth declines as shares fall

Billionaires’ wealth declines as shares fall

RIYADH: Several top billionaires including Elon Musk have faced unexpected losses in their wealth as their companies’ shares have declined in an already volatile market. 

According to a Bloomberg report, Musk — the world’s richest person — lost 5.4 percent of his fortune, as Tesla shares slid almost 7 percent. Musk’s current wealth now is approximately $192 billion, his lowest since August 26.

According to the wealth index, his wealth last dipped below $200 billion in March. But markets, however, staged a rally lifting his net worth to $288 billion on April 4. Since then it declined again.

Meanwhile, Snap Inc.’s Evan Spiegel and Bobby Murphy also saw a considerable amount of their fortunes vanish. 

On May 24, Snap’s shares slid 41 percent in New York trading, which marked its biggest intraday decline ever. 

Some 30 percent of Speigel’s fortune, worth $1.4 billion vanished, while Murphy lost $1.8 billion or 36 percent of his wealth. 

According to the wealth index, Spiegel and Murphy have now a net worth of $3.4 billion and $3.1 billion respectively. 

 


UAE’s Peninsula abandons $1bn London listing plan for ADX IPO: Bloomberg

UAE’s Peninsula abandons $1bn London listing plan for ADX IPO: Bloomberg
Updated 33 min 55 sec ago

UAE’s Peninsula abandons $1bn London listing plan for ADX IPO: Bloomberg

UAE’s Peninsula abandons $1bn London listing plan for ADX IPO: Bloomberg

RIYADH: UAE’s Peninsula Real Estate has opted for a stock listing on Abu Dhabi’s exchange, after abandoning plans to list in London, Bloomberg reported citing unnamed sources.

The company was initially exploring listing a real estate investment trust at a value of $1 billion on the London Stock Exchange.

Bloomberg’s sources noted that the developer ended London listing talks in light of the growing attractiveness of the Gulf’s capital markets.

Emirates NBD, First Abu Dhabi Bank, HSBC Holdings Plc, and Morgan Stanley have been selected to manage the initial share sale, the sources added.

Peninsula and Emirates NBD declined to comment to Bloomberg on the news. 


Projects amounting to $220m on track in the MENA region amid energy transition push: NRG matters

Projects amounting to $220m on track in the MENA region amid energy transition push: NRG matters
Updated 53 min 7 sec ago

Projects amounting to $220m on track in the MENA region amid energy transition push: NRG matters

Projects amounting to $220m on track in the MENA region amid energy transition push: NRG matters
  • Energy firms are also being urged to address windfall profits to ease the pain of rallying costs on consumers and further drive the green transition

RIYADH: Projects are being planned in the Middle East and North Africa region to advance the region’s energy transition journey. 

Namibia is considering green bonds for financing projects that are set to produce hydrogen. 

Energy firms are also being urged to address windfall profits to ease the pain of rallying costs on consumers and further drive the green transition. 

Elsewhere, Coal India announced it will launch the biggest mine in the country, while France’s TotalEnergies is on track to supply South Korea’s Hanwha Energy Corporation with liquified natural gas supply.

Looking at the bigger picture: 

·Several projects amounting to $220 billion are being planned across the MENA region in an attempt to further propel the energy transition journey, MEED reported. This comes as almost all countries in the region have pledged to significantly reduce greenhouse gas emissions by 2030. 

·Namibia is contemplating green bonds as a financing tool for projects that will use clean energy to produce hydrogen for export purposes. This comes as the South African country is on track to construct several plants to take advantage of the ideal conditions in the country for solar and wind powered energy, Bloomberg reported, citing the government’s green hydrogen commissioner James Mnyupe. The plants under construction are expected to start generating output in four years’ time.

·Energy firms have been told to carry the weight of the energy crisis by addressing the major windfall profits that they are currently making, Bloomberg reported, citing the EU’s climate chief Frans Timmermans. This comes as consumers are struggling to keep up with the rallying costs of living and surging energy bills. As it is, the situation is also hindering the path to green transition, the chief stressed. 

Through a micro lens:

·Indian government-owned coal mining and refining corporation Coal India is set to launch the biggest coal mine in the country in an attempt to combat the energy crisis, Reuters reported. Also referred to as the Siarmal mine, the mine — which is estimated to start operating between October and December — is projected to have a capacity of 50 million tons in five to seven years’ time, Reuters reported, citing Vinayak Jamwal, a spokesman from the corporation.

·French multinational integrated oil and gas company TotalEnergies has signed a long-term sale contract with South Korean comprehensive energy solutions firm Hanwha Energy Corporation to supply it with up to 600,000 metric tons of liquified natural gas a year, Reuters reported, citing the firm. For the upcoming 15 years, LNG will be sourced from TotalEnergies before being channeled to the South Korean firm.