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

Here’s what you need to know before Tadawul’s trading session on Monday
The main TASI index closed 2.5 percent higher at 13,149. (Shutterstock)
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Updated 16 May 2022

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

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

RIYADH: Saudi stocks reversed the prior session’s losses to start the week higher on Sunday, after oil giant Aramco beat analysts’ expectations with record profits.

The main TASI index closed 2.5 percent higher at 13,149, and the Kingdom’s parallel Nomu market was up 0.9 percent to 22,845.

Shares of Aramco surged 4.2 percent intraday in response to an 82-percent increase in first-quarter profit to SR148 billion ($40 billion).

Bahrain’s BAX also recorded gains of 0.6 percent on Sunday, while stock indexes of Qatar and Egypt lost 2 and 1.4 percent, respectively. The Omani bourse ended the session almost flat.

In energy trading, Brent crude was priced at $109.76 a barrel, and US benchmark WTI traded at $109.04 a barrel at 9:00 a.m. Saudi time.

Stock news

Taiba Investments Co. turned into a profit of SR20 million in the first quarter, supported by post-pandemic recovery

Saudi Azm was awarded a project to provide advisory services to the ministry of communications and information technology’s digital transformation unit

Azm got its board’s approval to establish an office with a capital of SR500,000 for software development in Poland 

Insurance firm Tawuinya’s net profit before Zakat declined 49 percent to SR41 million last quarter

Saudi Steel Pipe Co. closed a deal valued at SR139 million to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services

AXA Cooperative Insurance Co. got shareholders’ approval to pay out an annual cash dividend of SR1 per share

Saudi Printing and Packaging Co. narrowed losses to SR3.3 million in its quarterly earnings as general and administrative costs fell

First-quarter profit of National Medical Care Co. was down 16 percent to near SR30 million

Alinma Investment Co. said unitholders of Alinma Retail REIT Fund will receive dividends amounting to SR11.8 million for 2021

Al-Etihad Cooperative Insurance Co. saw its net profit before Zakat drop 95 percent to SR689,910 last quarter

Saudi Vitrified Clay Pipes Co.’s profit soared 452 percent to SR1.27 million during the first quarter of 2022

Arabian Cement Co. reported a profit drop of 37 percent to SR41.9 million for the first quarter of 2022

Theeb Rent a Car Co. made SR42.6 million in first-quarter profit, up 64 percent from SR26 million a year ago

Shareholders of Nayifat Finance Co. are set to receive half-year dividends of SR0.75 per share

Middle East Healthcare Co.’s profits were up nearly 70 percent last quarter to SR20.5 million

Dur Hospitality Co.  signed a deal worth SR181 million to expand and develop Rixos Jeddah resort

Calendar

May 22, 2022

Start of Amwaj International Co.’s IPO subscription

Start of Ladun Investment Co.’s IPO subscription

May 25, 2022

End of Amwaj International Co.’s IPO subscription

May 26, 2022

End of Ladun Investment Co.’s IPO subscription


MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 
Updated 21 sec ago

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

MENA Project Tracker —  Edamah requests bids on newest project; KAPP starts bids on IWPP projects 

RIYADH: Bahrain Real Estate Investments, known as Edamah has begun its hunt for bids for the 20,717 square meter plot investment project at Hidd within Muharraq governorate in Bahrain.

The development is located alongside Diyar Al Muharraq and Dilmunia waterfronts, near the Khalifa town housing project.

The leading property developer has held Bahrain’s sovereign wealth fund since its establishment in 2006, reported Trade Arabia.

It is also on the search for bids on a similar investment project development — which includes six more plots with a total area of 5,618 square meter at Askar within Southern governorate.

KAPP starts bids on water and power generation

Kuwait Authority for Partnership Projects, known as KAPP, has requested bids to develop Al-Zour North 2 and 3 and Al-Khiran 1 as part of the independent water and power producer projects.

The two plots are expected to generate a net capacity of 4,500 MW of power and 290 million imperial gallons a day of water, reported MEED.

This decision comes amid increased power demand in Kuwait — soaring to a record high of 15.67 Gigawatt last July.

The deadline for submitting project bids is on Aug. 16.


Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October
Updated 25 min 40 sec ago

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

Saudi airline Flynas to operate AlUla-Cairo direct flights from October

RIYADH: Saudi Arabia’s budget airline Flynas announced the launch of its first direct flights between its heritage city AlUla and Cairo, starting from 6th October, according to the Saudi Press Agency. 

The airline will operate two direct flights per week, on Saturdays and Thursdays, between AlUla International Airport to Cairo International Airport.

Located in the north-west of Saudi Arabia, AlUla is one of the key tourist destinations that offers a variety of experiences in heritage, art, culture, recreation and adventure.


Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list
Updated 42 min 25 sec ago

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

Saudi Aramco becomes first-ever MENA firm in Clarivate’s top 100 global innovators list

RIYADH: Saudi Aramco has been named one of the top 100 global innovators by American analytics company Clarivate. 

In its report titled “Top 100 Global Innovators 2022,” Clarivate revealed that Saudi Aramco is the first-ever company from the Middle East and North Africa region to be placed in the list. 

“The regional diversity continues to increase, with the first-ever Middle Eastern list entry via energy firm Saudi Aramco,” wrote Clarivate in the report. 

Apart from Saudi Aramco, other new entrants to the list are China’s Alibaba, Germany’s Continental, US’ General Motors, South Korea’s Hyundai Motors and Kia Motors, US’s Philip Morris International, and UK’s Rolls-Royce. 

Clarivate added that companies have been included in the list based on factors like influence, success, globalization, and technical distinctiveness. 


TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell
Updated 47 min 6 sec ago

TASI extends losses on fears of economic slowdowns: Closing bell

TASI extends losses on fears of economic slowdowns: Closing bell

RIYADH: Saudi stock markets extended losses as investors worried that the latest central bank efforts to curb inflation would lead to rapid economic slowdowns.

The main index, TASI, fell 0.93 percent to reach 11,358, while the parallel market, Nomu, dropped 1.94 percent at 20,672.

Fawaz Abdulaziz Alhokair Co. led the decliners since the market opened with a 9.99 percent fall, followed by Abdulmohsen Alhokair Group for Tourism and Development which fell 9.92 percent.

Saudi Aramco, the largest player on the Saudi oil market, lost 1.29 percent, while Methanol Chemicals Co. fell 2.57 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi, dropped 0.50 percent, while The Saudi National Bank slipped 1.05 percent.

Among the biggest IT companies, Elm Co. gained 0.56 percent and Al Moammar Information Systems Co. edged down 2.08 percent.

Jadwa REIT Saudi Fund led the gainers with 4.75 percent gain, closely followed by Dar Alarkan Real Estate Development Co. with a 4.56 percent rise.

In the energy sector, West Texas Intermediate crude was trading at $109.69 per barrel and Brent crude was trading at $113.12 per barrel as of 3:24 p.m. Saudi time.


Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince
Updated 04 July 2022

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

Saudi Arabia to help citizens affected by rise in global commodity prices: Crown Prince

RIYADH: Crown Prince Mohammed bin Salman has urged government agencies to think about Saudi Arabia’s neediest citizens in the wake of the increasing cost of some basic needs.

Chairing a meeting of the Council of Economic and Development Affairs, the Crown Prince stressed the important roles of ministries and government agencies in monitoring international developments, the Saudi Press Agency reported.

This includes food supply chains, monitoring markets, product availability and price levels, and protecting and encouraging fair competition, as well as combating and preventing monopolistic practices that affect legitimate competition or the interest of the consumer.

During the meeting held in Jeddah, the Council reviewed a number of economic and development issues, including a presentation on the price levels of a number of products in the Kingdom's markets, submitted by the Ministry of Commerce with participation of the Ministry of Environment, Water and Agriculture, and the Ministry of Economy and Planning.

The Council was also briefed on health developments related to the COVID-19 by the Ministry of Health.

The presentation included an update following the decision to lift the precautionary and preventive measures related to the pandemic, in addition to updates on administering vaccines, the most prominent preparations for this year’s Hajj season, and the state of the epidemiological situation internationally.

The Council also followed up on the periodic presentation submitted by the Ministry of Economy and Planning regarding the analysis of opening economic activities and the impact of the pandemic.

The Council has taken the necessary recommendations on these issues, SPA said.