JEDDAH, 9 July 2006 — The Saudi stock market surged yesterday after falling over 92 points last week. The Tadawul All-Share Index (TASI) closed 92.62 points higher at 13,145.81 points. Out of 81 stocks traded, shares of 66 companies edged higher while shares of 14 companies declined yesterday. Over SR26 billion worth of shares changed hands yesterday. The Banking and Telecom indexes declined while all others rose yesterday. The Banking Index dropped 203.35 points to 35,218.91 while the Telecom Index fell 32.54 points to 4,581.43 yesterday.
Bank Albilad Posts SR147m Profit
JEDDAH, 9 July 2006 — Chief Executive Officer of Bank Albilad, Azzam Abaalkhail, announced yesterday that bank has registered SR147.1 million in net profit for the first half of year 2006. Despite the announcement, shares of Bank Albilad fell slightly to SR99.25 yesterday.
Yamamah Cement’s Profit Soars 66%
RIYADH — Yamamah Saudi Cement Co. Ltd. announced net profits of SR344 million in the first half of year 2006, compared with SR207 million from the same period in 2005, an increase of 66 percent. Shares of Yamamah Cement jumped 5.85 percent to SR126.75 yesterday.
Arabian Cement
Profit Rises 15.9%
RIYADH, 9 July 2006 — Arabian Cement Co. Ltd. announced the results of the first half of year 2006 with total net profit of SR192.20 million compared with SR165.86 million from the year 2005, an increase of 15.9 percent. The operating profit of the company reached SR187.70 million, which is an increase by 17.1 percent from the same period last year, which was SR160.27 million.
Jazan Development Profit Jumps 202%
RIYADH, 9 July 2006 — Khaled Al-Shetri, chairman of Jazan Development Co., announced that the company achieved a net profit of SR110.3 million for the first half of 2006, compared with SR36.5 million in net profit from the same period last year, which is an increase by 202 percent. Jazan Development’s shares rose 1.98 percent yesterday to close at SR64.25.
