Saturday , December 2 2023

Saudi Arabia’s IPI climbs 0.8% in September driven by mining and quarrying

RIYADH: Saudi Arabia’s Tadawul All Share Index experienced a slight dip, losing 17.21 points, or 0.16 percent, closing at 10,928.76.  

The total trading turnover for the benchmark index reached SR5.50 billion ($1.46 billion), with 96 listed stocks advancing and 118 retreating.  

On the other hand, the Kingdom’s parallel market Nomu saw an uptick of 740.51 points, marking a 3.32 percent increase and closing at 23,047.31. This gain was led by 26 advancing listed stocks, while 22 retreated.  

Meanwhile, the MSCI Tadawul Index declined by 4.33 points or 0.30 percent, ending at 1,419.43. 

The best-performing stock of the day was Lazurde Co. for Jewelry. The company’s share price surged 10 percent to SR13.42. 

Other top performers include Naseej International Trading Co. as well as Saudi Research and Media Group, whose share prices soared by 9.97 percent and 6.62 percent, to stand at SR42.45 and SR145 respectively. 

The worst performer was Al-Baha Investment and Development Co. The firm’s share price dropped by 7.14 percent to SR0.13. 

Other underperformers included Theeb Rent a Car Co. and National Agricultural Development Co., with their share prices decreasing by 4.42 percent and 4.18 percent, settling at SR60.50 and SR22.02, respectively.  

On the announcements front, Mobile Telecommunication Co. Saudi Arabia, also known as Zain, has announced its interim financial results for the period ending on Sept. 30. 

According to a Tadawul statement, the firm’s net profits reached a record SR971 million in the first nine months of 2023, reflecting a 224.75 percent increase when compared to the corresponding period a year earlier. 

This rise is attributed to various factors, including an increase in gross profit, revenue, and cost of revenues. 

Additionally, Ades Holding Co. announced a surge in net profits, with a year-on-year increase of 60.8 percent, reaching SR283 million by the end of Sept. 30. This growth is linked to revenue and gross profit enhancements, particularly in the offshore drilling segment.  

Similarly, Theeb Rent a Car Co. announced its financial results for the period ending on Sept. 30. 

According to a Tadawul statement, the entity’s net profits stood at SR106.54 million toward the end of the first nine months of 2023, down 23.6 percent from the same period last year.  

The drop in net profit is primarily due to a reduced utilization rate of the short-term rental segment and increased operational and financing costs. 

BinDawood Holding Co. also disclosed its financial results, revealing net profits of SR152.06 million as of Sept. 30. This reflects a 154.36 percent increase compared to the same period in 2022, driven by increased sales and gross profit, partially offset by higher operating and other expenses. 

Meanwhile, Saudi Steel Pipe Co. announced orders totaling SR105 million for the supply of oil and gas steel pipes to Tenaris Global Services. These orders are expected to be supplied within eight months, with the financial impact anticipated in the last quarter of fiscal year 2023 and the first half of fiscal year 2024. 


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