RIYADH: The Saudi Arabia Tadawul All Share Index rose on Sunday, gaining 85.59 points or 0.79 percent to close at 10,938.95.
The benchmark index’s total turnover was SR4.86 billion ($1.29 billion), while 165 companies gained and 55 fell.
The Nome Kingdom parallel market also rose 214.75 points, or 0.96 percent, to close at 22,584.38. This jump occurred as a result of the increase in the value of 19 companies and the withdrawal of 27 companies.
The MSCI Tadawul 30 Index gained 9.96 points, or 0.71 percent, to close at 1,418.40.
The best performing stock on the day was National Medical Care Co. The company’s share price increased by 12.40 percent to SR 136.40.
Other top performers included Al-Baha Investment and Development Co. and United Wire Factory Co., whose share prices rose 7.69% and 7.64% to SR0.14 and SR36.50, respectively.
Al-Etihad Cooperative Insurance Co. was the worst performer. The company’s share price fell by 8.03 percent to SR18.56.
Other worst performers were Gulf Insurance Group and Thimar Development Holding Co., whose share prices fell 5.51% and 4.98% to SR28.30 and SR12.98, respectively.
In an announcement, the Saudi Stock Exchange announced the trading of Osool and Bakheet Investment Co. shares. on Nomu from November 7.
Additionally, Tanmiah Food Co. announced its interim financial results for the period ending September 30.
According to Tadawula’s statement, the company’s net profits reached SR49.6 million in the first nine months of 2023, reflecting a decline of 21.89% compared to the same period a year earlier.
The decline in net profits is mainly due to lower subsidies, increasing price pressure on the market, as well as further expansion of fresh poultry stores and Popeyes.
Arabian Drilling also announced its interim financial results for the first nine months of the year.
Stock exchange data showed that the company’s net profits increased by 0.24% year-on-year, reaching SR422 million on September 30.
Net profits remained flat as increased rig activity related to the launch of three new drilling rigs was offset by higher finance costs.
Similarly, Dar Alarkan Real Estate Development Co. announced its financial results for the nine-month period ending September 30.
According to Tadawula’s statement, the unit’s net profits amounted to SR416.01 million in the first nine months of 2023, up 5.85% compared to the same period last year.
The increase in net profit is primarily related to a decrease in operating costs, an increase in rental income and an increase in the share of revenues from associated entities.
The next company to publish financial results for the first nine months of the year was Saudi Chemical Co.
Stock exchange data shows that the company’s net profits reached SR93.88 million on September 30, an increase of 65.19% compared to the first nine months of 2022.
The high level of net profits was the result of an increase in operating profit due to an increase in sales volume, an increase in the sales prices of some products and a reduction in the loss on currency revaluation.
Meanwhile, Mulkia Investment Co.’s initial public offering. on Nomu attracted strong investor interest, with a subscription rate of 240 percent, Tadawula said in a statement.
In a statement, AlJazira Capital, acting as financial advisor to Mulkia Investments, announced that the offer has been completed and the date of listing of the company’s shares will be announced by the stock exchange at a later date.
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