RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 16.08 points, or 0.13 percent, to close at 12,317.59.
The total trading turnover of the benchmark index was SR6.03 billion ($1.60 billion), as 49 of the listed stocks advanced, while 189 retreated.
The MSCI Tadawul Index increased by 2.71 points, or 0.18 percent, to close at 1,538.30.
The Kingdom’s parallel market Nomu rose, gaining 50.75 points, or 0.16 percent, to close at 31,430.32. This came as 47 of the listed stocks advanced, while 36 retreated.
The best-performing stock was Electrical Industries Co. with its share price surging by 7.14 percent to SR7.35.
Other top performers included Etihad Etisalat Co., also know as Mobily, which saw its share price rise by 5.47 percent to SR59.80, and Mobile Telecommunication Co. Saudi Arabia known as ZAIN KSA, which saw a 3.70 percent increase to SR11.20.
The worst performer of the day was SAL — also known as Saudi Logistics Services Co. — whose share price fell by 7.93 percent to SR253.20.
Saudi Fisheries Co. and Nice One Beauty Digital Marketing Co. also saw declines, with their shares dropping by 4.62 percent and 4.53 percent to SR124 and SR65.30, respectively.
On the announcements front, SAL revealed its annual financial results for 2024, with net profits reaching SR661.4 million, up 29.7 percent compared to the previous year.
In a statement on Tadawul, the company said the surge was attributed to “remarkable topline growth, effective cost control measures, savings from major lease terminal rentals, and finance income from short-term murabaha deposits.” In today’s trading session, the firm was the worst performer.
Moreover, Yamama Cement Co. shared its interim financial results for the period ending Dec. 31, with net profits amounting to SR420.7 million, reflecting a 38.2 percent surge compared to the same period in the previous year.
The company attributed the surge in profits to high sales value, and its shares traded 1.89 percent lower on the main market today to close at SR36.25.
In another announcement, Mobily revealed its annual consolidated financial results for 2024.
The company’s net profit in 2024 reached SR3.1 billion, up from SR2.2 billion in the previous year, driven by higher revenue and operational efficiency. Gross profit rose by 6.9 percent, while earnings before interest, taxes, depreciation, and amortization climbed 8.6 percent year-on-year.
This was supported by a withholding tax reversal of SR284 million, an 18.6 percent increase in operating profit, and a 10.8 percent drop in financial charges. Additionally, zakat and income tax declined to SR86 million, reflecting a reduced debt portfolio.
In Wednesday’s trading session, the company’s shares traded 5.47 percent higher on the main market to close at SR59.80.
Source: www.arabnews.com