PIF’s ACWA Power sees 17% profit drop in first full-year results post IPO

RIYADH: Saudi stocks climbed higher at the start of Wednesday as data showed a 3.2 percent growth in GDP in 2021, and oil prices nearly returned to their peak level.

Oil prices clawed back some of their losses earlier in the week, as Brent crude reached $102.44 per barrel, while US West Texas Intermediate traded at $98.41.

The main index, TASI, gained 0.46 percent to reach 12,464, and the parallel market, Nomu, traded 0.06 percent higher to reach 24,449, as of 10:07 a.m. Saudi time.

Etihad Etisalat Co., Mobily, was the top gainer, climbing 9.88 percent, on the back of news that Emirates Telecommunication Group Co. attempted to acquire a majority stake in the company.

Saudi Electricity Co. slipped 9.92 percent to lead the faller, despite reporting a 375 percent jump in profit to SR14 billion ($3.7 billion) in 2021.

Leading Saudi utility provider ACWA Power Co. traded up 0.74 percent, after it reported a 17 percent drop in profit to SR744 million in 2021.

In the financial sector, the Saudi National Bank, or SNB, rose 0.29 percent, and Saudi Arabia’s largest valued bank Al Rajhi gained 0.66 percent.

The shares of Saudi Aramco, the largest player on the Saudi oil market, edged up 0.65 percent.