Popular Saudi food chain Raydan’s accumulated losses hit 46.7% of capital

RIYADH: With earnings season approaching for the Kingdom’s listed companies and as oil prices dipped, Saudi stocks closed Wednesday’s trading session down.

TASI lost 0.48 percent to 13,038 points, reversing three days of gains, while the parallel market, Nomu, shed 0.34 percent to 24,942.

In tandem with the Saudi index, most stock exchanges in the GCC slipped, including Abu Dhabi, Qatar and Bahrain.

However, stock indexes of Dubai, Oman and Bahrain edged up between 0.2 and 0.4 percent.

Oil prices extended losses on Thursday with Brent crude oil reaching $107.98 a barrel and US benchmark WTI trading at $101.94 at 6:50 a.m. Saudi time.

Stock news

Saudi Chemical Co. Holding formed a joint venture with German full-service provider Hellmann Worldwide Logistics as it bids to scale up operations.

Middle East Healthcare Co. saw its profit drop by 79 percent to SR17.2 million ($4.58 million) in 2021

Saudi Industrial Export Co., known as Sadirat, widened its losses by 13 percent to SR14.9 million in 2021

Scientific & Medical Equipment House Co. reported a 3 percent annual increase in profit to SR76 million

Fesh Fash Snack Food Production Co.’s profit dropped by 64 percent to SR1.4 million during 2021

Saudi Cable Co. said it couldn’t publish its 2021 financial results on time due to a failure to complete some of its audit requirements

Profits of Group Five Pipe Saudi Co. fell by 58 percent year-on-year to SR35 million

Arriyadh Development Co.’s subsidiary has completed the sale of land worth SR250 million, from which it expects a positive impact of SR81 million on profit

SEDCO Capital REIT Fund will distribute dividends of SR0.17 per unit for the first quarter of the current year

National Gypsum Co.’s board proposed the distribution of SR1 per share as cash dividends for 2021 even as profit dropped

Al Gassim Investment Holding Co. turned from losses into profits of SR1.09 million in 2021

Al Masane Al Kobra Mining Co. recorded a 122 percent profit hike to SR197 million in 2021, after making a strong debut on Saudi Arabia’s main stock index a day earlier

Saudi Research and Media Group more than doubled profits to SR537 million during 2021

United International Transportation Co.’s board proposed half-year dividends of SR1.3 per share after posting higher profits of SR220 million in 2021

Profits of Shatirah House Restaurant Co. dipped by 19 percent to SR15.4 million in 2021

Shatirah House Restaurant Co.’s board recommended boosting capital from SR25 million to SR35 million by issuing bonus shares

Basic Chemical Industries Co.’s annual profit soared 12.8 percent to SR57.7 million on the back of higher revenue

Tourism Enterprise Co., better known as Shams, widened losses by 71 percent to SR14 million during 2021

Following a sharp decline in profit to SR20.7 million in 2021, Saudi Marketing Co.’s board recommended a dividend freeze for 2021

Raydan Food Co. managed to narrow losses from SR117 million to SR42 million in 2021 as sales rose. The firm said its accumulated losses have reached 46.7 percent of capital

Naseej International Trading Co. slightly widened losses by 2.5 percent to SR.85.5 million in 2021. As a result, the company’s board proposed a capital reduction of 48.5 percent to SR109 million to amortize accumulated losses

National Metal Manufacturing and Casting Co., known as Maadaniyah, trimmed 2021 losses by 28.6 percent to SR29 million

Saudi Parts Center Co. posted a profit decline of 42.8 percent on an annual basis to SR5.7 million

Calendar

March 31, 2022

End of 2021 earnings season

Saudi Aramco will pay out a cash dividend of SR0.36 per share for the fourth quarter of 2021