Aldrees expects profits to grow in Q2 as it captures 7% market share

RIYADH: Saudi stocks opened higher in early morning trading as investors grew optimistic as first-quarter profit for numerous companies surpassed expectations.

The main index, TASI, began Tuesday 0.21 percent higher to 13,761, while the parallel market, Nomu, opened 0.09 percent higher at 24,200, as of 10:09 a.m. Saudi time.

In energy trading, Brent crude oil reached 112.67 per barrel, and US benchmark WTI crude oil reached 107.62 per barrel, at 10:18 a.m. Saudi time.

Saudi Aramco, the largest player in the Saudi oil market, opened today’s trading 0.23 percent higher.

The top gainer was Amana Cooperative Insurance Co., which gained 4.8 percent, while the top faller was Arabian Contracting Service Co., which fell 1.36 percent.

Filling and Packing Materials Manufacturing Co., or FIPCO, fell 0.19 percent, despite reporting a profit of SR400,000 ($106.666) for the first quarter of 2022.

Yamama Cement Co. dropped 0.72 percent, after reporting a 46-percent drop in first-quarter profits to SR29 million.

Dr. Sulaiman Al Habib Medical Service group edged down 0.80 percent after its shareholders approved the dividend payout of SR0.7 per share for the fourth quarter of 2021.

Sahara International Petrochemical Co., or SPICHEM, rose 0.86 percent, after posting a 162-percent growth in profit to SR1 billion in the first quarter of 2022.

In the financial sector, Saudi National Bank and Al Rajhi Bank gained 0.11 percent and 0.54 percent, respectively.