DEWA’s strong cash flow paves way for steady $1.69bn dividends, says CEO

RIYADH: Saudi stocks advanced on Monday as investors awaited further first-quarter earnings results, despite a drop in global stocks.

The main index, TASI, finished 0.37 percent higher at 13,733, and the parallel market, Nomu, slightly edged up by 0.09 percent to 24,214.

Apart from the Saudi index, fellow GCC stock exchanges, including Abu Dhabi, Dubai, Qatar, Oman, Bahrain, and Kuwait, all went down.

Egypt’s EGX30 index inched 0.2 percent higher.

Oil prices rose on Tuesday as Brent crude reached $113.06 per barrel and US benchmark WTI traded at $107.93 at 9:02 a.m. Saudi time.

Stock news

Saudi Arabia’s Kingdom Holding Co. saw its profits skyrocket by 6,407 percent to SR5.9 billion ($1.6 billion) in the first quarter of 2022

Amana Cooperative Insurance Co. submitted a filing to the Saudi central bank to increase its capital from SR130 million to SR430 million by offering rights issues

Yamama Cement Co. saw its profit decrease by 46 percent to SR29 million during the first quarter of 2022

Sahara International Petrochemical Co. posted a 162 percent surge in profit to SR1 billion in the first quarter of 2022

Taiba Investments Co.’s shareholders approved the board’s proposal to distribute SR4 per share as dividends for the third quarter of 2021

Saudi-listed Obeikan Glass Co. posted a 903 percent increase in annual profit to SR174 million in 2021

Shareholders of Dr. Sulaiman al Habib Medical Services Group endorsed the board’s recommendation to pay a cash dividend of SR0.7 per share for the fourth quarter of 2021

Tanmiah Food Co. appointed Amr Abdullah Al Dabbagh as board chairman and Jamal Abdullah Al-Dabbagh as vice chairman of the board

Filling & Packing Materials MFG. Co. turned into profit of SR400,000 in the first quarter of 2022 from a loss of SR1.5 million in the same quarter last year

Calendar

April 20, 2022

Shares in Saudi Home Loans will start trading on the main market

May 11, 2022

Start of Arabian Food & Dairy Factories Co.’s IPO book-building

May 15, 2022

Saudi Aramco said it will disclose its financial results for the first quarter of 2022

End of Arabian Food & Dairy Factories Co.’s IPO book-building