Saudi builder Arriyadh Development profit jumps 25% in Q1

RIYADH: Saudi Arabian stocks snapped a series of gains to end lower on Tuesday in line with oil prices.

The main TASI index was down 1.1 percent to 13,505 in one of its biggest daily drops recently, and the parallel Nomu market slipped 0.5 percent to 24,088.

Dubai and Kuwait led the gainers in the GCC, up 1.6 and 1 percent, respectively.

Stock markets in Qatar and Oman slightly advanced, while the Bahraini and Abu Dhabi indexes edged down.

Apart from the Gulf, Egypt’s EGX30 index shed 0.9 percent.

Oil prices rebounded on Wednesday, with Brent crude rising to $108.2 a barrel, and US benchmark West Texas Intermediate reaching $103.8 at 9:08 a.m. Saudi time.

Stock news

Oil giant Saudi Aramco got the Capital Market Authority’s approval to increase capital from SR60 billion ($16 billion) to SR75 billion by issuing bonus shares

Saudi Leejam Sports Co. turned a loss of SR6.9 million into a profit of SR46 million in the first quarter of 2022

Food delivery app Jahez signed an initial agreement to fully acquire Marn Business Information Technology Co.

Saudi developer Arriyadh Development Co. posted a 25 percent profit increase to SR139 million in the first quarter of 2022

Shareholders of Halwani Brothers Co. approved the the board’s recommendation to distribute cash dividends of SR2 per share for 2021

solutions by stc, a unit of Saudi telecom giant stc, posted a 38 percent increase in profit during the first quarter of 2022, driven by higher revenues

Saudi Ceramic Co. saw a 27 percent drop in quarterly profit to SR51.3 million

National Medical Care Co.’s board proposed a dividend payout of SR1 per share for 2021

Calendar

April 20, 2022

Shares of 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