Saudi’s Yanbu Cement buys Kuwaiti partner’s 40% stake in subsidiary  

Follow-ups -eshrag News:

RIYADH: Saudi stocks advanced on Wednesday, after the International Monetary Fund said it expects the Kingdom’s economy to more than double in 2022.

TASI closed 1.2 percent higher at 13,668, with Saudi Home Loans soaring 30 percent on its trading debut. 

However, Saudi’s parallel market Nomu was down 0.6 percent to 23,934.

Elsewhere in the Gulf, Abu Dhabi and Bahrain’s indexes inched up, while Bahrain’s slipped.

Stock exchanges in Dubai, Qatar, and Oman ended flat with almost no changes at the closing bell.

The Egyptian index EGX30 dropped 1.7 percent at the end of trading Wednesday.

Oil prices extended gains on Thursday. Brent crude rose to $108.12 a barrel, and US West Texas Intermediate was at $102.75 as of 9:35 a.m. Riyadh time.

Stock news

Saudi Arabian lender Bank Albilad reported a 25 percent growth to SR490 million ($130 million) in first-quarter profit

Etihad Etisalat Co., better known as Mobily, posted a profit hike of 41 percent to SR319 million during the first quarter of 2022

Alkhorayef Water & Power Technologies Co. was awarded four contracts for the improvement of water quality in the Eastern Province worth SR1.9 billion

The board of Jabal Omar Development Co. proposed a capital increase to SR11.5 billion through debt conversion

Tanmiah Food Co. suffered a 93 percent drop in quarterly profit to SR1.54 million

Shareholders of Gulf Union Al Ahlia Cooperative Insurance Co. approved the board’s proposal to boost capital to SR458 million

Saudi Real Estate Co., or Al Akaria, received the Capital Market Authority’s approval for a capital increase through a rights issue valued at SR1.6 billion

Saudi Printing and Packaging Co.’s unit MPPC won a deal worth SR37.8 million with the Ministry of Education to print and supply school books for the current academic year

The board of Arabian Pipes Co. recommended increasing its capital by SR300 million

Al Abdullatif Industrial Investment Co. entered a SR23.9 million deal with the Ministry of Islamic Affairs for the manufacture, supply, and furnishing of mosques in Saudi Arabia

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