Saudi Arabia’s Astra Industrial posts 48% rise in quarterly profit

Follow-ups -eshrag News:

RIYADH: Saudi stocks reversed gains at the close of Monday’s trading session, in the wake of poor earnings results that worried investors.

The Saudi main stock index, TASI, declined 1.78 percent to reach 12,914, while the parallel market, Nomu, dropped 1.33 percent to 22,540.

Shares in Saudi Industrial Export Co. climbed 9.91 percent to lead the gainers on the closing bell.

Shares in Saudi insurers declined following poor first-quarter earnings.

United Cooperative Assurance Co. slumped 9.89 percent to lead the fallers, while AXA Cooperative Insurance Co. fell 6.92 percent and Al-Etihad shed 3.44 percent.

Saudi Azm rose 5.78 percent, after it was approved to establish an office specialized in software development in Poland with SR500,000 capital. ($133,333).

Taiba Investments Co. edged down 0.48 percent, after reporting a profit of SR20 million in the first quarter, supported by post-pandemic recovery.

The financial sector reversed gains, with Al Rajhi Bank edging down 3.66 percent, and Alinma Bank down 2.41 percent.

Shares in Saudi oil giant Aramco rose 0.35 percent, following its report on May 15 that its first-quarter profit rose 82 percent.

Brent crude fell 1.13 percent to settle at $110.29 a barrel, and WTI crude fell 1.00 percent to settle at $109.39 a barrel, as of 03:21 p.m. Saudi time.

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