Saudi Red Sea International narrows losses by 42% on higher revenue in Q1
Follow-ups -eshrag News:
RIYADH: Saudi stocks closed lower last week as mixed earnings reports and volatile crude prices weighed on investor sentiment.
The main index TASI shed 2.24 percent to 12,427 points, while the parallel Nomu market was down 1.4 percent to 22,508 points.
While Saudi Arabia led the fall in the Gulf, stock exchanges in the UAE, Qatar, Bahrain, and Kuwait recorded losses in Thursday’s session. The Omani bourse ended almost flat.
Elsewhere in the Middle East, Egypt’s primary index EGX30 gained 0.8 percent.
UAE indexes rebounded on Friday as Abu Dhabi’s ADX edged 0.9 percent higher and Dubai’s DFMGI inched up by 0.1 percent.
Oil prices settled slightly higher. Brent crude rose to $112.55 a barrel and US West Texas Intermediate crude reached $110.28 a barrel.
Stock news
Malath Cooperative Insurance Co. turned into a net loss before Zakat amounting to SR21 million ($5.6 million) in the first quarter of 2022
Lazurde Co. for Jewelry saw its first-quarter profit increase by 34 percent to SR13.7 million
Real estate developer Red Sea International Co. narrowed losses by 42 percent to SR19 million last quarter
Buruj Cooperative Insurance Co.’s net loss before Zakat widened by 444 percent to SR31.8 million last quarter
First-quarter profit of Shariah-compliant real estate lending firm Saudi Home Loans Co. was up 9.8 percent to SR32.4 million
Wataniya Insurance Co. generated proceeds of SR53 million from its rump offering which was almost 400 percent covered
Maharah Human Resources Co.’s first-quarter profit dropped 20.8 percent to SR24.8 million despite a jump in sales
United International Transportation Co., or Budget Saudi, posted a 25 percent profit surge to SR60 million in the first quarter
Gulf Union Al Ahlia Insurance Co.’s rights issue was 27 percent covered, with subscriptions valued at SR62.5 million
The National Agricultural Development Co. reported a 137 percent jump in profit to SR15 million for the first quarter of 2022
The board of Al-Baha Investment and Development Co. proposed a capital reduction of 25 percent to SR223 million
Al-Baha’s board also recommended an initial public offering of its subsidiary Elegant Centers Co. on Saudi Arabia’s parallel market Nomu
The East Gas Co., an affiliate of Saudi Arabian Amiantit, submitted a filing to the Capital Market Authority as it seeks direct listing on the parallel Nomu market
Ladun Investment Co.’s IPO price range was set between SR15 to SR18 per share
Food delivery platform Jahez signed an initial deal as it seeks to acquire The Chefz – one of its rivals in the Kingdom
Calendar
May 22, 2022
Start of Amwaj International Co.’s IPO subscription
Start of Ladun Investment Co.’s IPO book-building
May 23, 2022
Start of Anaam International Holding Group’s subscription to new shares and rights trading
May 25, 2022
End of Amwaj International Co.’s IPO subscription
May 26, 2022
End of Ladun Investment Co.’s IPO book-building
May 30, 2022
Close of Anaam International Holding Group’s rights trading
June 2, 2022
Close of Anaam International Holding Group’s new shares subscription
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