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


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 

Noting that the news was copied from another site and all rights reserved to the original source.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button