Saudi IT firm MIS reports 50% decline in profits as sales fall in first quarter

RIYADH: Saudi Arabia’s main stock market ended Monday with another steep decline, as concerns over the global economy and mixed earnings reports tempered investor optimism.

TASI lost 0.8 percent to 12,235, while the parallel market Nomu added 0.15 percent to 22,363.

Dubai’s stock market led the fall in the Gulf as it shed 2.5 percent, followed by indexes of Abu Dhabi and Kuwait, with a 2.2 and 1.5 percent decline, respectively.

Bourses of Bahrain and Oman edged lower, while Qatar’s QSI bucked the trend to close 1.4 percent higher.

Elsewhere in the Middle East, the Egyptian main index was up 0.5 percent in the previous session.

In energy trading, concerns over a possible recession and China’s COVID-19 curbs caused oil prices to drop on Tuesday.

Brent crude went down to $112.06 a barrel and US West Texas Intermediate retreated to $108.97 a barrel as of 9:06 a.m. Saudi time.

Stock news

SATORP, a joint venture between oil giant Aramco and France’s Total Oil Co., has turned in a profit of SR1.43 billion ($382 million) in the first quarter of 2022

Saudi Real Estate Co.’s losses widened by 539 percent to SR29.4 million in the first quarter despite a surge in sales

Shareholders of Etihad Etisalat Co., known as Mobily, approved the board’s proposal to pay out SR0.85 per share in dividends for 2021

Alkhaleej Training and Education Co.’s losses were trimmed by 33 percent to SR5.09 million in the first quarter of 2022

Alhokair Group saw its losses narrowing by 48 percent in the first quarter to SR31 million

National Gypsum Co.’s profit dropped by 77-percent to SR3.2 million in the first quarter

Basic Chemical Industries Co. said it will not distribute cash dividends to shareholders for 2021

Al Moammar Information Systems Co., also known as MIS, reported a 50 percent drop in quarterly profit to SR4.6 million

Shareholders of Riyadh Cement Co. approved a dividend distribution of SR0.75 for the second half of 2021

Al-Babtain Power and Telecommunication Co. posted a 43 percent profit decline to SR8.7 million in the first quarter

Allied Cooperative Insurance swung into a net loss before Zakat of SR29.6 million in the first quarter, compared to SR3.4 million in profit a year ago

National Metal and Manufacturing Co. slightly widened first-quarter losses from SR7.08 million to SR7.14 million

Raydan Food Co.’s losses were narrowed by 49 percent to SR4.7 million in the first quarter as its accumulated losses reached 48 percent of capital

Scientific & Medical Equipment House reported a 10-percent drop in first-quarter profit to SR16.8 million

Jazan Energy and Development Co. posted a 75 percent profit jump to SR3.56 million for the first quarter of 2022

Salama Cooperative Insurance Co. turned into a net loss of SR6.8 million before Zakat in the first quarter of 2022

Al Jouf Cement Co. submitted a filing to the Capital Market Authority as it seeks to cut capital by SR343 million

Saudi Arabia Refineries Co. swung into losses of SR658,446 in the first quarter of 2022

Middle East Specialized Cables Co.’s first-quarter profits dropped from SR900,000 to SR100,000 despite a 68-percent jump in sales

Amana Cooperative Insurance Co.  got approval from CMA to raise its capital by SR300 million through a rights issue

Development Works Food Co. turned into losses of SR2.26 million last quarter on the back of higher costs

Arabia Insurance Cooperative Co.’s request to raise capital by SR265 million was approved by CMA

Calendar

May 24, 2022

Naseej for Communication and Information Technology Co.’s listing on Nomu

May 25, 2022

End of Amwaj International Co.’s IPO subscription

Aqaseem Factory for Chemicals and Plastics Co.’s listing on Nomu

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