Saudi Cement, Tabuk report lower H1 profits, extending downward trend

RIYADH: Saudi Arabia’s benchmark index ended the week’s final session higher on the back of another round of first-half corporate earnings results.

TASI edged 0.8 percent higher to finish at 12,530, while the parallel Nomu market added 0.92 percent to end at 22,023.

This was led by a 9.97 percent leap in Ma’aden, topping the gainers, after its first-half profit soared 232 percent to SR6.2 billion.

The Kingdom’s largest valued bank Al Rajhi added 0.57 percent, while the Kingdom’s oil giant Saudi Aramco gained 2.38 percent.

Astra Industrial Group climbed 5.24 percent, after its first-half profit soared 202 percent to SR318 million ($85 million).

ACWA Power added 0.11 percent, after it recorded a 21 percent jump in profits to SR542 million for the first half of 2022.

Saudi Electricity Co. rose 0.58 percent, after it obtained an international syndicated loan of $3 billion.

Saudi Industrial Services Co. shed 0.61percent, after earning SR3.9 million in the first half of 2022, down 93 percent from the same period last year.

Savola Group slipped 1.76 percent, after it entered an SR459 million agreement to sell its shares in Knowledge Economic City Co.

Following the announcement, shares of  Knowledge Economic City increased by 3.85 percent.

Eastern Province Cement Co. shed 0.33 percent, after posting a 41 percent drop in profit to SR72 million in the first half.

Saudi Vitrified Clay Pipes Co. declined 1.19 percent, after its net losses widened by 661 percent to SR9 million during the first half of 2022.

Saudi Co. for Hardware slipped 3.56 percent to lead the fallers since the opening bell, after it turned into losses of SR19 million during the first half of 2022.