NRG Matters – Suez Canal Economic Zone signs MoU on decarbonization projects; Jordan renewable energy use soars

RIYADH: Saudi Arabia’s benchmark index ended its first trading session of the week lower as investors raised questions over fluctuations in oil prices over the past week and higher inflation.

The Tadawul All Share Index ended the session 0.53 percent lower at 12,554, while the parallel market, Nomu, finished 0.44 percent higher at 21,668.

In the energy market, Brent crude reached $96.72 a barrel last Friday, while US West Texas Intermediate traded at $90.77 a barrel.

Saudia Dairy and Foodstuff Co. surged 10 percent to lead the gainers, following a 48 percent profit surge in the second quarter of 2022 to SR56 million.

Saudi Aramco lost 0.76 percent, despite announcing last Sunday that it achieved its highest quarterly profit since going public in 2019 with SR182 billion ($48.4 billion).

Saudi Automotive Services Co. shed 3.74 percent, despite a 57 percent increase in profits to SR38 million through the first half of 2022.

The Mediterranean and Gulf Insurance and Reinsurance Co., known as MEDGULF, lost 4.29 percent, after it turned into losses of SR131 million in the first half of 2022.

SABB Takaful Co. increased 1.86 percent, following a 15 percent increase in first-half profits to SR5.6 million.

Gulf Union Alahlia Cooperative Insurance Co. declined 0.31 percent, after its first-half losses narrowed by 82 percent to SR19 million as a result of lower net claims.

Saudi Reinsurance Co. dropped 3.13 percent, after net profit before Zakat dipped 62 percent to SR14 million in the first half of 2022.

Saudi Arabian Amiantit Co. declined 2.14 percent, despite its half-year losses shrinking by 83 percent to SR10 million.

Jabal Omar Development Co. dropped 0.17 percent, after its first-half losses widened by 316 percent to SR311 million.

Saudi Pharmaceutical Industries and Medical Appliances Corp. dropped 5.07 percent, after it swung to losses of SR21 million during the first half of 2022.