Green energy investment tops $1tn, matches fossil fuels

Follow-ups -eshrag News:

RIYADH: Saudi Arabia’s Tadawul All Share Index on Tuesday fell 17.83 points — or 0.16 percent — to close at 10,792.85. 

MSCI Tadawul 30 Index and the parallel market Nomu fell flat to close at 1,488.36 and 19,140.41, respectively. 

TASI’s total trading turnover of the benchmark index on Tuesday was SR4.59 billion ($1.22 billion), with 97 stocks of the listed 224 advancing and 114 retreating. 

Allied Cooperative Insurance Group was the topmost gainer of the day, rising 8.77 percent to SR12.40. 

The other top gainers were Gulf General Cooperative Insurance Co., Wataniya Insurance Co., Saudi Enaya Cooperative Insurance Co.and Arabia Insurance Cooperative Co. 

The worst performer on Tuesday was Middle East Paper Co., which fell 4.73 percent to SR30.20. 

Other stocks that performed poorly included Abdulmohsen Alhokair Group for Tourism and Development, Fawaz Abdulaziz Alhokair Co., National Industrialization Co., and Al-Baha Investment and Development Co. 

Among sectoral indices, 12 of the 21 listed on the stock exchange declined, while one stayed flat and the rest advanced. 

On the announcements front, Jarir Marketing Co., also known as Jarir Bookstores, reported that its net profits, after zakat and tax, declined 2.23 percent to SR969.80 million in 2022 compared to SR991.90 million a year ago. 

The firm witnessed an annual rise of 3.34 percent in revenue to SR9.39 billion in 2022 from SR 9.08 billion in the earlier year, according to the statement to Tadawul. 

Earnings per share retreated to SR8.08 during the January-December 2022 period from SR8.27 in 2021. Its share price on Tuesday increased 0.27 percent to SR150.40 

Nomu-listed Edarat Communications and Information Technology Co. also reported a net profit of SR12.6 million in 2022, up 95 percent compared to SR6.5 million in the previous year, driven by a 58 percent year-on-year increase in revenue. Gross profit also jumped 83 percent during the period under review. 

On Tuesday, National Agricultural Development Co. also informed the stock exchange that it sealed a memorandum of understanding with Saudi Investment Recycling Co. to recycle biowaste to contribute to environmental protection. 

In a statement to Tadawul, both parties intend to recycle approximately 400,000 tons of biological waste per annum and process them into high-efficient, organic fertilizers. 

The company also announced its 2023-2027 strategy to strengthen its leadership locally and regionally through expanding the current business operations, developing new markets, expanding its product range, and entering into new ventures. 

NADEC aims to become a vertically integrated food business, targeting SR6 billion in revenue by 2027. Its share price gained 1.04 percent to SR23.24. 

Meanwhile, the Saudi Investment Bank, on Jan. 31, began offering the second tranche of its Saudi riyal-denominated tier 1 sukuk with a minimum subscription value of SR1 million. The offer ends on Feb. 5, 2023. SIB’s share price added 1.35 percent to SR17.98. 

Alqemam for Computer System Co. debuted on Nomu-Parallel Market on Jan. 31 as its first direct listing with the symbol 9558 at SR80 per share. Unfortunately, its share price crashed 9.37 percent on its opening day to end at SR72.50. 

On the dividends front, Alkhabeer Capital announced paying a dole out of 1.05 percent, or SR0.105 per unit, to Alkhabeer REIT Fund unitholders for the period from Oct. 1 to Dec. 31, 2022, totaling SR14.81 million. 

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