7 things to watch on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Tuesday.

1) Makkah Construction and Development Co.’s net profit after zakat and tax rose 16.4 percent year-on-year (YoY) to SAR 135 million for the six months ending July 3, 2019, driven by writing back credit loss provisions.

2) Saudi Chemical Co.’s shareholders are set to vote on a 33.33 percent capital hike to SAR 843.2 million from SAR 632.4 million through the issue bonus shares during the extraordinary general assembly meeting that will be held on Sept. 17, 2019.

3) Nama Chemicals Co.’s board of directors canceled a previous recommendation to increase the company’s capital by SAR 200 million, as the plan proved to be ‘infeasible’

4) Raydan Cuisines and Restaurants Co. has inked a five-year franchise agreement with Abdel Hafez Ahmed Co. to act as an agent for Raydan in three locations in the Southern Province.

5) Saudi Marketing Co. (Farm Superstores) has opened a new branch in Jubail Industrial City.

6) The Securities Depository Center Company (Edaa) has deposited on Monday Abdulla Saad Abo Moati For Bookstore Co.’s issued shares into investors’ portfolios.

7) Brent crude on Tuesday gained 30 cents to reach $59 per barrel whereas WTI Crude also increased 32 cents to reach $53.96/bbl.