9 things you need to know on Tadawul today

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

1) Saudi Arabian Mining Co. (Maaden) said its net income in Q2 more than doubled year-on-year (YoY) to SAR 356.5 million, due to higher sales and cost reduction initiatives. 

Separately, the firm said its subsidiary Maaden Waad Al Shamal Phosphate Co. has signed two financing deals worth SAR 2.1 billion with Saudi Industrial Development Fund.

2) Yanbu Cement Co.’s net profit for the second quarter halved YoY to SAR 80 million, driven by lower sales on weak demand and fierce competition.

3) Sahara Petrochemical Co. said its Q2 net profit dropped 14 percent YoY to SAR 88.6 million on lower profit at Al-Waha Petrochemical Co. due to scheduled maintenance, along with higher losses from SAAC.

4) Malath Cooperative Insurance Co. has received Capital Market Authority’s approval to raise its capital through a SAR 380 million rights issue.

5) Saudi Industrial Exports (SIEC) has terminated a memorandum of understanding to buy 100 percent stake in TAAQAAT Technical Co. for Contracting.

6) Saudi Public Transport Co. reported a net profit of SAR 39.5 million for Q2 2017, up from SAR 6.07 million in the previous period, due to higher revenue and lower expenses.

7) Middle East Paper Company (MEPCO) reported a net profit of SAR 18.2 million for Q2 2017, down 79.4 percent YoY.

8) Saudia Dairy and Foodstuff Co. (SADAFCO) posted a net profit of SAR 77.2 million for the three months ended June 30, 2017, a 5.1 percent YoY decrease attributed to lower sales.

9) Oil prices edged higher on Tuesday. Brent crude was last up 0.1 percent at $52.79/bbl and WTI crude rose 0.2 percent to $50.27/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com