8 things you need to know on Tadawul today

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

1) Qassim Cement Co. reported a net profit of SAR 51.2 million, a decline of 26.2 percent year-on- year due to lower sales value.

2) Riyad REIT has signed a sale and purchase agreement with the Higher Education Fund to acquire Saudi Electronic University’s building located in Ar Rabi, Riyadh. Riyad REIT will acquire the property for SAR 137.65 million, to be financed through the capital increase announced in May.

3) Almarai Co. said that Public Investment Fund’s (PIF) ownership in Almarai’s share capital has reached 163,233,480 shares, or 16.32 percent of the total share capital.

4) Saudi Arabia’s Capital Market Authority (CMA) said the public prosecution has completed investigations into suspected violations and insider trading at Etihad Etisalat Co. (Mobily) and a lawsuit was filed on Thursday against the individuals involved.

Separately, Mobily said as the procedures concern individuals from the former executive management, the company itself will not face any negative financial impact.

5) Saudi Basic Industries Corp.’s (SABIC) vice-chairman and chief executive Abdullah Yousef Abdullah Al-Benyan has signed construction contracts of the company’s new office building and international information center with India-based Shapoorji Pallonji Group.

6) Saudi Arabia may gradually cut energy subsidies, which will take a long time to balance the budget, Bloomberg reported, citing Saudi Finance Minister Mohammed Al-Jadaan.

7) Saudi Arabia’s Ministry of Environment, Water and Agriculture has signed contracts worth SAR 119 million with three international experts to conduct studies to improve water efficiency in the Kingdom, the ministry said in a statement.

8) Oil prices ended last week on a positive note. Brent crude was up 1.6 percent at $57.17/bbl while WTI crude rose 1.7 percent to $51.45/bbl.

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