10 things you need to know on Tadawul today

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

1) King Salman bin Abdulaziz Al Saud ordered a cabinet reshuffle on Saturday, removing three top officials from their posts. Minister of National Guard Prince Miteb bin Abdullah bin Abdul Aziz has been replaced by Prince Khalid bin Abdulaziz bin Ayaf; Minister of Economy and Planning Adel Fakieh will be replaced by Mohammed al-Tuwaijri; and Commander of the Naval Forces Lieutenant General Abdullah al-Sultan will be replaced by General Fahad al-Ghufaily.

2) King Salman also ordered the launch of a new anti-corruption committee as part of the country’s reform agenda. The Kingdom has arrested billionaire investor Prince Alwaleed bin Talal and 10 other prices, along with a number of former senior officials, through the newly formed anti-corruption committee.

3) United States President Donald Trump on Saturday asked Saudi Arabia to list Saudi Aramco on the New York Stock Exchange (NYSE).

4) Kingdom Holding Co. swung to net profit of SAR 247.5 million in Q3 2017, compared to a loss of nearly SAR 355 million in the same period last year due to an increase in hotels and other operating revenues.

5) Savola Group reported a net profit of SAR 829 million for Q3 2017, a sharp rise from SAR 179.5 million in the same period last year attributed to higher share of profit from associates, lower operating expenses, and gain on disposal of ownership interest in Almarai.

6) Saudi Airlines Catering Co. reported a net profit of SAR 130.4 million for Q3 2017, down 6.3 percent year-on- year (YoY). Separately, the firm said its board of directors has approved a cash dividend of SAR 123 million (after zakat and before income tax) – SAR 1.5 per share – for Q3 2017.

7) Saudi Arabian Cooperative Insurance Co. (SAICO) said the company’s net profit for the third quarter fell 5.7 percent YoY to SAR 16.4 million, hurt by higher inspection and supervision fees, along with declines in policy holders investment income, commission income, other underwriting income and other income.

8) Saudi Advanced Industries Co (SAIC) has appointed Engineer Saeed Bin Abdullah Al Muaither as chief executive officer, starting Nov. 5.

9) Rabigh Refining and Petrochemical Company (Petro Rabigh) said the maintenance work at the Vacuum Gas Oil Hydro Treating Unit (VGO) was completed on Thursday, Oct. 26.

10) Oil prices closed last week with gains, as OPEC hinted at the possibility of maintaining its output limits until the end of 2018. Brent crude rose 2.4 percent to $62.07/bbl, while WTI crude was down 2 percent to $55.64/bbl.

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