10 things to consider as Tadawul starts trading

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

1) Alinma Bank reported a net profit of SAR 560 million for Q4 2017, up 44 percent year-on- year (YoY) due to higher total operating income, despite increased expenses.

2) Wasatah Capital has decided to cancel the listing and initial public offering (IPO) of Wasatah REIT Fund, and decided not to extend the offering period due to insufficient subscription, the fund manager said in a statement.

3) Saudi Arabian Mining Co. (Maaden) reported solid financials across the board for fiscal year 2017, driven by higher production rates, cost-cutting measures, as well as improved selling prices, according to CEO Khalid bin Saleh Al-Mudaifer.

Separately, the firm said it will not pay dividend to shareholders for fiscal year 2017.

4) Jadwa REIT Saudi Fund (Jadwa REIT Saudi) on February 1 completed the surplus refund process of its IPO, which ran from January 3 until January 23.

5) United International Transportation Co.’s (Budget Saudi) board of directors has recommended a 15 percent cash dividend (SAR 1.5 per share) for fiscal year 2017, amounting to SAR 106.75 million.

6) Saudi Aramco and Google’s parent Alphabet Inc. are said to be in talks to jointly build data a technology hub in Saudi Arabia.

7) A number of companies in Saudi Arabia have started work on their plans for an initial public offering (IPO) as oil prices edge higher, triggering hopes that subsequent improvement in liquidity will also channel into the domestic equity markets. Argaam lists upcoming IPOs.

8) Business sentiment is set to improve across Saudi Arabia’s construction sector over the next 12 months despite challenging economic conditions, according to law firm Pinsent Masons’ Annual GCC Construction Survey.

9) Bank lending activity in Saudi Arabia is slated to gain pace this year, supported by the government’s SAR 72 billion package to boost private sector growth over the next four years, Moody's Investors Service said in a new report.

10) Oil prices closed last week lower, with Brent crude declining 1.5 percent on Friday to $68.58/bbl while WTI crude fell 0.5 percent to $65.45/bbl. 

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