10 things to consider as Tadawul starts trading

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

1) Saudi Basic Industries Corp. (SABIC) reported a net profit of SAR 5.51 billion for the first quarter of 2018, a 5.35 percent year-on-year (YoY) increase due to higher average selling prices and quantities sold.

SABIC's chief executive officer Yousef Al Benyan told Argaam that his company's loss-making subsidiaries, Hadeed and Ibn Rushd turned to profit in Q1 2018, posting roughly SAR 80 million and SAR 50 million, respectively.

2) Bank Albilad’s net profit jumped 11.6 percent YoY to SAR 256 million for Q1 2018, thanks to a rise in operating income, net investment income and other income.

3) Hail Cement Co. reported a net profit of SAR 4.2 million for Q1 2018, a drop of 48.9 percent YoY, hurt by lower demand amid tough competition and declining prices.

4) United International Transportation Co. (Budget Saudi) reported a net profit of SAR 39.5 million for Q1 2018, a 6.8 percent YoY decrease due to lower revenue from short-term rental and car sales, as well as a SAR 2.5 million bad debt provision.

5) Saudi Ceramic Co.’s extraordinary general assembly has approved a 20 percent capital hike to SAR 600 million from SAR 500 million through the issue of one bonus share for every five shares held.

The stock’s fluctuation limit for its capital increase will be based on a share price of SAR 21.34.

6) The National Company for Glass Industries (Zoujaj) has stopped production at its Dammam plant and temporarily reduced the output of some other lines.

7) Fawaz Abdulaziz Alhokair Co. has opened its second Apple product store in Jeddah.

8) Saudi Telecom Co.’s (STC) shareholders have elected board members for the new three-year term started on April 28, 2018.

9) King Salman has laid the foundation stone for the Al-Qiddiya entertainment, sports and cultural project in Riyadh, in a ceremony attended by Crown Prince Mohammed bin Salman.

10) Crude oil prices edged lower on Monday, under pressure from rising US rig count. Brent crude was last down 0.7 percent at $74.13/bbl while WTI crude fell 0.3 percent to $67.87/bbl.

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