10 things you need to know on Tadawul today

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

1) Alinma Bank reported a net profit of SAR 488 million for Q2 2017, an increase of 19.3 percent year-on-year (YoY) driven by higher FX income, investment gains, and lower banking service fees. 

2) Saudi Electricity Co. posted a net profit of SAR 2.2 billion for Q2 2017, slightly lower than the same quarter last year.

3) National Shipping Company of Saudi Arabia (Bahri) has signed a SAR 15 million agreement with France’s Bolloré Logistics to set-up a logistics services joint venture headquartered in Riyadh.

4) The Company for Cooperative Insurance (Tawuniya) net profit for the second quarter rose 2 percent YoY to SAR 248.8 million due to a 7.9 percent jump in investment profit.

5) The National Company for Glass Industries (Zoujaj) said its net profit for Q2 2017 rose 11.6 percent year-on-year (YoY) to SAR 37.6 million.

6) Al Jouf Cement Co.’s extraordinary general assembly approved a board recommendation to increase capital by 10 percent to SAR 1.43 billion, from SAR 1.3 billion via a bonus shares issue.

7) Shareholders of Al Ahlia for Cooperative Insurance Co. have refused approval to the financial statement and audit report for the fiscal year 2016, the company said.

8) S&P Global Ratings affirmed the long- and short-term counterparty credit ratings on The Saudi Investment Bank (SAIB) at BBB/A-2, while maintaining a “stable” outlook.

9) The Debt Management Office of Saudi Arabia's finance ministry said 13 domestic banks have qualified to participate in the government’s planned sukuk program.

10) Oil prices declined on Wednesday, following an American Petroleum Institute report that indicated an increase in US crude stockpiles. Brent crude was last down 0.3 percent at $48.7/bbl and WTI crude fell 0.3 percent to $46.25/bbl.

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