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) Saudi Basic Industries Corp.’s (SABIC) 2025 strategy calls for making acquisitions, chief executive Yousef Al-Benyan said. The acquisitions will focus on the company’s basic sector, in addition to specialized materials, he said

2) Saudi Telecom Company (STC) reported a net profit of SAR 2.6 billion in Q3, a year-on-year (YoY) increase of 18.2 percent as gross profit for the quarter rose.

3) Hail Cement Co. said its net profit for the third quarter fell 97 percent YoY to SAR 650,406 on lower demand, fierce competition and a drop in prices.

4) Alawwal Bank has announced its intention to call (redeem) its 2012 sukuk in full, at their face value (100 percent of issue price) at the end of five years on November 26, 2017. The sukuk, issued for a total value of SAR 1.4 billion, had an original maturity of seven years (due 2019) and are callable in November 2017. Regulatory approval has been obtained.

5) The National Industrialization Co.’s (Tasnee) total loans, which stand at SAR 24 billion, will be cut down to SAR 16 billion after paying the debt of subsidiary National Titanium Dioxide Ltd.’s (Cristal), chief executive Mutlaq Al-Morished said.

6) Saudi Arabian Mining Company (Maaden) is looking to expand internationally through buying phosphate and copper assets outside the Kingdom, chief executive Khaled Al-Mudaifer said.

7) Saudi International Petrochemical Co.'s (Sipchem) Q3 earnings were backed by improved prices, higher production and increased sales, chief executive Ahmad Al-Ohali told Argaam.

8) Zamil Industrial Investment Co. reported a net profit of SAR 21.9 million in Q3, down 46.7 percent YoY, due to lower sales in steel and insulation sectors, and decreased operating profit margins across all sectors.

9) Saudi Arabia is aiming to sell more international bonds in Asia to ensure a diverse, stable investor base, Reuters reported, quoting Fahad Al-Saif, the head of the Kingdom’s debt management office (DMO).

10) Oil prices rose sharply on Friday, with Brent crude closing above $60 per barrel (bbl) for the first time in two years. The global benchmark rose 1.9 percent to settle at $60.44/bbl, while WTI crude rose 2.4 percent to $53.9/bbl.

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