10 things to consider as Tadawul starts trading

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

1) Saudi Arabia’s King Salman has issued a series of royal decrees, leading to a major reshuffle of the defense ministry and military staff.

2) The National Shipping Company of Saudi Arabia’s (Bahri) logistics division handles 41 to 45 percent of the total US exports to the Middle East, division manager Ahmed Al-Ghaith told Argaam.

3) The result of operations of National Industrialization Co.’s (Tasnee) in 2017 was reasonable, and is set to improve further as the company’s internal restructuring program unfolds, chief executive Mutlaq Al-Morished told Argaam.

4) Saudi Cement Co. reported a net profit of SAR 453.4 million for fiscal year 2017, down nearly 50 percent year-on-year (YoY) due to lower sales volumes and higher cost per ton.

5) Zahrat Al Waha Trading Co.’s board of directors has recommended a 10 percent cash dividend for fiscal year 2017, at SAR 1 per share, amounting to SAR 15 million.

6) Dur Hospitality Co.’s (Dur) board of directors has recommended a 3 percent cash dividend for the second half of 2017, at SAR 0.3 per share, amounting to SAR 30 million.

7) Basic Chemicals Industries Co.’s (BCI) board of directors has recommended a 10 percent cash dividend for 2017, at SAR 1 per share, amounting to SAR 27.5 million.

8) L'azurde for Jewelry Co. has finalized the due diligence process to buy Izdiad Commercial Company of Arabia, a jewelry retailer owned by Tamkeen Industrial & Trading Co. (Tamkeen).

9) Filling and Packing Materials Manufacturing Co. (FIPCO) has finalized all procedures related to increasing the capital of its joint venture, FBC Industrial Co. Ltd, to SAR 18 million from an initial capital of SAR 10,000.

10) Oil prices extended decline on Wednesday. Both Brent crude and WTI crude were last trading lower by 0.6 percent at $66.23/bbl and $62.65/bbl, respectively.

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