10 things to consider as Tadawul starts trading

26/04/2018 Argaam
by Nadeshda Zareen

 

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

 

1) Saudi Council of Economic and Development Affairs has approved the Kingdom’s privatization program, which aims to generate SAR 35 billion to SAR 40 billion ($11 billion) in non-oil revenue by the year 2020.

 

2) Saudi Aramco will review and discuss recommendations for its proposed initial public offering (IPO), including the timing and international listing, at its annual board meeting next month in Houston, Energy Intelligence reported.

 

3) Saudi Paper Manufacturing Co.'s (SPM) net profit was bolstered by last year's broad turnaround program, which paid off in Q1 2018, driving up sales by 32 percent when compared to the previous quarter, CEO Hassan Asiree told Argaam.

 

4) The National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 123.1 million for Q1 2018, a 67.5 percent year-on-year (YoY) drop due to lower spot market rates in oil transportation, higher bunker costs, and increase in cost of finance.

 

5) Abdulmohsen Alhokair Group for Tourism and Development turned to a net loss of SAR 7.5 million for Q1 2018, compared to a net profit of SAR 8 million a year earlier.

 

6) Saudi International Petrochemical Co. (Sipchem) posted a net profit of SAR 151.4 million for the first quarter of 2018 -- 65.1 percent higher than the same period of 2017.

 

7) Saudi Research and Marketing Group (SRMG) reported a net profit of SAR 11.7 million for Q1 2018, a 35 percent year-on-year (YoY) drop on higher general and administrative expenses due to licensed projects’ fees.

 

8) Abdullah Al Othaim Markets Co. has opened a new branch in Al Ahsa, Saudi Arabia, bringing its total branches in the Kingdom to 199.

 

9) L’azurde Company for Jewelry has agreed with Tamkeen Industrial & Trading Company (Tamkeen) on the transaction price and final commercial terms related to the acquisition of Izdiad Commercial Company of Arabia.

 

10) Crude oil prices edged higher on Thursday, with Brent crude last up 0.6 percent at $74.41/bbl while WTI crude rose 0.5 percent to $68.42/bbl.

 

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

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.