10 things to consider as Tadawul starts trading

09/07/2018 Argaam
by Nadeshda Zareen

 

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

 

1) Almarai Company reported a net profit of SAR 1.005 billion in the first half of 2018, a 0.24 percent year-on-year (YoY) increase, which was attributed to a slowdown in the bakery, dairy and juice segments that was offset by lower cost of sales, and general and administrative expenses.

 

2) Almarai Co. expects the challenging market environment in the Gulf region, along with overall negative consumer trends, to continue within its core categories for the rest of this year, the dairy producer said in a statement.

 

3) Advanced Petrochemical Co. reported a net profit of SAR 351 million for the first half of 2018, a 10.1 percent YoY increase driven by a 16.4 percent hike in polypropylene prices, despite lower sales volumes.

 

4) European Commission’s approval of Tronox Ltd.’s plan to acquire National Titanium Dioxide Ltd. (Cristal) is positive for the completion of the merger in the US pending a green light from the US Federal Trade Commission, Tasnee CEO Mutlaq Al-Morished told Argaam.

 

5) Saudi Arabian Mining Co. (Maaden) is working with financial advisers to restructure its balance sheet as it seeks potential acquisitions, Bloomberg reported.

 

6) Abdullah Al Othaim Markets Co. has opened a new branch in Mahayel, Asir, bringing its total branches in Saudi Arabia to 205, the company said in a statement.

 

7) Saudi Printing and Packaging Co.’s (SPPC) wholly-owned subsidiary Al Madina Al Munawara Printing and Publishing Co. on July 5 received letters from the education ministry cancelling five book printing deals worth SAR 25.13 million, SPPC said in a statement.

 

8) The Ministry of Energy, Industry and Mineral Resources has finalized the amended mining investment draft law, to allow investor and private sector participation in various investment opportunities across the Kingdom, said Khalid Al-Falih, Saudi Energy Minister.

 

9) Saudi Arabia’s telecommunications companies could see a positive impact from higher prices and a growth in subscriber base on second quarter earnings, despite the dampening effect of expatriates leaving the Kingdom, according to brokerage firms.

 

10) Saudi Arabia’s economic stagnation is the main reason behind the rise in unemployment rate and lower job opportunities in the private sector, Okaz newspaper reported, citing Abdulrahman Al-Rashed, head of Shura Council’s economy and energy committee.

 

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

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