10 things to consider as Tadawul starts trading

26/07/2018 Argaam
by Nadeshda Zareen

 

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

 

1) Saudi Arabia said it is temporarily suspending oil shipments through the Bab El-Mandeb Strait after two tankers, belonging to the Saudi National Shipping Co., came under attack by Yemeni Houthi militia members on Wednesday.

 

2) Sahara Petrochemical Co.’s planned merger with Saudi International Petrochemical Co. (Sipchem) is likely to be complete by year-end, backed by the strong results of both companies, Sahara CEO Saleh Bahamdan told Argaam.

 

3) Increase in output and sales volume, higher prices of products and improved efficiency of factories contributed to achieving higher profit margins, Sipchem CEO Ahmed Alohali told Argaam.

 

4) Saudi Basic Industries (SABIC) has hired banks for an international bond offering, Reuters reported.

 

5) Swiss specialty chemicals producer Clariant AG's update on its ties with SABIC has been delayed beyond September, as obtaining antitrust approvals takes longer than expected, Reuters reported, citing CEO Hariolf Kottmann.

 

6) Saudi British Bank (SABB) reported a net profit of SAR 2.5 billion for the first half of 2018, a 14.13 percent year-on-year (YoY) increase driven by a 19 percent decline in operating expenses.

 

7) Saudi International Petrochemical Co.’s (Sipchem) H1 2018 net profit more than doubled YoY to SAR 362.8 million, thanks to higher revenue and average selling prices of the company’s products.

 

8) Methanol Chemicals Co. (Chemanol) reported a net profit of SAR 21.37 million for H1 2018, versus net losses of SAR 2.99 million in year-earlier period.

 

9) Saudi Arabia Fertilizers Co. (SAFCO) reported a net profit of SAR 647.7 million for H1 2018, an increase of 3 percent increase YoY, thanks to higher sales volumes and average selling prices of urea.

 

10) Southern Province Cement Co. reported a net profit of SAR 138 million for the first half of 2018, a 31 percent YoY drop driven by weak sales despite lower cost of sales.

 

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

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