10 things to consider as Tadawul starts trading

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

1) Saudi Arabia's gross domestic product (GDP) growth is expected to accelerate to 2.2 percent year-on-year (YoY) this year and 1.9 percent next year, as oil output increases and domestic demand recovers, National Bank of Kuwait (NBK) said.

2) The listing and trading of SAR 3.47 billion in local-currency government debt instruments began on the Saudi Stock Exchange (Tadawul) on Monday.

3) National Commercial Bank’s (NCB) board of directors has recommended a 10 percent cash dividend for the first half of 2018, at SAR 1 per share, amounting to SAR 2.99 billion.

4) Herfy Food Services Co.’s board of directors has recommended a 10 percent cash dividend for the first half of 2018, at SAR 1 per share, amounting to SAR 64.68 million.

5) Alawwal Bank reported a net profit of SAR 539.6 million for H1 2018, a 16.5 percent decline YoY due to lower gross operating income and a decrease in investments gains.

6) Najran Cement Co. sustained a net loss of SAR 41.90 million in H1 2018, versus net profit of SAR 6.99 million in year-earlier period, driven by lower sales volumes and soft market demand.

7) National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 70.61 million for H1 2018, down 31.29 percent YoY as investment revenue declined, while selling and marketing costs rose.

8) Al Sagr Cooperative Insurance Co.’s shareholders have approved a 60 percent capital hike to SAR 400 million from SAR 250 million, through bonus shares.

9) The Saudi Arabian Monetary Authority (SAMA) has ordered Saudi Indian Company for Cooperative Insurance (Wafa Insurance) to fix irregularities, related to the weak performance of the internal auditing and the corporate governance compliance issues.

10) Hail Cement has appointed Khalid Abdel Aziz Al-Ahmed as its new chief executive, effective from September 1.

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