9 things to consider as Tadawul starts trading

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

1) Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit of SAR 531 million for the first half of 2018, a sharp rise from SAR 76 million earned in the same period last year.

2) Umm Al Qura Cement Co. reported a net profit of SAR 10.37 million for H1 2018, a 59.3 percent year-on-year (YoY) decline on lower sales value driven by lower selling prices.

3) The Company for Cooperative Insurance (Tawuniya) reported a net profit before Zakat of SAR 80.2 million in H1 2018, a fall of 80.4 percent YoY, due to a 12.8 percent increase in net claims incurred along with lower investment income.

4) Sadara Basic Services Co. said its parent company, Sadara Chemical, trimmed net losses by 61.29 percent YoY to SAR 1.16 billion in H1 2018, as the chemicals segment reported higher sales.

5) The Saudi General Authority for Competition (GAC) has approved Gulf Union Cooperative Insurance Co.’s planned acquisition of Al Ahlia for Cooperative Insurance Co.

6) Saudi Cable Co.’s loss in the second quarter can be partly attributed to the loss reported by its Bahraini subsidiary Midal Cables, Saudi Cable chairman Maysar Nuwalati told Al Arabiya TV.

7) Qassim Cement Co.’s board of directors has recommended a 3.5 percent cash dividend for the second quarter of 2018, at SAR 0.35 per share, amounting to SAR 31.5 million.

8) Bupa Arabia for Cooperative Insurance (Bupa Arabia) said that Bupa Investment Overseas Limited has completed the purchase of additional five percent stake in Bupa Arabia from Nazer Group.

9) Saudi Pharmaceutical Industries and Medical Appliances Co. (SPIMACO) has received Saudi Industrial Development Fund’s approval on a SAR 287.1 million credit, the company said in a statement.

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