Closing Bell: Saudi main index ends lower at 10,833
The total trading turnover of the benchmark index stood at SR3.39 billion ($904 million), with 62 stocks advancing and 187 declining.
The Kingdom's parallel market Nomu fell 169.14 points, or 0.63 percent, to close at 26,755.84, as 30 stocks advanced while 50 retreated.
The MSCI Tadawul Index also dropped, losing 11.09 points, or 0.79 percent, to end at 1,398.65.
The best-performing stock of the day was Sport Clubs Co., whose share price rose 9.96 percent to SR12.37.
Other top performers included Thimar Development Holding Co., which increased 6.67 percent to SR38.68, and Nama Chemicals Co., which gained 5.72 percent to SR26.24.
Saudi Aramco Base Oil Co., or Luberef, recorded the most significant decline, dropping 9.96 percent to SR94.00.
Jabal Omar Development Co. saw its share price fall 5.39 percent to SR18.96, while Dar Alarkan Real Estate Development Co. declined 4.35 percent to SR18.27.
On the announcements front, Saudi Basic Industries Corp. reported its interim financial results for the period ending June 30. According to a Tadawul statement, the company recorded a net loss of SR5.28 billion during the first six months of the year, compared to a net profit of SR2.43 billion in the same period a year earlier.
The decline was primarily due to impairment charges, provisions, a strategic restructuring initiative, lower results from associates and non-integral joint ventures, and a zakat expense of SR694 million in 2025 versus a positive non-cash benefit of SR214 million in 2024.
SABIC also announced the board of directors' recommendation to distribute SR4.5 billion in cash dividends to shareholders for the first half of 2025. A bourse filing revealed that the total number of shares eligible for dividends amounted to 3 billion, with a dividend per share of SR1.5, representing 15 percent of the share's par value.
SABIC's share closed the session at SR54.45, down 1.19 percent.
Luberef released its interim financial results for the first half of the year. According to a Tadawul statement, the company posted a net profit of SR446 million, down 13.2 percent year-on-year, mainly due to lower crack margins for by-products and a decline in base oil sales volumes, despite an improvement in base oil crack margins.
The company also announced the board's recommendation to distribute SR168 million in cash dividends for the first half of 2025.
A bourse filing said the number of shares eligible for dividends was 168 million, with a dividend per share of SR1, equivalent to 10 percent of the share's par value.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
Saudi KAUST's Center of Excellence for Renewable Energy Advances Energy Innovation
Saudi Arabia's King Abdullah University of Science and Technology (KAUST), through its Center of Excellence for Renewable Energy and Storage Technologies (CREST), has launched initiatives to support innovation in energy fields, in alignment with the goals of Saudi Vision 2030 to transition toward a knowledge-based economy and build sustainable development. These efforts include transforming new ideas into practical solutions, developing prototypes of KAUST inventions and ensuring their reliability, and scaling up these prototypes through collaboration with local and international partners, reported the Saudi Press Agency on Monday. KAUST has leveraged the center's research to boost energy security, reduce environmental impact, create new job opportunities for youth, and continue advancing education, training, and workforce development. These steps aim to support and localize renewable energy research, boost academic and industrial collaboration, and position the center as a leading research hub and a preferred destination for students, researchers, and faculty members. CREST Chair Professor Husam Alshareef stressed that the center's research, focused on prototype development and technology scaling, enhances energy efficiency, reliability, storage, and sustainability. Many projects are based on innovative technologies developed at KAUST in cooperation with industrial partners. These include advanced photovoltaic cells and new battery chemistries that reduce cooling requirements and fire risks in harsh conditions, as well as lithium extraction and battery recycling to ensure a stable lithium supply and enhance the Kingdom's battery sector, he added. The center conducts research on sustainable cooling technologies aimed at improving the performance of electronic devices such as solar panels and LED lights, thereby extending their lifespan, he went on to say. Additional research includes storing energy in chemical fuels and generating electricity, testing and modeling energy storage technologies, and integrating them across disciplines within the university by merging research strategies involving experts in chemistry, engineering, and software development, he revealed.
Leaders
an hour ago
- Leaders
Bringing Clean, Affordable Water, Power to Make Great Lives Possible
By: Marco Arcelli – CEO of ACWA Power Few people today would consider Saudi Arabia the leading exporter of affordable, green power and clean water globally, and yet this is exactly what is taking place thanks to ACWA Power, the Riyadh-based power and water giant that is present in 15 countries around the world. ACWA Power as the largest desalination companies in the world, serving the water demand of about a quarter of the population in four countries, is one of the largest private investors in power generation in fast growing countries in Africa and Central Asia, and the first mover in green molecules to decarbonize at affordable cost the hard to abate sectors has almost doubled its size in the last three years to 117 Bn USD of assets under management. The company signed last week contracts in Saudi Arabia to supply 15 GW of solar and wind power, equivalent to about half of the peak demand of New York State. ACWA Power is the leader in the three emerging growth sectors of the next decade, clean water, affordable power and green molecules. We scout the world to find the most innovative technologies and financial solutions to bring them together in developing economies around the world, that will be home to over 80% of the total investments in power globally over the next decade. Through the ingenuity of our people, over the past 20 years we have increased efficiency by over 80% at our solar and water desalination plants, achieving the lowest cost around the world in both technologies. Over the next decade, ACWA Power aims to more than double its assets, with a target of reaching $250 billion by 2030. This ambitious goal is fueled by our relentless commitment to provide affordable, clean energy and water solutions in all the countries where we operate. In Saudi Arabia, which is undergoing one of the world's largest energy transition programs, with over 20 GW of renewables and 7 GW of gas-fired plants per year over the next years, as well as in our core markets in fast-growing economies from Morocco to Egypt, from the United Arab Emirates to Turkey and beyond. Since joining ACWA Power in early 2023, I was privileged to lead it to bring nearly 11.7 GW of power generation capacity and 1.1 million m³/day of desalination capacity into operation, enough to supply 4.2 million people in water. In the same period, we have secured $15.6 billion in financing from the leading institutions around the world, from the USA, Europe, Japan and the Middle East. We have signed contracts to supply over 49.6 GW of power capacity, and expanded our desalinated water capacity by 4.1 million m³/day, a 60% growth, solidifying our position as a leader in the renewable energy and water desalination sectors. A key milestone in this journey was our latest announcement to develop 15 GW of renewable energy projects across Saudi Arabia, with an investment cost over $8.3 billion. These seven projects, which include 12 GW of solar and 3 GW of wind, are an essential part of the National Renewable Energy Programme (NREP) and reflect ACWA Power's commitment to develop the PIF Program of 70% of Saudi Arabia's renewable energy target capacity by 2030. These investments not only drive the Kingdom's energy transition but also reinforce ACWA Power's global leadership in sustainable energy. To support our ambition, we have successfully raised $1.9 billion equity capital via rights issue, one of the largest in Saudi Capital Market history, with an overall subscription of 96.2%, and a 6x over-subscription in the rump placement with an overwhelming majority going to international investors. We are grateful for our shareholders' as well as other investors who participated in the rump offering for their confidence and support that enables us to further expand and accelerate the execution of our projects. We brought the best of the world to Saudi Arabia to deliver competitive tariffs around the world, and from there we are now turning Saudi Arabia into the largest exporter of desalination and low carbon technologies globally. The growth of ACWA Power is not only about increasing our footprint but also about making a meaningful impact on the communities we serve on the environment and on the economies of the countries where we operate. Affordable, clean power and water make economies stronger, and bring stability around the world. In a globe riddled by uncertainty and fear, we aim to bring stability and hope for a better future: economic growth in the countries where we operate has recently outpaced that of developed OECD countries by 2-3 hundred basis points of more in all recent years. We believe that sustainable growth is the key to the future, and that's why we are committed to delivering on our vision to create value for all stakeholders—investors, communities, business partners and governments alike. The investments we are making today are laying the groundwork for a future where renewable energy is the backbone of the global economy. Not because of ideology but because it is the cheapest, fastest, simplest technology to roll out to support growth in developing markets. Not through subsidies, but through the constant search for better technologies, suppliers and partners. We are working closely with international investors, governments, and financial institutions to build a resilient energy ecosystem that can withstand the challenges of the future. Our commitment to bring affordable, clean power and water is not just a strategic move; it's a necessity for the future of our planet. As the world grapples with the need to elevate living standards while mitigating the effects of climate change, ACWA Power is uniquely positioned to provide the solutions that the world so urgently needs. Our focus on scaling renewable energy projects, developing green hydrogen, and leading the charge in water desalination aligns perfectly with the global demand for sustainable solutions. At ACWA Power, we are building on a foundation of trust with our shareholders and the wider stakeholders, who share our commitment to a sustainable future. This trust is a powerful motivator as we continue to push forward with our vision. With each project we undertake, we are not just meeting the energy needs of today—we are creating the infrastructure, the technologies, and the partnerships that will power tomorrow's world. The future is full of promise, and together with our investors, partners, and stakeholders, we are poised to lead the way into a cleaner, greener, and more sustainable future. Short link : Post Views: 39
Argaam
3 hours ago
- Argaam
Aramco resilient despite volatility thanks to low costs, financial strength: CEO
Saudi Arabian Oil Co. (Saudi Aramco) has demonstrated strong operational resilience despite the recent market volatility, supported by a low-cost structure, strong financial position, and disciplined execution. Addressing the H1 2025 earnings call attended by Argaam, Nasser said Aramco's adjusted net income reached $50.9 billion, with free cash flow at $34.4 billion, maintaining a robust performance in the face of global turmoil. Additionally, the Saudi oil giant's net debt stood at 6.5%, while return on capital employed hit 19%, according to the top executive. He also pointed out that global oil demand averaged 105.3 million barrels per day (bpd) from January through August. The rate is expected to continue growing and rise by more than 2% in the second half of this year, driven by seasonal factors and improving economic activity in China and the US. Separately, global inventories remain tight at 3.6 billion barrels, supporting continued demand momentum through 2025, the CEO further stated. Aramco maintained 100% reliability in crude and product deliveries in H1 2025, with the second-quarter production amounting to 12.8 million barrels of oil equivalent per day (boe/d), up by 475,000 boe/d from Q1 2025. Executive VP and CFO Ziad Al-Murshed said Aramco achieved $3.5 billion in operational savings through SABIC integration, with ongoing portfolio restructuring across the group amid industry overcapacity. Aramco continues to shift capital from low-return assets to higher-yielding opportunities, including infrastructure projects that have drawn investor interest despite modest returns. Al-Murshed added that Aramco expanded its retail footprint with 250 new branded stations since 2024, and maintained H1 2025 capex at $25.5 billion, in line with its full-year target of $52-58 billion. At present, the Saudi oil giant is exploring multi-currency bond issuances, domestic sukuk, and secured export credit financing to support strategic growth, he underlined.
