Latest news with #AdesHoldingCo.
Arab News
05-05-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in green at 11,422
RIYADH: Saudi Arabia's Tadawul All Share Index rose on Monday, gaining 11.45 points, or 0.10 percent, to close at 11,422.95. The total trading turnover of the benchmark index was SR5.21 billion ($1.39 billion), as 153 stocks advanced, while 84 retreated. The Kingdom's parallel market, Nomu, also rose, gaining 129.67 points, or 0.46 percent, to close at 28,142.99. This comes as 41 of the listed stocks advanced, while 33 retreated. The MSCI Tadawul Index increased by 4.27 points, or 0.29 percent, to close at 1,455.44. The best-performing stock was Mouwasat Medical Services Co., with its share price surging 9.97 percent to SR78.30. Other top performers included Fawaz Abdulaziz Alhokair Co., which saw its share price rise 9.92 percent to SR14.18, and Saudi Reinsurance Co., which posted a 9.71 percent gain to reach SR53.10. Umm Al Qura for Development and Construction Co. recorded the day's steepest decline, with its share price slipping 3.47 percent to SR25.05. Sahara International Petrochemical Co. and Saudi Steel Pipe Co. also saw declines, with their shares dropping by 2.82 percent and 2.58 percent to SR17.90 and SR52.90, respectively. On the announcements front, Ades Holding Co. reported interim financial results for the first three months of the year, posting a net profit of SR196.6 million — a 6.3 percent decline compared to the previous quarter. It said that the drop in net profit reflects an increased ratio of depreciation and tax costs to revenue in this period. The company's total comprehensive income saw a 45.7 percent quarter-on-quarter decrease in the first quarter of 2025 to reach SR170.8 million. Ades Holding Co.'s share price traded 0.94 percent lower on the main market during today's session to reach SR14.78. In another announcement, Makkah Construction and Development Co. reported a 32.7 percent year-on-year increase in net profit for the same period, reaching SR150 million. The company credited the growth to higher revenues from the hotel and towers this quarter, driven by the inclusion of the last nine days of Ramadan, increased mall revenues, and gains from financial assets classified at fair value through profit or loss. Similarly, the company's total comprehensive income rose to SR758 during the quarter, up from SR576 last year. The MCDC's share price traded 1.5 percent higher to reach SR108.20.
Arab News
24-02-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 12,319
RIYADH: Saudi Arabia's Tadawul All Share Index dipped on Monday, losing 68.69 points, or 0.55 percent, to close at 12,319.46. The total trading turnover of the benchmark index was SR7.02 billion ($1.87 billion), as 51 of the listed stocks advanced, while 189 retreated. The MSCI Tadawul Index decreased by 6.54 points, or 0.42 percent, to close at 1,544.95. The Kingdom's parallel market Nomu dipped, losing 77.01 points, or 0.24 percent, to close at 31,397.68. This came as 36 of the listed stocks advanced, while 43 retreated. Lumi Rental Co. was the best-performing firm, with its share price surging 4.39 percent to SR76.10. This came as it announced its annual financial results for 2024, with the company's net profit rising to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses. Other top performers included Arab National Bank, which saw its share price rise by 2.95 percent to SR22.36, and Ades Holding Co., which saw a 2.77 percent increase to SR17.80. CHUBB Arabia Cooperative Insurance Co. saw the biggest decline of the day, with its share price slipping 7.60 percent to SR48.05. National Agricultural Development Co. saw a fall of 5.57 percent to SR25.45, while Arabian Pipes Co. dropped 5.39 percent to SR11.58. Nadec announced its consolidated financial results for 2024, reporting a net profit of SR774.6 million, a sharp 156.4 percent increase from the previous year. In a statement on Tadawul, the company attributed the surge to several factors, including gains from the Arabian Mills initial public offering, where Nadec earned SR103.1 million from selling 30 percent of its shares and recognized a fair value gain of SR253.3 million on its remaining holdings. Nadec also credited the rise in net profit to higher treasury income and revenue, along with cost efficiencies achieved through reduced selling and marketing expenses and lower financing costs due to decreased borrowings. However, these gains were partially offset by a 10.18 percent rise in general and administrative expenses, driven by increased employee benefits for new projects. Additionally, the absence of a SR19.46 million one-time grant received in the previous year and a higher Zakat expense of SR52.50 million weighed on profitability. Almasane Alkobra Mining Co. announced its annual financial results for 2024, reporting a net profit of SR177.8 million, up from SR54.5 million the previous year. The surge was driven by a SR165 million increase in gross profit, fueled by a SR293 million rise in revenue. In today's trading session, AMAK's shares gained 2.11 percent on the main market, closing at SR63. Ades Holding Co. reported a net profit of SR816.1 million for 2024, marking an 80.5 percent increase from the previous year. In a statement on Tadawul, Ades attributed the surge to strong revenue growth, robust earnings before interest, taxes, depreciation, and amortization margins, and lower interest expenses as a percentage of revenue. Meanwhile, Lumi Rental Co., the top performer in today's trading session, announced its annual financial results for 2024. The company's net profit rose to SR180.3 million from SR160.6 million the previous year, driven by elevated interest rates, increased borrowings, and reduced operating expenses.
