Latest news with #AlMajedOud
Arab News
26-05-2025
- Business
- Arab News
Six Saudi-listed companies join FTSE Russell indices amid index review
RIYADH: Six recently listed Saudi companies are set to join FTSE Russell's global equity benchmarks, following the index provider's latest quarterly review. As part of the FTSE Saudi Arabia Inclusion in the Global Equity Index Series, these changes will take effect on June 23 and be reflected on the Saudi Exchange at the close of trading on Wednesday, June 19. The adjustment is being made early due to the market closure on Friday, June 21. The newly included companies are Al Majed Oud Co., Arabian Mills for Food Products Co., Fourth Milling Co., Nice One Beauty Digital Marketing Co., Tamkeen Human Resource Co., and United International Holding Co. All six companies recently completed initial public offerings on the Tadawul. FTSE Russell, a subsidiary of the London Stock Exchange Group, is a globally recognized index provider. Its indices, including the FTSE Global Equity Index Series, are widely followed by institutional and passive investors. Inclusion in these benchmarks is a notable milestone for any listed company, often resulting in increased passive fund inflows, improved liquidity, greater visibility, and enhanced credibility. According to the index update, Al Majed Oud Co. will be included in the Mid Cap segment of the FTSE Global Equity Index. The other five companies — Arabian Mills, Fourth Milling, Nice One, Tamkeen, and United International Holding — will be added to the Micro Cap segment. This move supports Saudi Arabia's Vision 2030, a national strategy aimed at diversifying the economy, liberalizing capital markets, and boosting non-oil revenues. Reforms spearheaded by Tadawul and the Capital Market Authority — including the easing of foreign ownership restrictions and the modernization of trading systems — have helped make the Kingdom's markets more accessible to global investors. The momentum in Saudi Arabia's IPO market continues to grow. In 2024, the main market witnessed 14 IPOs that raised approximately $3.8 billion, while the Nomu parallel market hosted 28 listings. Currently, more than 30 companies are in the IPO pipeline, and Tadawul is expecting a record year, with over 50 applications under review. Despite the positive signal from index inclusion, all six companies experienced declines in share price as of 14:00 Saudi time on the day of the announcement. Al Majed Oud Co. dropped by 2.09 percent, Arabian Mills for Food Products Co. declined 1.87 percent, and Fourth Milling Co. fell 1.06 percent. Nice One Beauty Digital Marketing Co. slipped 1.96 percent, Tamkeen Human Resource Co. was down 2.89 percent, and United International Holding Co. edged lower by 0.71 percent. While short-term price fluctuations are common, research suggests that being added to major global indices tends to enhance a company's visibility and appeal to institutional investors over time. The long-term impact, however, often depends on broader market conditions, investor behavior, and post-inclusion trading patterns.
Arab News
08-05-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 11,364
RIYADH: Saudi Arabia's Tadawul All Share Index dipped on Thursday, losing 34.63 points, or 0.3 percent, to close at 11,364.11. The total trading turnover of the benchmark index was SR4.71 billion ($1.25 billion), as only 65 stocks advanced, while 173 retreated. The MSCI Tadawul Index decreased by 3.77 points, or 0.26 percent, to close at 1,452.01. The Kingdom's parallel market, Nomu, rose, gaining 153.78 points, or 0.55 percent, to close at 27,931.49. This comes as 40 stocks advanced, while 34 retreated. The best-performing stock on the main market was Al Majed Oud Co., with its share price surging by 9.88 percent to SR129. Other top performers included Saudi Arabian Cooperative Insurance Co., which saw its share price rise by 4.38 percent to SR15.24, and MBC Group Co., which saw a 3.79 percent increase to SR42.45. Gulf General Cooperative Insurance Co. recorded the largest decline of the day, with its share price slipping 9.98 percent to SR7.76. United Cooperative Assurance Co. saw its shares fall by 9.23 percent to SR8.06, while Middle East Healthcare Co. recorded a decline of 8.91 percent, closing at SR64.40. On the announcements front, ACWA Power Co. reported its interim financial results for the first three months of the year, posting a net profit of SR427.1 million — a 14.9 percent decline compared to the previous quarter. The company attributed the drop in net profit to an impairment recovery recognized in the prior quarter, higher financial charges, and a lower deferred tax credit. ACWA Power Co.'s shares on the main market rose 0.54 percent in today's trading session, closing at SR299.40. In another announcement, Gas Arabian Services Co. also announced its financial results for the same period with its net profit rising by 46.9 percent to SR31.3 million compared to the same period last year. The company credited the growth to substantial growth in revenue and savings in cost of revenue. The GAS's share price traded 0.89 percent higher to reach SR15.80. During the first quarter of the year, Saudi Reinsurance Co.'s net profit after Zakat reached SR35.4 million, up by 11.3 percent compared to the same period in 2024. This growth was attributed to an increase in reinsurance revenue by 56 percent, coupled with a rise in net profit of reinsurance results and net investment profit. Moreover, the National Shipping Co. of Saudi Arabia and Bupa Arabia for Cooperative Insurance Co. also announced their financial results for the first quarter of 2025, with net profits reaching SR532.8 million and SR380.2 million, respectively. Bahri's shares on the main market declined by 3.55 percent to close at SR29.90, while Bupa Arabia's shares fell 0.56 percent to SR178.20.
Zawya
12-03-2025
- Business
- Zawya
Al Majed Oud's net profit nears $41.86mln in 2024; dividends recommended
Riyadh – Al Majed Oud Company recorded a 5.57% increase in net profit to SAR 156.95 million in 2024 from SAR 148.67 million a year earlier. The revenues grew by 19.88% year-on-year (YoY) to SAR 926 million as of 31 December 2024, compared to SAR 772.45 million, according to the annual financial results. The earnings per share (EPS) rose to SAR 6.28 in 2024 from SAR 5.95 in the previous year. Cash Dividends Meanwhile, the board of directors has proposed cash dividends of SAR 100 million, representing 40% of the company's capital, for 2024. Al Majed Oud will distribute a dividend of SAR 4 per share for 25 million eligible shares. The eligibility and payment dates will be announced at a later time following the approval by the general assembly. It is worth noting that during the first nine months (9M) of 2024, Al Majed Oud's net profit increased by 23.31% YoY to SAR 141.92 million from SAR 115.09 million in 9M-23. The company generated revenue worth SAR 683.74 million, which increased by 25.50% YoY from SAR 544.79 million in 9M-23. The earnings per share (EPS) rose to SAR 5.68 in the January-September 2024 period, compared to SAR 4.60 in the same period a year earlier. Source: Mubasher
Zawya
04-03-2025
- Business
- Zawya
Retail reimagined: Snap's pioneering AR Ramadan Mall doors officially open for 2025
Dubai, UAE – With the arrival of Ramadan, Snap Inc. is once again setting out to redefine online shopping with the highly anticipated return of its AR Ramadan Mall. Now in its fourth year, the 2025 edition introduces an entirely new concept, transforming the virtual retail space into a mystical shopping village where culture, community, and cutting-edge technology come together for an unforgettable digital experience with 10 brands inside. Snapchatters are invited to step into a reimagined digital marketplace, where immersive AR boutiques come to life and turn shopping into an interactive adventure. Whether it's unveiling exclusive drops from Givenchy or sharing must-haves from Al Majed Oud and Faces with friends and family, the AR Ramadan Mall makes shopping more engaging, personalized, and seamless - all within the region's number one platform of choice for staying connected. Following the success of previous years, this 2025 AR Mall is inspired by the timeless charm of GCC heritage towns, seamlessly blended with the energy of modern shopping districts. With 85% of daily MENA Snapchatters interacting with Lenses, Augmented Reality is now an essential part of how people shop, explore, and engage with brands - making this year's AR Mall more relevant than ever. Mohammed Bouarib, Regional Creative Strategy Lead at Snap Inc. commented, 'The fourth edition of our pioneering AR Ramadan Mall takes virtual shopping to the next level, creating an interactive space where brands don't just showcase products, they build entire virtual worlds. We are transforming the discovery of brands into a captivating digital journey, as users will wander the streets of traditional towns, not only to shop, but to feel at home and celebrated. Each boutique becomes an immersive destination brought to life through AR.' He added, 'At a time when connection matters most, Snapchat remains the number one platform where moments are shared, memories are stored and traditions are celebrated, and we're passionate about creating a space that remains authentic and innovative. We welcomed over 16 million shoppers into our AR Ramadan mall in 2024, and we look forward to welcoming more Snapchatters this year.' This year's Ramadan AR Mall offers a global shopping experience, bringing together renowned brands from across the world, with a special focus on the vibrant and diverse offerings from the APAC and MENA regions. For the first time, the Mall will feature a fully interactive layout, featuring a 360 map with an easy navigation across the village, followed by an inside look of the village where each boutique is designed to feel like a destination in itself. Each brand's shopfront will transport users into a 180° immersive environment that embodies the brand's identity. As anticipation builds, visitors can also look forward to a special Eid edition, adding a festive touch to the experience. The full list of brands found inside the Snap AR Ramadan Mall this year include: Luxury: Givenchy Beauty & Fragrances: NiceOne Almajed Oud Faces Fashion: Max Fashion Accessories & Electronics: Doctor M Tecno Food and beverage: Almarai 'Alyoum' Keeta By seamlessly blending cultural relevance with cutting edge technology, the AR Mall sets a new standard of Ramadan shopping, making every visit a new discovery. Users can enter Snap's AR Ramadan Mall through the organic lens explorer and carousel feature on Snapchat between March 1st and April 6th. See you inside! -Ends- About Snap Inc. Snap is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. Snap contributes to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. The Company's three core products are Snapchat, a visual messaging app that enhances your relationships with friends, family, and the world; Lens Studio, an augmented reality platform that powers AR across Snapchat and other services; and it's AR glasses, Spectacles. For more information, visit
