Latest news with #GulfGeneral
Arab News
13-05-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in green at 11,532
RIYADH: Saudi Arabia's Tadawul All Share Index extended its upward momentum for the second consecutive day, gaining 43.62 points, or 0.38 percent, to close at 11,532.27. The total trading turnover of the benchmark index reached SR5.37 billion ($1.43 billion), with 120 listed stocks advancing and 121 declining. The Kingdom's parallel market Nomu also closed higher, rising 585.86 points to end at 27,928.99. Meanwhile, the MSCI Tadawul Index edged up 0.41 percent to close at 1,474.55. The best-performing stock on the main market was Saudi Arabia Refineries Co., whose share price jumped 9.85 percent to SR65.80. Zamil Industrial Investment Co. also saw gains, with its stock rising 7.73 percent to SR47.40. ARTEX Industrial Investment Co. recorded a 4.35 percent increase, closing at SR13.44. On the other hand, Gulf General Cooperative Insurance Co. saw its share price decline by 6.45 percent to SR7.11, making it one of the worst performers of the day. On the announcements front, Al-Babtain Power and Telecommunication Co. reported a net profit of SR88.2 million for the first quarter of 2025, a 6.77 percent increase compared to the same period last year. The company attributed the rise to improved productivity, cost reductions, and stronger profit margins. Its share price rose 1.45 percent to SR49. Tabuk Cement Co. posted a 28.35 percent year-on-year decline in net profit for the first quarter, reaching SR13.04 million. In a statement to Tadawul, the company cited a decrease in sales and other income as the primary reasons for the drop. Its stock fell 0.50 percent to SR11.90. Riyadh Cement Co. reported a net profit of SR75.68 million for the first quarter, up 7.95 percent from the same period a year earlier, driven by increased sales volume and higher average selling prices. Its share price rose 0.45 percent to SR33.35. Arabian Drilling saw its net profit plunge 48.63 percent year on year to SR75 million in the first quarter. Its stock declined 1.78 percent to SR82.90. Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, reported a net profit of SR1.8 million for the first quarter, reversing a net loss of SR151.7 million in the same period last year. The company credited favorable seasonal dynamics and a continued focus on operational efficiency for the turnaround. Cenomi Retail's share price rose 2.71 percent to SR15.94. Al-Jouf Agricultural Development Co. reported a net profit of SR34.65 million in the first quarter, up 5.26 percent year on year. Its share price increased 1.76 percent to SR49.15.
Argaam
11-05-2025
- Business
- Argaam
Gulf General's accumulated losses reach 54.04% of capital
Gulf General Cooperative Insurance Co. announced that its accumulated losses amounted to 54.04% of capital as of March 31, 2025. The accumulated losses attributable to the company's shareholders increased to SAR 162.12 million as of March 31, 2025. This was due to higher insurance service expenses, a decrease in investment income results, and elevated operating expenses, according to a Tadawul filing today, May 11. The company also stressed its commitment to exerting utmost efforts in implementing the board-approved corrective plan to address its financial position and solvency margin, while trimming general and administrative expenses. This is besides efforts to curtail losses in the individual motor insurance segment while also developing sales through digital channels in a bid to improve cost efficiency. The deadline for the board of directors to publish recommendations for addressing Gulf General's accumulated losses is July 5. The board also has until Nov. 2 to issue the EGM invitation to consider the company's continuation. Procedures and regulations applicable on Saudi-listed companies with their accumulated losses reaching 20% or more of capital will apply, it added. The management is committed to comply with the relevant laws and regulations with regard to companies whose losses exceed 50% of the capital in terms of disclosure and preservation of shareholders' rights and interests. The above dates are set according to the provisions of Article (132) of the Companies Law.
