Latest news with #RedSeaInternational
Arab News
12-08-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,770
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, shedding 21.98 points, or 0.20 percent, to close at 10,769.66. The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining. The Kingdom's parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13. The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149. The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62. On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier. The company's net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase. The utility's share price slipped 0.61 percent to SR14.61. First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity. With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day. The company's share price rose 0.28 percent to SR53.20.
Arab News
10-08-2025
- Business
- Arab News
Closing Bell: Saudi main index ends lower at 10,899
RIYADH: Saudi Arabia's Tadawul All Share Index declined on Sunday, losing 31.19 points, or 0.29 percent, to close at 10,899.11. The total trading turnover of the benchmark index stood at SR3.51billion ($935.8 million), with 77 listed stocks advancing and 169 declining. The Kingdom's parallel market Nomu also dropped 199.33 points to close at 26,449.38 The MSCI Tadawul Index slightly edged up by 0.03 percent to reach 1,407.12. The top performer on the main market was Red Sea International Co., whose share price rose 10 percent to SR42.24. The share price of Tamkeen Human Resource Co. increased 7.94 percent to SR57.1. Saudi Reinsurance Co. saw its stock price increase by 5.91 percent to SR47.66. Jahez International Co. for Information System Technology witnessed a drop in its share price by 10 percent to SR25.02. The company's share price decreased following the announcement that its net profit for the second quarter fell 21.9 percent year on year to SR23.6 million, down from SR30.2 million in the same quarter last year. In corporate announcements, Zamil Industrial Investment Co. posted a net profit of SR25.28 million in the second quarter, a 314.5 percent increase from SR6.1 million in the same quarter in 2024. The company attributed the rise in quarterly profit to higher sales across its air conditioning, steel, and insulation sectors, which drove a 25.7 percent increase in gross profit. This was further supported by a SR1.5 million rise in share of results from associates and joint ventures, lower financial charges by SR4.7 million, and a SR6.9 million reduction in zakat and income tax expenses. The company's share price closed 0.51 percent higher at SR39.80. United International Transportation Co., known as Budget Saudi, reported a net profit of SR85.63 million in the second quarter, up 20.8 percent from SR70.87 million last year. The company attributed the quarterly increase in profit to higher revenues driven by growth in its rental and lease fleet, improved operational efficiency, and stronger cost control measures, which boosted gross and operating margins. The company's share price ended 2.04 percent lower at SR72.20.
Gulf Business
30-06-2025
- Business
- Gulf Business
IPO update: Red Sea International plans to list First Fix unit on Tadawul
Image: Getty Images/ For illustrative purposes Saudi engineering and construction firm Red Sea International Co (RSI) announced that its board has agreed to pursue an initial public offering (IPO) for its subsidiary, Fundamental Installation for Electric Work Co (First Fix), subject to shareholder and regulatory approvals. In a filing last week to While RSI will retain its entire stake in First Fix, the IPO is being pursued due to the subsidiary's strategic significance and anticipated market impact. RSI noted that final execution hinges on receiving approval at a general assembly of its shareholders, a mandatory step before seeking the green light from the Capital Market Authority (CMA) and Tadawul. A circular detailing the transaction will follow regulatory clearance. Earlier this month, on June 3, RSI appointed a special committee of three independent directors — Mohammed Al‑Munajjed, Lama Al‑Sulaiman and Hans‑Martin Stockmeier — to advise shareholders regarding the proposed IPO, the filing added. 'An invitation for a general assembly to vote on the significant transaction will be issued upon obtaining regulatory approval, along with a shareholders' circular containing more transaction details,' RSI said. Read: Red Sea International's largest operating units First Fix, established in 2015, is one of RSI's largest operating subsidiaries, specialising in mechanical, electrical and plumbing (MEP) contracting. It has executed over 190 projects across the Gulf Cooperation Council (GCC), supported by a workforce of more than 8,000. RSI acquired a 51 per cent stake in the subsidiary in June 2023 for SAR544.2m ($145m), in a move designed to bolster its integrated construction capabilities. The unit has since contributed substantially to RSI's performance, delivering consistent financial and operational results, the firm said. 'The transaction is material given First Fix's importance to RSI's operations and the anticipated effect of the IPO on the subsidiary,' the company shared. It added that the IPO process will comply with all regulatory procedures, including approvals from its shareholders, the Capital Market Authority, and Tadawul. 'Any material developments will be announced in due course,' the filing said.
Business Recorder
26-06-2025
- Business
- Business Recorder
Gulf shares rise as Iran-Israel ceasefire holds
Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding. U.S. President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week. Saudi Arabia's benchmark stock index extended its gains to a fourth straight session, rising 0.2%, with most sectors in the green. Oil major Saudi Aramco added 0.3% and Red Sea International climbed 3%. Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market. Oil prices, a catalyst for the Gulf's financial markets, were up 0.2% as a larger-than-expected draw in U.S. crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 0805 GMT. The Abu Dhabi benchmark index rose 0.4%, aided by a 5.3% advance in RAK Properties and a 0.6% gain in Borouge. Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry's first AI-driven control room. Most Gulf markets in black despite regional conflict Dubai's benchmark stock index was up for a fifth straight session, advancing 0.6%, pushed up by the materials, industry and finance sectors. Tolls operator Salik gained 1.8% and Emirates NBD, the emirate's largest lender, added 0.6%. The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors. Vodafone Qatar advanced 1.2% while Qatar National Bank, the region's largest lender, shed 0.3%. Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
Arab News
26-06-2025
- Business
- Arab News
Gulf shares rise as Iran-Israel ceasefire holds
LONDON: Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding. US President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week. Saudi Arabia's benchmark stock index extended its gains to a fourth straight session, rising 0.2 percent, with most sectors in the green. Oil major Saudi Aramco added 0.3 percent and Red Sea International climbed 3 percent. Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market. Oil prices, a catalyst for the Gulf's financial markets, were up 0.2 percent as a larger-than-expected draw in US crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 10:05 a.m. Saudi time. The Abu Dhabi benchmark index rose 0.4 percent, aided by a 5.3 percent advance in RAK Properties and a 0.6 percent gain in Borouge. Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry's first AI-driven control room. Dubai's benchmark stock index was up for a fifth straight session, advancing 0.6 percent, pushed up by the materials, industry and finance sectors. Tolls operator Salik gained 1.8 percent and Emirates NBD, the emirate's largest lender, added 0.6 percent. The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors. Vodafone Qatar advanced 1.2 percent while Qatar National Bank, the region's largest lender, shed 0.3 percent. Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
