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Arab News
04-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 11,411
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Sunday, losing 132.17 points, or 1.14 percent, to close at 11,411.50. The total trading turnover of the benchmark index was SR3.5 billion ($944.3 million), as 41 stocks advanced and 198 retreated. Similarly, the Kingdom's parallel market Nomu lost 116.45 points, or 0.41 percent, to close at 28,013.32. This comes as 30 of the listed stocks advanced while 39 retreated. The MSCI Tadawul Index lost 20.74 points, or 1.41 percent, to close at 1,451.17. The best-performing stock of the day was Umm Al Qura for Development and Construction Co., whose share price surged 2.77 percent to SR25.95. Other top performers included National Industrialization Co., which saw its share price rise 2.26 percent to SR9.49, and Arabian Contracting Services Co., whose share price increased 1.69 percent to SR132.00. Zahrat Al Waha for Trading Co. recorded the most significant drop, falling 7.05 percent to SR27.70. Saudi Automotive Services Co. saw its stock prices fall 5.67 percent to SR61.50. Emaar The Economic City also saw its stock prices decline 4.50 percent to SR14.00. On the announcements front, Dar Alarkan Real Estate Development Co. reported its interim financial results for the period ending March 31. According to a Tadawul statement, the company posted a net profit of SR209.34 million in the first quarter of 2025, marking a 36.2 percent increase compared to the same quarter in 2024. The rise in net income was primarily driven by higher property sales. Increased lease revenues, lower finance costs, and greater non-operating income from Islamic Murabaha deposits also contributed to the gains, though these were partially offset by higher operating expenses and reduced earnings from associates. Dar Alarkan Real Estate Development Co. ended the session at SR21.04, down 1.05 percent. Saudi Aramco Base Oil Co. – Luberef has announced its interim financial results for the first quarter of 2025. A bourse filing showed the company recorded a net profit of SR221.5 million for the period ending March 31, reflecting a 7.3 percent decline compared to the same quarter last year. The drop in earnings was mainly due to lower by-product crack margins, despite an increase in base oil crack margins. Luberef's shares closed the session at SR98.70, down 0.20 percent. Dr. Sulaiman Al Habib Medical Services Group has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the firm posted a net profit of SR557.01 million in the first quarter of 2025, marking a 1.09 percent increase compared to the same quarter in 2024. The growth was primarily driven by higher revenue, although fixed operating costs from recent strategic expansions have temporarily weighed on profit margins. These expansions are still ramping up and are expected to gradually reach full operational efficiency. The company's shares closed at SR289.00, down 2.15 percent. The National Agricultural Development Co. reported its consolidated financial results for the first quarter of 2025, posting a net profit of SR103.42 million for the period ending March 31 — a 2.06 percent rise compared to the year-earlier period. The increase was supported by higher revenue, reduced general and administrative expenses, stronger operating profit, and increased treasury income. These gains were partially offset by higher cost of sales, increased impairment losses on trade and other receivables, and a decline in finance costs. NADEC shares ended the session at SR22.20, down 1.54 percent. Saudi Basic Industries Corp. announced a net loss of SR1.21 billion for the first quarter of 2025, compared to a net profit of SR250 million in the same period last year. The loss was primarily due to a SR1.05 billion decline in gross profit, driven by higher feedstock prices and increased operating expenses. These included non-recurring costs of SR1.07 billion linked to a strategic restructuring initiative aimed at improving long-term performance and reducing costs. SABIC shares closed at SR60.70, down 2.77 percent.
Arab News
21-04-2025
- Business
- Arab News
Closing Bell: Saudi indices end day in the red
RIYADH: Saudi Arabia's stock market closed lower on Monday, with the Tadawul All Share Index falling 77.94 points, or 0.67 percent, to end the session at 11,548.66. Total trading turnover stood at SR3.5 billion ($953.3 million), as 45 stocks advanced while 195 declined. The Kingdom's parallel market, Nomu, also closed in the red, shedding 340.41 points, or 1.17 percent, to finish at 28,637.78. Of the listed stocks, 29 rose while 44 declined. The MSCI Tadawul Index dipped by 8.02 points, or 0.54 percent, closing at 1,466.51. Alistithmar Capital REIT was the session's top performer on the main index, jumping 9.92 percent to close at SR7.98. Saudi Printing and Packaging Co. followed closely, gaining 9.86 percent to reach SR12.70. Nice One Beauty Digital Marketing Co. also saw notable gains, rising 4.78 percent to SR38.35, while Zamil Industrial Investment Co. climbed 3.92 percent to SR38.40. On the other end of the spectrum, Dar Alarkan Real Estate Development Co. posted the steepest decline, falling 5.51 percent to SR22.30. Eastern Province Cement Co. dropped 4.48 percent to SR34.10, and Riyadh Cables Group Co. slid 4.26 percent to SR126. National Gypsum Co. announced a 22.03 percent year-on-year increase in revenue for the fiscal year ending December 31, 2024, reporting SR63.32 million compared to SR51.89 million the previous year. Despite the rise in sales, the company posted a net loss of SR14.72 million, reversing a profit of SR5.13 million a year earlier. The loss was attributed to higher sales costs and a decline in other income, including a SR10.7 million fine paid to the General Authority for Competition and the absence of land compensation income that had been recorded the prior year. Shares of National Gypsum Co. dropped 1.59 percent to settle at SR19.80. Banque Saudi Fransi reported a 16.38 percent increase in net profit for the first quarter ending March 31, 2025, reaching SR1.34 billion compared to SR1.15 billion in the same quarter of the previous year. The bank's total operating income rose 13.17 percent year on year to SR2.64 billion, driven by increases in special commission income and trading income. Net income growth was supported by an 8.1 percent rise in net special commission income, while operating expenses grew by 12.16 percent. Total comprehensive income more than doubled to SR1.92 billion, up 120.85 percent from the same period last year. The bank's share price rose 0.92 percent to SR17.50. Riyad Bank posted a 19.39 percent year-on-year increase in net profit for the first quarter of 2025, reaching SR2.49 billion compared to SR2.07 billion in the same period last year. Total operating income grew 10.18 percent year on year to SR4.5 billion, while total comprehensive income increased by 23.62 percent to SR2.68 billion. The bank attributed the rise in profitability to growth in net special commission income, trading income, exchange income, and net fee and commission income. Operating expenses fell due to lower impairment charges for credit losses and other financial assets, though this was partially offset by higher employee and premises-related costs. Despite the strong earnings, Riyad Bank's share price slipped 0.82 percent to SR30.15.
Arab News
19-02-2025
- Business
- Arab News
Saudi Arabia's Al-Ahsa records 500% growth in local, international tourists in 2024
RIYADH: Saudi Arabia's Al-Ahsa region saw a 500 percent surge in tourists, surpassing 3.2 million in 2024 compared to 2019, the Kingdom's tourism minister said. In a speech at the Al-Ahsa Forum 2025, held from Feb. 19-20, Ahmed Al-Khateeb shared that total tourist spending last year surpassed SR3.3 billion ($897 million), with a growth rate estimated at about 400 percent compared to 2019, the Saudi Press Agency reported. This falls in line with the ministry's continued efforts to enable investment and qualify national cadres to enhance Al-Ahsa's position as a prominent tourist destination in Saudi Arabia, the minister highlighted. The growth also aligns with the qualitative shift in the regional hospitality sector. The number of licensed tourism facilities in the governorate grew by 52 percent compared to 2023, while the total number of licensed rooms reached 2,700 by the end of last year. During his speech, Al-Khateeb also underlined the efforts made by the tourism sector, indicating that the Tourism Development Fund has financed several qualitative projects in the governorate, most notably the five-star 'Hilton Al-Ahsa' hotel, 'Radisson Blu' and 'Hilton Garden Inn.' He said the Ministry of Tourism has implemented several initiatives and various exemptions as well as incentive programs aimed at further elevating the investment environment in Al-Ahsa and that several projects have benefited from them, with a total value of SR3 billion in the governorate. Al-Khateeb added that the ministry has provided more than 5,300 training prospects for national cadres in the governorate from 2023 until today, exceeding 50 percent of the target of training opportunities allocated by the ministry for the region, which was announced in the previous version of the forum. He also said that the entity will continue working to qualify national cadres by providing the largest possible number of training opportunities for locals. During a meeting with investors and entrepreneurs as part of his broader tour across Saudi regions in November, Al-Khateeb said that the Kingdom committed over SR3.5 billion to develop 17 tourism projects in Al-Ahsa, positioning the region as a key destination in the nation's growing travel sector. At the time, the minister outlined plans to enhance the governorate's tourism infrastructure while noting that the projects would add more than 1,800 hotel rooms, thereby leveraging Al-Ahsa's natural and cultural assets to attract domestic and international visitors.
Arab News
07-02-2025
- Business
- Arab News
Jazan honey festival attracts customers
RIYADH: The 10th edition of the Jazan Honey Festival, held at the Cultural Center Square in Al-Edabi Governorate, gave local beekeepers the opportunity to display more than 50 tonnes of the finest honey varieties. Organized by the Ministry of Environment, Water and Agriculture branch in the region in cooperation with Al-Edabi Governorate, the aim of the festival is to boost the local economy, develop the beekeeping and honey production sector, support the honey industry and preserve a long-standing profession in the region, the Saudi Press Agency reported. Visitors to the festival can choose from a wide variety of honeys, including sidr, qitad, salam, samra, doum, dhahyan, talh, marrar, majra, sahah and others. The region is renowned for producing about 15 types of honey throughout the year, with an annual production exceeding 1,000 tonnes. The festival is one of the most important events of the Jazan Winter Season 2025, with honey sales exceeding SR12 million ($3.2 million) over the past nine editions. The SPA reported that the festival will run until Nov. 11 and is expected to attract a large number of visitors and shoppers, with sales this season expected to exceed SR3.5 million.
