Latest news with #UnitedCooperativeAssurance
Arab News
05-08-2025
- Business
- Arab News
Closing Bell: Saudi main index closes in green at 10,922
RIYADH: Saudi Arabia's Tadawul All Share Index edged up on Tuesday, as it gained 82.40 points, or 0.76 percent, to close at 10,921.85. The total trading turnover of the benchmark index was SR5.49 billion ($1.46 billion), with 164 of the listed stocks advancing and 83 declining. The Kingdom's parallel market Nomu, however, shed 38.57 points to close at 26,852.82. The MSCI Tadawul Index advanced by 0.8 percent to 1,408.36. The best-performing stock on the main market was Saudi Printing and Packaging Co. The firm's share price increased by 9.98 percent to SR12.12. The share price of Ades Holding Co. rose by 9.97 percent to SR14.45. Saudi Industrial Investment Group also saw its stock price climb by 8.3 percent to SR19.45. Conversely, the share price of United Cooperative Assurance Co. dropped by 7.91 percent to SR5.94. On the announcements front, Ades Holding Co. announced that its subsidiary ADES International Holding Ltd. signed an agreement to acquire all issued and outstanding shares of Shelf Drilling Ltd. In a Tadawul statement, Ades Holding revealed that the deal, valued at SR1.42 billion, will be funded through the company's existing credit facilities. The company added that this latest development could help the firm position itself as a global leader in the shallow-water drilling segment, with the combined entity operating a fleet of 83 offshore jack-up rigs, including 46 premium units, following the addition of 33 jack-ups through this new transaction. Founded in 2012, Shelf Drilling is an international shallow water offshore drilling contractor with rig operations across the Middle East, Southeast Asia, and India, as well as West Africa, the Mediterranean, and the North Sea. Saudi Cement Co. announced that its net profit for the first half of this year stood at SR204 million, representing a 1.44 percent increase compared to the same period in 2024. In the Tadawul statement, the cement manufacturer attributed the rise in net profit to an increase in sales revenue, a decrease in selling and distribution expenses, and a drop in finance charges. The share price of Saudi Cement Co. edged up by 0.57 percent to SR38.72. Bupa Arabia for Cooperative Insurance Co. reported a net profit of SR666.48 million in the first six months of this year, marking a decline of 12.76 percent compared to the same period in 2024. The stock price of the insurance firm declined by 3.91 percent to SR154.80. Taiba Investments Co. said that its net profit for the first half stood at SR238.4 million, marking a year-on-year rise of 29.84 percent. In a Tadawul statement, the company said that the rise in net profit was driven by higher operating revenues across the firm's various segments. Taiba Investment Co.'s share price edged down by 1.56 percent to SR39.10. Arabian Mills for Food Products Co. reported that it recorded a net profit of SR117.55 million in the first half of this year, representing an increase of 15.81 percent compared to the same period in 2024. According to a statement, this rise in profit was driven by higher revenues from the flour segment, along with improved management of administrative fees, as well as operating expenses, and lower finance costs. The share price of Arabian Mills for Food Products Co. rose by 0.59 percent to SR44.16. Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, widened its net loss to SR83 million in the first six months of this year, compared to an SR68 million loss it incurred in the same period in 2024. The share price of Cenomi Retail dropped by 3.83 percent to SR27.12.
Argaam
17-07-2025
- Business
- Argaam
AICC names Albilad Capital as financial advisor UCA merger
Arabia Insurance Cooperative Co. appointed Albilad Investment Co. (Albilad Capital) as a financial advisor on the proposed merger with United Cooperative Assurance Co. (UCA). In a statement to Tadawul today, the company said that announcements will be made later for any future developments as they occur. In June, AICC signed a non-binding memorandum of understanding (MoU) with UCA to evaluate a potential merger between the two Saudi-listed companies, according to Argaam data.
Arab News
27-05-2025
- Business
- Arab News
Closing Bell: Saudi main index slips to close at 10,925
RIYADH: Saudi Arabia's Tadawul All Share Index slipped on Tuesday, as it shed 150.78 points, or 1.36 percent, to close at 10,925.18. The total trading turnover of the benchmark index was SR5.11 billion ($1.36 billion), with 21 stocks advancing and 227 declining. The Kingdom's parallel market, Nomu, also shed 188.50 points to close at 26,592.04. The MSCI Tadawul Index dropped by 1.27 percent to 1,398.58. United Cooperative Assurance Co. was the top performer on the benchmark index, with its share price rising 3.16 percent to SR7.50. Bonyan REIT Fund also advanced, gaining 1.63 percent to SR9.35. Jahez International Co. for Information System Technology saw its shares climb 1.33 percent to SR25.15. Conversely, Almoosa Health Co. saw its share price edge down by 6.90 percent to SR143.00. United Carton Industries Co., which debuted on the main market on Tuesday, also declined, with its share price falling 1.50 percent to SR49.25. On the announcements front, Gas Arabian Services Co. disclosed that it had signed two contracts worth SR830.64 million with Saudi Power Procurement Co. According to a statement on Tadawul, the first contract, valued at SR504.32 million, covers the construction of gas pipeline networks to supply the Nairyah Independent Power Project. The second contract, worth SR326.32 million, involves building gas pipeline infrastructure for the Rumah IPP. Gas Arabian Services said the financial impact of these agreements will be reflected in its financial statements from 2025 through 2027. Following the announcement, the company's share price slipped 0.51 percent to SR15.70.
