Saudi investment ministry signs 8 MoUs to boost healthcare sector  News

RIYADH: Saudi Arabia’s Tadawul All Share Index concluded its Monday trading at 10,535.87 points, recording an increase of 53.02 – or 0.51 percent. 

The MSCI Tadawul 30 Index edged up 5.98 points to 1,355.38, marking 0.44 percent growth. 

However, Saudi Parallel Market Nomu declined 105.59 points or 0.47 percent to 22,490.69 points. 

By the close of trading, the primary index recorded a turnover of SR4.9 billion ($1.3 billion), as 156 stocks advanced and 62 retreated.  

Conversely, Nomu posted a trading volume of SR15.4 million. 

On the announcement front, stc Group released its financial results for the first nine months of 2023, recording an 9.1 percent increase in revenue compared to the same period last year. 

The company revealed that gross profit recorded SR28.87 billion, a 1.8 percent increase from the corresponding period last year. 

Additionally, net profit saw a 17.08 percent increase in the first nine months compared to 2022, recording SR11.02 billion. 

The growth is mainly due to a 4.71 percent rise in revenues from the company’s commercial unit, driven by a 3.78 percent increase in mobility segment revenues and a 9.56 percent increase in residential segment revenues, according to a bourse filing. 

Furthermore, Riyadh Cables Group Co. disclosed its financial results for the third quarter, recording a 43.28 percent growth in net profit compared to the same quarter last year. 

The company’s profit growth was mainly driven by the increase in sales revenue of 17.6 percent, which saw SR2.08 million in the third quarter of 2023. 

In another bourse filing, Arabian Cement Co. reported a 49.66 percent slump in its net profit in the third quarter of 2023 compared to the same period last year. 

The company attributed the drop to a slowdown in sales revenue due to a decrease in the average selling price despite an increase in volume. 

However, Saudia Dairy and Foodstuff Co. saw 31 percent growth in its net profit in the third quarter of the year compared to the same period last year. 

The company’s profit increase was fueled by a 11.4 percent growth in its sales revenue, it stated in a bourse filing. 

Moreover, SABIC Agri-Nutrients Co. was among the companies that saw a massive drop in its net profit in the third quarter of the year. 

The company registered a 55 percent drop in net profit to close the third quarter with SR1.04 billion. 

This fall was mainly due to a decrease of 43 percent in the average selling prices of the company’s products. 

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