Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Saudi Aramco completed the acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from the Public Investment Fund (PIF), for a total price of SAR 259.125 billion, or SAR 123.39 per share.
2) SABIC appointed Khalid Al-Dabbagh as new board chairman, with immediate effect.
3) Al Sagr Cooperative Insurance Co. widened its net loss before Zakat to SAR 58.4 million for the first quarter of 2020.
4) Gulf General Cooperative Insurance Co. reported a net loss before Zakat of SAR 3.7 million for Q1 2020.
5) SABIC’s board of directors recommended a 15% cash dividend (SAR 1.5 per share) for the first half of 2020, amounting to SAR 4.5 billion.
6) Tihama Advertising and Public Relations Co. (Tihama) reported a net loss of SAR 25.3 million for the fiscal year ended March 31, 2020.
7) Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) reported a net profit after Zakat and tax of SAR 45.6 million for Q1 2020.
8) Gulf Union Cooperative Insurance Co. narrowed net loss before Zakat by 83.1% year-on-year (YoY) to SAR 6.1 million for Q1 2020.
9) Saudia Dairy and Foodstuff Co.’s (SADAFCO) shareholders approved, on June 16, a 25% cash dividend for the second half of fiscal year 2019-20, ended March 31, 2020, at SAR 2.5 per share, amounting to SAR 81.25 million.
10) Brent crude on Thursday declined 52 cents to reach $37.44 per barrel. WTI Crude also decreased 38 cents to reach $40.33/bbl.