Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Al Rajhi Bank, Saudi Arabia’s second largest bank by assets, said its Q1 2017 profit rose 10 percent year-on-year to SAR 2.2 billion on higher total operating income and lower operating expenses.
2) Meanwhile, Saudi Industrial Services Co.’s (SISCO) has approved a 20 percent capital hike to SAR 860 million via bonus shares. Tadawul said additional shares have been deposited into investors’ portfolios. Share fluctuation limits will be based on a price of SAR 12.29.
3) Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) said that its administrative tower project in Riyadh will be delivered in Q3-2017 instead of Q4-2016 due to a delay in some engineering and construction work at the beginning of the project. The company’s shareholders also approved a SAR 1/share dividend for FY 2016.
4) Al Khaleej Training and Education Co. said will pay a SAR 0.5 per share cash dividend for fiscal year 2016.
5) SABB Takaful Co.’s extraordinary general assembly (EGM) has approved annual insurance contracts for 2016 worth around SAR 53.2 million with Saudi British Bank (SABB), a related party, in addition to claims amounting to SAR 28.3 million, the company said in a statement.
6) Abdullah Saad Mohammed Abo Moati Stationeries Co. renewed on Sunday a sharia-compliant financing facility agreement with Samba Financial Group worth SAR 45 million, the company said in a statement to Tadawul.
7) Oil prices slipped Monday as markets opened after a three-day break following Easter. Both Brent crude and WTI crude were last trading down 0.8 percent at $55.43/bbl and $52.75/bbl, respectively.
8) The kingdom on Sunday issued a new set of rules to protect the rights of minority shareholders, the commerce ministry said in a statement. According to the new regulations, the board of directors of any joint-stock company must obtain the approval of the general assembly on the works and contracts that involve one of the board members directly or indirectly.
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