Here are a few things you need to know as Saudi stocks start trading on Monday.
1) National Commercial Bank (NCB) net profit for the second quarter 2017 slipped 0.9 percent year-on-year (YoY) to SAR 2.42 billion, hurt by lower operating income and fees from banking services and investment income.
2) Etihad Etisalat Co. (Mobily) incurred net loss of SAR 189.7 million in Q2 2017 versus net profit of SAR 3.2 million in the year-earlier period, due to a drop in revenues on lower subscriber base and pressure on sales.
3) Hail Cement Co.’s net profit for Q2 plunged 90 percent YoY to SAR 2.7 million on the back of lower prices and weak demand.
4) United Wire Factories Co. (Aslak) is seeking new acquisitions and partnerships whether in the sectors related to its activities, or new ones, after its Q2 profit took a hit due to the Saudi construction sector slowdown, CEO Abdulkarim Al Shamekh told Argaam.
5) Saudi Arabia on Sunday launched its first offer of riyal-denominated sukuk with maturities of five, seven and ten years, Reuters reported.
6) Mouwasat Medical Services Co. (Mouwasat) has signed a memorandum of understanding (MoU) with Projects Build Co. Ltd. (PBC) to implement construction work for the expansion of Dammam Hospital, at a total value of SAR 150 million.
7) The rebalancing of the oil market is progressing slower than expected, but it will speed up in the second half of 2017, OPEC Secretary General Mohammad Barkindo said.
8) Crude oil prices edged up on Monday. Brent crude was last up 0.2 percent at $48.14/bbl, while WTI crude rose 0.1 percent to $45.81/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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