Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Saudi Arabia raised SAR 17 billion ($4.5 billion) from its first domestic sukuk sale this year as it seeks to plug up its budget deficit amid low oil prices, the finance ministry said.
2) Saudi British Bank (SABB) reported a net profit of SAR 1.1 billion for Q2 2017, a drop by 1.9 percent year-on-year (YoY) due to a rise in gross operating expenses.
3) National Agricultural Development Co. (NADEC) said its Q2 net profit fell 27 percent YoY to SAR 25.9 million as its total sales fell 9.39 percent YoY on weak market demand.
4) Al Yamamah Steel Industries Co.’s drop in sales by 39 percent year-on-year (YoY) in the quarter ending in June 2017 is the result of stalled projects due to the slowdown in the local economy, chief executive Youssef Bazaid told Argaam.
5) Dallah Healthcare Holding Co.’s net profit for Q2 2017 increased 29.3 percent YoY to SAR 70 million due to rise in number of medical procedures, higher operating efficiency and cost-saving policy.
6) Al Abdullatif Industrial Investment Co.’s H1 2017 net profit was hurt by lower sales volume and weak demand in the local market, CEO Abdullatif Al Abdullatif told Argaam.
7) National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 37.8 million for Q2 2017, up 64 percent YoY, due to lower general and administrative expenses and higher investment income from associates.
8) Crude prices extended gains on Wednesday, boosted by OPEC’s call for strict compliance to its output limit deal. Brent crude was last up 0.8 percent at $50.6/bbl, while WTI crude rose 1 percent to $48.38/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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