Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Basic Industries Corp. (SABIC) reported a net profit of 3.71 billion for Q2 2017, down 25 percent year-on-year (YoY) due to to higher cost of sales and lower sales quantities.
2) Halwani Bros is looking for new acquisition opportunities In Saudi Arabia or across the GCC, managing director & chief executive Saleh Hefni told Argaam.
3) Almarai has been named Saudi Arabia’s healthiest brand, according to a list of brand health rankings by market research firm YouGov.
4) Saudi Cement Co. reported a net profit of SAR 94 million for Q2 2017, down 62.3 percent year-on-year (YoY) due to decrease in sales quantities and value as a result of lower demand.
5) Alawwal Bank reported a net profit of SAR 322 million for Q2 2017, a drop by 40.4 percent YoY as operating expenses rose along with higher depreciation and amortization expenses.
6) Saudi Investment Bank (SAIB) reported a net profit of SAR 355.6 million in Q2 2017, an increase by 10.6 percent YoY due to higher total operating income.
7) Saudi Arabian Amiantit Co. turned to net loss of SAR 14.5 million for Q2 2017 versus net profit of SAR 1.6 million in the same period last year.
8) National Metal Manufacturing and Casting Co. (Maadaniyah) turned to net loss of SAR 6.37 million in Q2 2017, versus a net profit of SAR 11 million.
9) Dur Hospitality’s second-quarter net profit came in at SAR 33.5 million, marking a rise of 15 percent YoY, thanks to higher other income and lower general and administrative expenses.
10) Oil prices edged higher on Friday, touching a two-month high. Brent crude rose 2 percent to $52.52/bbl and WTI crude gained 1.4 percent to reach $49.71/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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