Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Basic Industries Corp. (SABIC) Q2 earnings fell mainly due to a loss of SAR 578 million incurred by Steel Industry Co. (Hadeed), as well as a decline in prices for most of the company’s products, CEO Yousef Al-Benyan said.
2) Saudi Electricity Co. (SEC) has started operations at its Abu Ajram transmission plant in Al-Jouf region as part of its efforts to enhance power service in the northern region.
3) Zain Saudi posted a net profit of SAR 8 million versus a net loss of SAR 328 million in Q2 2016, backed by higher gross profit and gross margins, improved demand for services, and lower distribution expenses due to cost optimization.
4) Southern Province Cement Co. reported a net profit of SAR 95 million for Q2 2017, down 65 percent year-on-year (YoY) due to lower sales and selling price.
5) Saudi Company for Hardware (SACO) plans to open 35 showrooms by the end of 2018, chief executive Sameer Mohammad Al Hamaidi told Argaam.
6) Dur Hospitality Co.’s board of directors has recommended a 4 percent cash dividend for first half 2017, at SAR 0.4 per share, amounting to SAR 40 million.
7) Al Sorayai Trading And Industrial Group Co.’s accumulated losses have reached SAR 135.9 million, representing 36.2 percent of capital, the company said in a statement.
8) Taiba Holding Co.’s board of directors has recommended a 4 percent cash dividend to be issued at SAR 0.4 per share for the second quarter of 2017.
9) Malath Cooperative Insurance Co.’s accumulated losses are down to SAR 22.18 million, representing 18.48 percent of capital, the company said.
10) Oil prices extended gains on Monday, with Brent crude rising 0.5 percent to $52.78/bbl and WTI crude up 0.3 percent to reach $49.87/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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