Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Emaar The Economic City reported a net profit of SAR 35 million for the second quarter of 2017, an 85 percent year-on-year (YoY) drop attributed to a rise in financing charges.
2) Allianz Saudi Fransi Cooperative Insurance Co. reported a net profit of SAR 7.8 million for the second quarter of 2017, a 24 percent YoY increase due to higher net earned premiums and net claims.
3) Gulf General Cooperative Insurance Co. posted a net profit of SAR 11.3 million for the second quarter of 2017, a 3 percent YoY decline due to lower net written premiums.
4) Abdulmohsen Al Hokair Group for Tourism and Development (Al Hokair Group) said its net profit for the second quarter fell by 10.3 percent YoY to SAR 14.8 million due to weak market demand and lower profit from associates.
5) Mobile Telecommunications Company Saudi Arabia (Zain Saudi) CEO Peter Kaliaropoulos said the company was not satisfied with the current level of high-cost debt and will be focusing on improving the cost structure and enhancing profitability in H2 2017.
6) Saudi Arabia’s non-oil exports retreated 10 percent YoY to SAR 14.95 billion in May 2017, data from the kingdom’s General Authority for Statistics showed.
7) Goldman Sachs has bought a part of Saudi Aramco's $10 billion credit facility, as it seeks a role in the oil company’s initial public offering (IPO), Reuters reported.
8) Oil prices closed with gains on Friday. Brent crude was rose 0.8 percent to reach $52.42/bbl and WTI crude added 1.1 percent to $49.58/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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