Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Savola Group, which is in the process to sell 16 million of its shares in Almarai Co., said it will record a profit of SAR 694.1 million in Q3 2017 as a result of the transaction.
2) Makkah Construction and Development Co. (MCDC) said net profit in Q2 dropped around 7 percent year-on-year on lower revenue and occupancy rates at Makkah Hilton & Towers Hotel before and during Ramadan, in addition to higher expenses, especially for maintenance.
3) Kingdom Holding Company (KHC), owned by business tycoon Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has sold its 90 percent stake in the Four Seasons Resort Langkawi, Malaysia at a total value of $90 million.
4) Sadara Chemical Co. (Sadara) said the commercial start of its toluene diisocyanate (TDI) facility, marking the full commercial operation of all facilities in the Sadara complex.
5) Saudi Ground Services Company’s (SGS) board of directors has recommended a 6.5 percent cash dividend (SAR 0.65 per share) for the second quarter of 2017.
6) Saudi Company for Hardware (SACO) has opened, on Sunday, a new store in Hafr Al Batin City bringing the total number of branches to 28 within the Kingdom.
7) Saudi Arabian Monetary Authority (SAMA) has banned United Cooperative Assurance Co. from issuing or renewing auto insurance policies, effective Sep. 15, 2017.
8) World energy consumption will grow to 736 quadrillion British thermal units (Btu) by 2040, rising 28 percent from 575 quadrillion Btu in 2015, the US Energy Information Administration (EIA) said in its International Energy Outlook 2017.
9) Oil prices edged higher on Monday, with Brent crude last up 0.2 percent to $55.69/bbl while WTI crude rose 0.04 percent to $49.91/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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