Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Al Rajhi Bank posted a net profit of SAR 2.3 billion for Q3 2107, up 12.7 percent year-on-year (YoY) due to higher total operating income.
2) Almarai Company’s profit for the third quarter was SAR 667 million, slightly higher compared to the net profit of SAR 664.3 million in the year-ago quarter.
3) Bank Albilad net profit for the third quarter rose about 9 percent YoY to SAR 248.1 million, on an increase in operating income by 19 percent.
4) The Company for Cooperative Insurance (Tawuniya) said its net profit for the third quarter dropped 44 percent YoY to SAR about 159.7 million due to higher incurred claims by 21 percent and lower investment profit.
5) Chubb Arabia Cooperative Insurance Co.’s shareholders have approved a 100 percent capital hike to SAR 200 million from SAR 100 million through the issue of one bonus share for every one share held. The fluctuation limits on Sunday for Chubb Arabia will be based on a share price of SAR 26.12.
6) Jabal Omar Development Company (Jabal Omar) has set up Shamekhat Development Company, a limited liability company with capital of SAR 100,000.
Separately, Jabal Omar said it has signed a non-binding memorandum of understanding with United Arab Emirates-based Meraas Holding Co. The agreement extends for a period of six months, during which the two firms will study cooperation to develop real estate projects in Saudi Arabia.
7) Saudi Aramco plans to set up a construction company in partnership with local and international investors to build non-oil infrastructure in Saudi Arabia, Reuters reported.
8) Crude oil ended last week in the positive zone on signs of a tightening market. Brent crude rose 0.9 percent to close at $57.75/bbl while WTI crude added 0.6 percent to $51.84/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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