Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) National Shipping Company of Saudi Arabia (Bahri) reported a net profit of SAR 60.5 million for Q3 2017, an 81 percent year-on-year (YoY) decline attributed to lower spot market rates, higher bunker costs and decrease in Bahri’s share in profits of Petredec Limited.
2) Mouwasat Medical Services Co.’s net profit in third quarter 2017 rose 55 percent YoY to SAR 76.7 million on higher revenue from Riyadh branch and effective utilization of resources.
3) Halwani Bros’ Q3 2017 net profit was affected by lower sales in Egypt due to pound depreciation, Saleh Hefni, the company's managing director and chief executive, told Argaam.
4) Abdullah A.M. Al-Khodari Sons Co. has appointed GIB Capital as financial advisor for its capital increase through the issuance of new shares, the company said in a statement.
5) Dur Hospitality said its third-quarter net profit for 2017 fell 49 percent to SAR 15 million compared to the same period last year. Dur was impacted by a partial shutdown of some hotels due to renovations amid fiercer competition in the hospitality sector.
6) Middle East Healthcare Co.’s (Saudi German) net profit for third quarter 2017 declined 39.8 percent YoY to SAR 60 million, impacted by higher salaries for caregivers, increased provisions for rejected invoices, as well as bad and doubtful debts due to delays in receivables collection.
7) Abdulmohsen Al Hokair group for Tourism and Development Co. (Al Hokair Group) reported a net profit of SAR 9 million, an 84 percent YoY drop due to lower demand for hotel rooms and a decline in revenue due to seasonality in the entertainment division.
8) Saudi Arabian Fertilizers Co. (SAFCO) posted a net profit of SAR 188.4 million for Q3 2017, up 1.2 percent YoY due to higher selling prices and sales volumes.
9) Saudi Indian Company for Cooperative Insurance (Wafa Insurance) said it has adopted a corrective plan in line with instructions from Saudi Arabian Monetary Authority (SAMA.
In a separate statement, the insurer said its general assembly has approved a related party transaction to take place with Alinma Makkah Real Estate Fund during the upcoming year.
10) Oil prices edged higher on Tuesday, on the back of supply disruptions in Iraq. Brent crude was last up 0.2 percent at $57.46/bbl, while WTI crude rose 0.2 percent to $51.98/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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