Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Sadara Chemical Co.’s net loss in Q3 2017 stood at SAR 1.34 billion, slight improvement from a loss of SAR 1.38 billion in the same quarter last year.
2) Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) has opened three news internal entertainment centers. The financial impact of the new openings will reflect starting Q4 2017.
3) Saudi Fisheries Co. (Alasmak) narrowed its net loss by 19 percent to nearly SAR 8 million in Q3 2017 due to decrease in zakat provisions and financing expenses.
4) SABB Takaful reported a net profit before zakat of SAR 2.1 million for Q3 2017, down nearly 25 percent year-on-year (YoY) due to lower fees and commission income, lower investment income, and an increase in surrenders and maturities, along with higher policy acquisition costs.
5) United Cooperative Assurance Co. (UCA) reported a net loss before zakat of SAR 2.2 million for Q3 2017, compared to a net profit of SAR 26.1 million in Q3 2016, attributed to lower operating surplus and a decline in income from policyholders’ investments.
6) National Gypsum Co. swung to net loss of SAR 4.2 million in Q3 2017, compared to a profit of SAR 5.3 million in the same period last year.
7) Astra Industrial Group reported a net profit of SAR 2.6 million, compared to a net loss of SAR 25.3 million in Q3 2016, due to a decline in zakat and other expenses, as well as an increase in other income.
8) Al-Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net loss of SAR 49.17 million for Q3 2017 compared to a net profit of SAR 4.04 in the same quarter last year on lower sales and higher cost of sales.
9) Saudi billionaire Prince Alwaleed bin Talal has lost nearly $1.22 billion (SAR 4.58 billion) following his arrest this week in the country’s anti-corruption crackdown, according to Bloomberg Billionaires Index.
10) Oil prices edged lower on Wednesday, with Brent crude last trading down 0.2 percent at $63.55/bbl, while WTI crude fell 0.4 percent to $56.98/bbl. In its latest oil outlook report, OPEC raised its mid-term forecast on oil demand by 2.24 million bpd from its previous outlook report. The cartel now expects oil demand to reach 102.3 million bpd by 2022.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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