Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Arabia will announce the state budget for 2018 after markets close on Dec.19, Reuters reported, citing the Information Ministry.
2) Saudi Arabia said it will allow commercial cinemas in the Kingdom, with first cinemas expected to open early 2018. Nearly 300 cinemas, with over 2,000 screens, are expected to open by 2030.
3) Arabian Industrial Fibers Co.’s (Ibn Rushd) has invited its shareholders to attend a general assembly meeting on Dec. 31, 2017, to vote on a capital reduction to SAR 2 billion from SAR 8.51 billion to offset accumulated losses, the Saudi Industrial Development Co. (SIDC), which is a shareholder in Ibn Rushd, said in a statement to Tadawul.
4) Almarai Co.’s board of directors has recommended a 7.5 percent cash dividend for the fiscal year 2017, to be issued at SAR 0.75 per share, amounting to SAR 750 million.
5) Al Hammadi Company for Development and Investment’s (Al Hammadi) board of directors has recommended cash dividend to be issued at SAR 0.75 per share for 2017, amounting to SAR 90 million.
6) Al Yamamah Steel Industries Co. reported a net profit of SAR 100.2 million for the fiscal year ending Sept. 30, 2017, a 44.8 percent year-on-year (YoY) drop on higher cost of sales, lower profit margin and lower sales due to tough competition.
7) Brent crude rose above the $65-mark on Tuesday, for the first time since 2015, following reports that Britain’s Forties oil pipeline will be shut down after cracks were found in it. Brent crude was last trading up 1.1 percent at $65.43/bbl, while WTI crude rose 0.6 percent to $58.36/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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