Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Mobile Telecommunication Company Saudi Arabia (Zain Saudi) reported the first-ever net profit after zakat and tax of SAR 12 million for fiscal year 2017, compared to a net loss of SAR 979 million the previous year.
2) Saudia Dairy and Foodstuff Co. (SADAFCO) will start on Thursday commercial operations at its Tabuk warehouse, built at a cost of SAR 17 million.
3) Saudi Kayan Petrochemical Co. (Saudi Kayan) swung to a net loss of SAR 220.3 million in Q4 2017, compared to a net profit of SAR 91.6 million in Q4 2016.
4) Al Nefaie-Umm Alqura REIT Fund’s initial public offering (IPO) started January 16 and will run for 10 working days until January 29.
5) Rising costs due to hiring non-Saudi labor and lower purchasing power among consumers as the Kingdom cuts subsidies and starts the levy of value-added tax (VAT) will weigh on Almarai Co.’s performance in 2018, according to Albilad Capital.
6) Ministry of Finance said it has received bids for its fifth domestic sukuk issuance under the Saudi Arabian government SAR-denominated sukuk program. The issuance size was set at SAR 5.85 billion.
7) Saudi Arabia’s economy will pull out of recession this year, driven by higher oil prices and loosening fiscal policy, according to London-based Capital Economics.
8) Oil prices were lower on Wednesday, but Brent crude held stable above the $69-level. The benchmark grade was last down 0.2 percent at $69.83, while WTI crude declined slightly to $64.46/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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