Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Dur Hospitality Co. reported a net profit of SAR 19.6 million for Q4 2017, down 19 percent year-on- year (YoY) s the company incurred losses from its affiliates.
2) Saudi Industrial Export Co. (SIECO) has signed a contract with Saudi Aramco Base Oil Co. (Luberef) to buy its full production of sulfur for one year, amounting to 37,000 tons.
3) Jarir Marketing Co. reported better-than-expected earnings for 2017 driven mainly by smartphone sales and strong supplier discounts, which helped lift profit margins, chairman Muhammad Al-Agil told Argaam.
4) National Industrialization Co. (Tasnee) CEO Mutlaq Al-Morished said he is confident that the merger of subsidiary Cristal and Tronox will happen, even though one of the parties may have to offload assets to dilute the market impact of the merger.
5) Mouwasat Medical Services Co.’s board of directors has recommended a 100 percent capital increase to SAR 1 billion from SAR 500 million through issue of one bonus share for every share held.
6) Saudi International Petrochemical Co. (Sipchem) is planning its first overseas investment in the US shale industry through a joint venture with an American firm, Bloomberg reported, citing CEO Ahmad Al Ohali.
7) Saudi Arabia is said to have awarded the first construction contracts to build five palaces and other infrastructure in the planned $500 billion NEOM City on the Red Sea Coast.
8) Saudi Arabia's Supreme Anti-Corruption Committee has completed negotiations and settlement processes with individuals charged with corruption, Attorney General Sheikh Saud Al Mojeb said. The estimated value of settlements stands at more than SAR 400 billion.
9) Saudi real estate price index fell 3.2 percent year-on-year (YoY) in Q4 2017 to 84.6 points, from 87.5 in the same quarter last year, General Authority for Statistics data showed.
10) Crude oil prices declined further on Wednesday. Brent crude was last down 0.8 percent at $68.46/bbl, and WTI crude fell 1 percent to $63.89/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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