Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) United Electronics Co.'s (eXtra) stronger profit in Q1 2018 was mainly driven by higher sales and preferential prices, in addition to growth in the company's after-sale and installment services, chief executive Mohamed Galal told Argaam.
The firm reported a net profit of SAR 21.6 million for Q1 2018, a 66.2 percent year-on-year (YoY) increase.
2) Arabian Cement Co.’s general assembly has approved a 10 percent cash dividend for the second half of 2017, at SAR 1 per share, amounting to SAR 100 million.
3) Saudi Cable Co. (SCC) is negotiating with lenders to reach a settlement as it reduces its debt and cuts the number of its creditors to only three, chairman Meyassar Nowailati told Al Arabiya TV.
4) Saudi Fransi Capital said the initial public offering (IPO) of its Sharia-compliant Bonyan REIT Fund on Saudi stock market will be launched between April 15 and May 3.
5) Saudi Capital Market Authority (CMA) has approved Saudi Automotive Services Co.'s request to increase its capital to SAR 600 million from SAR 540 million, through the issue of one bonus share for every nine shares held, the market regulator said in a statement.
6) The Saudi Stock Exchange (Tadawul) is expecting an improved inflow of foreign funds to smooth the listing of state-owned Saudi Aramco, Reuters reported, citing CEO Khalid Al Hussan.
7) Saudi Arabia will focus on issuing dollar and riyal-denominated debt this year, but will also consider bond sales in other currencies over the longer term, Reuters reported, citing Fahad Al-Saif, head of Debt Management Office.
8) Saudi Arabia and France are expected to sign a 10-year agreement on April 10 to develop the Al-Ula region into a cultural tourism destination.
9) Crude oil prices edged higher on Tuesday, with Brent crude last up 0.5 percent at $68.99/bbl while WTI crude rose 0.6 percent to $63.79/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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