Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Saudi Arabia is spending “heavily” in developing artificial intelligence, augmented reality and data mining technologies to stand out as a technology hub in the Middle East by 2030, according to finance minister Mohammed Al-Jadaan.
2) Saudi Arabia’s insurance sector is expected to remain profitable this year driven by growth prospects in the medium term and overall improving capital levels, S&P Global Ratings said in a recent report.
3) Saudi Arabia’s biggest telecom operator Saudi Telecom Co. (STC) emerged as the most valuable brand in the Kingdom, with a value of $6.7 billion, the list of top 25 Saudi brands by consultancy Brand Finance showed.
4) Saudi Kayan Petrochemical Co. posted a net profit of SAR 462.6 million for Q1 2018, a rise of 74.3 percent year-on-year (YoY), driven by higher average selling prices and lower operating costs.
5) Saudi Telecom Co. (STC) reported a consolidated net profit of SAR 2.6 billion for Q1 2018, a rise of 2 percent YoY, backed by a decline in the cost of services, higher income and other income along with a decrease in the early retirement program costs.
6) Etihad Etisalat Co. (Mobily) narrowed losses by 42.94 percent YoY to SAR 93 million in Q1 2018 on higher data revenue, in addition to reversing unnecessary provisions and adopting a cost-efficiency strategy.
7) Al Hammadi Company for Development and Investment has signed a two-month memorandum of understanding (MOU) with Sudair Pharma Co. for a potential acquisition.
8) Yanbu National Petrochemical Co. (Yansab) reported a net profit of SAR 630.6 million for the first quarter of 2018, a 3.7 percent YoY increase due to higher average sale prices of all products.
9) Abdullah A. M. Al-Khodari Sons Co. narrowed its losses by 28.3 YoY to SAR 12.7 million in Q1 2018, thanks to a drop in direct costs, selling, general and administrative expenses as well as financial charges.
10) Crude oil prices were mixed on Monday, with Brent crude last up 0.04 percent at $74.09/bbl while WTI crude fell 0.04 percent to $68.37/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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