Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Basic Industries Corp.'s (SABIC) will continue to expand its polymers business in China, driven by growth in the country's piping, building and construction sectors, according to Abdulrahman Al-Fageeh, executive vice-president for petrochemicals, SABIC.
2) L’Azurde For Jewelry Co.'s net profit in Q1 2018 fell nearly 60 percent year-on-year (YoY). The company attributed the decline to a 5.6 percent drop in operating revenue and lower operating cost of revenue.
Separately, the firm said it will set up a new limited liability company in Oman to strengthen its GCC wholesale expansion business.
3) Saudi Industrial Investment Group (SIIG) posted a net profit of SAR 199 million Q1 2018, a 35.81 percent YoY decline on lower profit share from joint ventures, as well as higher selling and marketing expenses and financing expenses from Petrochem.
4) Knowledge Economic City reported a net loss of SAR 13.9 million in Q1 2018, compared to a loss of nearly SAR 7 million in the same period last year. The decline was attributed to higher costs and increased general and administrative expenses.
5) Kingdom Holding Co. has signed an agreement with its partners to sell Swiss hospitality chain Mövenpick Hotels and Resorts Co. (MHR) to its associate, France’s AccorHotels.
6) BATIC Investment & Logistics Co. said it has canceled a letter of intent to fully acquire Tadares Najed Securities Co. and Etqan Facility Management Co.
The company has also signed an agreement with Abdulkadir Al Muhaidib and Sons and Himmah Group to fully acquire Al Muhaidib Land Transport Co. and Himmah Logistics Co.
7) Saudi Arabia’s National Unified Procurement Co. has awarded Pharma Serve, a subsidiary of Al Hammadi Company for Development and Investment, a two-year contract worth SAR 347 million to provide vaccines to government health authorities.
8) Al Sagr Cooperative Insurance Co.’s board of directors has recommended a 7.5 percent cash dividend for the fiscal year 2017, at SAR 0.75 per share, amounting to SAR 18.75 million.
9) Saudi Public Transport Co.’s (SAPTCO) general assembly has approved a 5 percent cash dividend for the fiscal year 2017, at SAR 0.5 per share, amounting to SAR 62.5 million.
10) Crude oil prices were mainly positive on Tuesday, with Brent crude last up 0.2 percent at $74.86/bbl while WTI crude rose 0.3 percent to $67.77/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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