Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Arabia has reported budget deficit of SAR 34.3 billion in Q1 2018, representing about 18 percent of the expected annual deficit, the finance ministry said.
2) Saudi Arabian Oil Co. (Saudi Aramco) is set to pay out dividend on a quarterly basis, the Ministry of Finance said, adding that the oil firm has already paid a large portion of dividend for Q1 2018.
3) Saudi British Bank (SABB) reported a net profit of SAR 1.039 billion for Q1 2018, a 0.3 percent year-on-year (YoY) increase due to higher special commission income and lower operating expenses.
4) Mobile Telecommunication Company Saudi Arabia (Zain) incurred net loss of SAR 77 million for Q1 2018, versus net profit of SAR 45 million in Q1 2017, due to lower revenue.
Separately, the firm said it has filed for regulatory approval of its planned capital decrease and rights issue.
5) Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit of SAR 296 million for Q1 2018, compared to a net loss of SAR 240 million in the same period last year.
6) Abdullah Al Othaim Markets Co. reported a net profit of SAR 67.3 million for Q1 2018, an 11.8 percent YoY increase on higher sales.
7) National Gas and Industrialization Co. (GASCO) reported a net profit of SAR 38.8 million for Q1 2018, a drop of 40 percent YoY due to a decline in gross income.
8) Abdullah A. M. Al-Khodari Sons Company (Al-Khodari) has renewed its existing SAR 75.91 million Islamic credit facilities agreement with Bank Albilad.
9) Saudi Indian Company for Cooperative Insurance (Wafa Insurance) announced that based on unaudited financial results of Q1 2018, accumulated losses have exceeded 50 percent of capital.
10) Oil prices declined on Tuesday ahead of US President Donald Trump’s decision on Iran sanctions. Brent crude was last down 1 percent at $75.38/bbl, while WTI crude fell 1.3 percent to $69.83/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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