Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Saudi Electricity Co. (SEC) incurred a net loss of SAR 1.21 billion for the first quarter of 2018, compared to a profit of SAR 4.9 billion in the same period last year, as operating revenue declined following the international standards’ enactment.
2) Alawwal Bank reported a net profit of SAR 286 million for Q1 2018, a drop of 11.7 percent year-on-year (YoY) due to a decline in operating income, and lower fees and commission income.
3) National Agricultural Development Co. (Nadec) incurred SAR 5.02 million in net losses for the first quarter of 2018, versus a net profit of SAR 4.33 million in Q1 2017, as sales declined due to weak demand.
4) Al Tayyar Travel Group reported a net profit of SAR 86 million for Q1 2018, a 37.2 percent YoY drop on account of more competitive pricing for some services to protect and increase the market share.
5) Middle East Healthcare Co. (MEAHCO) has awarded the design and construction contract of Saudi German Hospital Makkah and staff housing in Makkah and Dammam to International Hospital Construction Company (IHCC) for SAR 600.74 million.
6) Jarir Marketing Co.’s board of directors has recommended a 24 percent cash dividend for the first quarter of 2018, at SAR 2.4 per share, amounting to SAR 216 million.
7) Jabal Omar Development Company and Dubai's Shuaa Capital have signed a MoU to launch and manage real estate investment vehicles in the Kingdom.
8) Filling and Packing Materials Manufacturing Co. (FIPCO) has increased its Shariah-compliant credit facility limits with Riyad Bank to SAR 72 million in order to finance the new manufacturing venture of its subsidiary.
9) The Capital Market Authority (CMA) has approved Saudi Arabian Cooperative Insurance Company's (SAICO) request to increase its capital from SAR 250 million to SAR 300 million, through the issuance of one bonus share for every five existing shares.
10) Oil prices rallied on Wednesday after President Donald Trump pulled the US out of Iran santion deal. Brent crude was last up 2.5 percent at $76.7/bbl while WTI crude rose 2.3 percent to 70.66/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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