Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Al-Qiddiya entertainment megacity project has been incorporated and registered as a closed joint-stock company, wholly owned by the Public Investment Fund, the Ministry of Culture and Information said.
2) The Saudi Stock Exchange (Tadawul) will implement its previously announced enhancements to its opening and closing price mechanism from May 27.
3) Aljazira Takaful Taawuni Co.’s general assembly approved a 7 percent cash dividend for the fiscal year 2017, at SAR 0.7 per share, amounting to SAR 24.5 million.
4) National Medical Care’s profit stood at SAR 25.6 million in Q1 2018 but missed Al Rajhi Capital and consensus estimate of SAR 32 million and SAR 30 million, respectively.
5) The successful merger of the Saudi British Bank (SABB) and Alawwal Bank will act as a precedent for others particularly in sectors such as cement and petrochemicals, according to Riyad Capital.
6) The Saudi Arabian Monetary Authority, the Kingdom’s central bank, issued new mandatory directives to banks, and home financiers operating in the Kingdom on providing retail mortgage loans.
7) Al-Jouf Agricultural Development Co. reported a net loss of SAR 24 million in Q1 2018, its biggest quarterly loss since inception, data compiled by Argaam showed.
8) Al Jouf Cement reported sales revenue of SAR 49.7 million; its lowest quarterly sales in more than seven years, in Q1 2018.
9) Al Khaleej Training and Education Co.’s Q1 2018 net profit of SAR 4.26 million was bolstered by higher revenue across the board, the company’s financial statements showed.
10) Nasdaq Dubai will launch futures trading in Saudi-listed companies by the end of 2018, said Hamed Ali, chief executive of the international stock exchange.
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