Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Advanced Petrochemical Co. recorded its highest ever quarterly net income in the second quarter of 2018 on improved production and lower costs, Chairman Khalifa bin Abdullatif Al-Mulhem told Argaam.
2) United Electronics Co. (eXtra) reported a net profit of SAR 45.6 million in Q2 2018, a 5.1 percent year-on-year (YoY) increase driven by higher profit margins.
Separately, eXtra said its board of directors has recommended a 7.5 percent cash dividend for the first half of 2018, at SAR 0.75 per share, amounting to SAR 31.5 million.
3) eXtra will get a boost from the current restructuring of the local electronics and home appliance market, as the market will shift towards organized retailing, CEO Mohamed Galal told Argaam.
4) Almarai Company’s recent move to hike prices of its milk products may result in negative publicity for the company, as it faces other challenges like lower demand due to economic reforms, NCB Capital said in an earnings review.
5) State-owned Saudi Aramco is more resilient to oil price volatility than its biggest listed rivals, Reuters reported on Monday, citing the oil firm’s 2016 accounts.
6) Derayah Financial, the fund manager of Derayah REIT, has signed a non-binding MoU with a Saudi company to acquire Raseel Medical Center in Riyadh for SAR 22 million.
7) Saudi Arabia and France have signed a bilateral military agreement aimed at protecting classified information and intelligence, Saudi Press Agency reported.
8) Russia’s state-owned Rosatom has been shortlisted to bid for Saudi Arabia’s first nuclear project, it said in a statement.
9) Saudi Saline Water Conversion Co. has inked a contract with Spain-based Acciona to build a water desalination station in Al Khobar, at a total cost of SAR 903 million.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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