Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) President and CEO of Saudi Aramco, Amin H. Nasser, said that the energy conglomerate was in early talks to acquire a strategic stake in SABIC, noting that the agreement to complete the SABIC deal would affect the time frame for Aramco’s own IPO.
2) Alinma Bank reported a net profit of SAR 1.20 billion for the first half of 2018, a 32.2 percent year-on-year (YoY) hike driven by a 16 percent rise in gross operating income on higher financing income.
3) Saudia Dairy and Foodstuff Co. (SADAFCO) posted a net profit of SAR 50 million in Q1 2018, a drop of 35 percent YoY due to a decline in sales amid lower consumption, irrational discounts by competitors.
4) Higher general and administrative expenses and lower revenue weighed on Aldrees Petroleum and Transport Services Co.’s second-quarter earnings, which declined 0.55 percent year-on-year to SAR 18.2 million, chief executive Abdullah Bin Saad Al-Drees told Argaam.
5) Alandalus Property has completed the construction of its 70 percent-owned Al-Marwa Mall in Jeddah, expecting it to commence operations by the end of Q4 2018, the company said in a statement.
6) Filling and Packing Materials Manufacturing Co. (FIPCO) has finalized the procedures required for canceling a short-term loan of SAR 21 million with Riyad Bank, as it was settled from FIPCO's financial resources.
7) National Gas and Industrialization Co. (GASCO) has extended a non-binding memorandum of understanding (MoU) with Oman-listed National Gas Co. (NGCI) until November 30, 2018,
8) Al Khaleej Training and Education Co. expects the financial impact of the National Contact Center (Amer 2) project to reach SAR 30 million, CNBC TV reported, citing CEO Al Waleed Al Dryaan.
9) Arabian Aramco Total Services Co. said its parent firm, Saudi Aramco Total Refining and Petrochemical Co. (SATORP), has recommended a 6.8 percent cash dividend (SAR 0.68 per share) for 2017 to be distributed to partners in SATORP.
10) Saudi Arabia’s newly established non-oil revenue development center aims to implement unified tools and plans in order to develop the state’s non-oil revenues and improve government agencies’ collection procedures.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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