Here are a few things you need to know as Saudi stocks start trading on Monday.
1) Samba Financial Group posted a net profit of SAR 2.7 billion for the first six months of 2018, an 8.1 percent year-on-year (YoY) increase as total operating expenses declined.
2) Yanbu National Petrochemical Co. (Yansab) reported a net profit of SAR 1.45 billion for the first half of 2018, surging 52.16 percent YoY driven by higher selling prices, despite an increase in feedstock prices.
3) Saudi Kayan Petrochemical Co. reported a net profit of SAR 1.34 billion for the first half of 2018, more than double on a YoY basis driven by higher selling prices.
4) Yanbu Cement Co. net profit for H1 2018 fell 78.5 percent YoY to SAR 44 million on lower sales volumes as a result of weak demand, lower selling prices and higher cost.
Separately, the firm said its board of directors has recommended a 5 percent cash dividend for the first half of 2018, at SAR 0.50 per share, amounting to SAR 78.75 million.
5) Saudi Automotive Services Co.’s (SASCO) gross profit was affected by higher operating expenses due to increased utility prices and labor costs, despite a rise in profit and operating revenues increase during the period, the company’s CEO said.
6) Alinma Bank's robust figures in H1 2018 were boosted by the growth of the bank's business operations, Abdulmohsen Al-Fares, chief executive and managing director, told Argaam.
7) Motor insurance policies in Saudi Arabia will now cover drivers 18 years old and older, instead of drivers 21 years old, Saudi Arabian Monetary Authority (SAMA) said, adding that the amendments will come into effect on August 26.
8) Saudi Arabia’s real gross domestic product (GDP) growth is set to accelerate substantially this year and next, backed by rising oil production and prices, and recovering business confidence, BMI Research said in a recent report.
9) Gross premiums written (GPW) in Saudi Arabia fell 3.7 percent in the first quarter of 2018 due to pressure on rates and slower consumer spending following the introduction of value-added tax (VAT) in January, S&P Global Ratings said in a new report.
10) Saudi Aramco’s potential acquisition of a stake in Saudi Basic Industries Corp (SABIC) will help increase state-oil firm’s downstream market share and protect against oil price fluctuations.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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