Here are a few things you need to know as Saudi stocks start trading on Wednesday.
1) Higher oil prices should not slow the reform momentum in Saudi Arabia and the additional revenues could be redirected to rebuild the fiscal buffers, International Monetary Fund (IMF) said on Tuesday.
2) National Commercial Bank (NCB) posted a net profit of SAR 5.6 billion for the first half of 2018, up 8.7 percent year-on-year (YoY) on higher total operating income and lower total operating expenses.
3) Banque Saudi Fransi reported a net profit of SAR 2.03 billion for the first six months of 2018, a 3.6 percent YoY decline due to an increase in total operating expenses.
4) Bank Albilad posted a net profit of SAR 532 million in the first half of 2018, a 14.6 percent YoY increase, bolstered by a rise in operating income along with higher investment and financing income.
5) Arab National Bank reported a net profit of SAR 1.74 billion for the first six months of 2018, a 7.3 percent YoY increase due to lower operating expenses and higher operating income.
6) The National Shipping Company of Saudi Arabia’s (Bahri) net profit fell 42 percent YoY to of SAR 308.5 million for the first half of the year, due to lower spot market rates in general and for oil transportation in particular.
7) Etihad Etisalat Co. (Mobily) recorded higher gross revenue for the third successive quarter in Q2 2018, as a result of a strategy focused on boosting client base and monthly subscriptions, CEO Ahmed Abou Doma told CNBC.
8) Saudi British Bank’s (SABB) board of directors has recommended a 9.6 percent cash dividend for the first half of 2018, at SAR 0.96 per share, amounting to SAR 1.44 billion.
9) Middle East Specialized Cables Co.’s (MESC) board of directors recommended a 33.4 percent capital reduction to SAR 399.64 million from SAR 600 million to offset accumulated losses.
10) Saudi Cable Co.’s (SCC) accumulated losses stood at SAR 293.5 million for the year ending June 30, representing 72.6 percent of SAR 404 million capital, the company said in a statement.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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