Here are a few things you need to know as Saudi stocks start trading on Sunday.
1) Saudi Arabia’s higher-than-expected oil revenue and the implementation of reforms are successfully driving the transformation of the economy, Al Rajhi Capital said in a report.
2) Saudi Arabia led initial public offering (IPO) activity in the Gulf Cooperation Council (GCC) region during the first half of this year, driven by the listing of eight new REITs on the Saudi Stock Exchange (Tadawul), consultancy firm PwC said in a recent report.
3) Northern Region Cement Co. reported a net loss of SAR 5.23 million in H1 2018, compared to a net profit of SAR 24.59 million in the same period last year on lower selling prices by an affiliate due to intensive competition, lower sales value, higher cost of sales and higher financial charges.
Separately, the firm said it has started production of white Portland cement at its white cement project through converting some production lines.
4) Saudi Real Estate Co. (Al Akaria) reported a net profit of SAR 74.9 million in H1 2018, a rise of 5.17 percent year-on-year (YoY), driven by a 3.9 percent increase in revenue.
5) Jabal Omar Development Co. (JODC) reported net loss of SAR 277.32 million in H1 2018, compared to SAR 7 million in year-earlier period, due to higher G&A expenses, increased financing costs as well as the amortization of the available-for-sale assets.
6) Emaar The Economic City (Emaar EC) reported net losses of SAR 42 million in H1 2018, versus net profit of SAR 16 million in year-earlier period, driven by higher selling and marketing expenses on launching new projects and lower operating profit.
7) Taleem REIT Fund reported a net profit of SAR 10.85 million for H1 2018, fund manager Saudi Fransi Capital said in a statement to Tadawul.
8) SEDCO Capital REIT Fund’s dividends are unlikely to see any adverse impact going forward, despite the losses incurred in three months to June 30, fund manager SEDCO Capital said.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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