Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Economic reforms in Saudi Arabia are ongoing and showing results, Saudi Crown Prince Mohammed bin Salman told Future Investment Initiative (FII) 2018 in Riyadh on Wednesday. The three-day mega event will conclude today.
2) Al Rajhi Bank posted a net profit of SAR 7.5 billion for the first nine months of 2018, up 12.8 percent year-on-year (YoY).
3) Saudi Telecom Co. (STC) reported a net profit of SAR 7.7 billion in the first nine months of 2018, an increase of 2.9 percent YoY.
Its board recommended a 10 percent cash dividend for Q3 2018, at SAR 1 per share, amounting to SAR 2 billion.
4) The Saudi British Bank (SABB) reported a net profit of SAR 3.72 billion for the first nine months of 2018, an increase of 14.5 percent YoY.
5) The National Shipping Company of Saudi Arabia (Bahri) reported a net profit after zakat and tax of SAR 389.83 million, down 34 percent YoY in the first nine months of 2018.
6) National Industrialization Co. (Tasnee) reported a net profit of SAR 1.016 billion for the first nine months of 2018, up 161.7 percent YoY from SAR 388.4 million a year earlier.
7) Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) incurred net losses of SAR 2.5 million in the first nine months of 2018, due to higher pre-operating expenses.
8) Saudi Industrial Export Co.’s (SIECO) solid performance in Q3 2018 was bolstered by higher sales and sulfur exports through state-run Saudi Aramco, CEO Hazem Al-Dossari told CNBC Arabia.
9) The Saudi Stock Exchange (Tadawul) approved a request from the Ministry of Finance to list debt instruments worth SAR 3.25 billion starting Oct. 28.
10) Oil prices fell on early Thursday morning, coming under pressure from sharp selloffs in global stock markets. Brent crude was down 49 cents to $75.68/bbl, while WTI crude gained 52 cents to $66.30/bbl.
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