10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Wednesday. 

1) Saudi International Petrochemical Co. (Sipchem) reported a net profit of SAR 91.7 million in Q1 2017, up 86.4 percent year-on-year (YoY) as net sales increased.

2) Methanol Chemicals Co. (Chemanol) narrowed its net losses by 79.6 percent year-on-year (YoY) to SAR 5.61 million for Q1 2017, driven by a cost reduction program that led to better operating expenses, along with improved selling prices.

3) Saudi Steel Pipe Co. (SSP) reported a net profit of SAR 10.2 million in the first quarter of this year, a 19.8 percent year-on-year rise, mainly attributable to the improvement in the financial results of Global Pipe Company (associate) and TSM Arabia (subsidiary).

4) L’Azurde Company for Jewelry reported a net profit of SAR 21.9 million for Q1 2017, a 57 percent year-on-year (YoY) drop on lower operating revenue and the one-off foreign exchange gain of SAR 13.7 million in Q1-2016.

5) Saudi Paper Manufacturing Co. reported a net loss of SAR 6.3 million for the first quarter of 2017, compared to a loss of SAR 7.1 million in the same quarter last year.

6) Saudi Cement Co. reported a net profit of SAR 165 million for the first quarter of 2017, a 37.3 percent year-on-year decline.

7) Allied Cooperative Insurance Group’s (ACIG) accumulated losses declined to SAR 69.3 million, or 34.65 percent of its capital, the company said in a statement to Tadawul on Tuesday.

8) Saudi Vitrified Clay Pipes Co. (SVCP) reported a net profit of SAR 11.9 million for Q1-2017, a 64.6 percent plunge year-on-year (YoY), due to lower sales and an increase in the cost of sales.

9) Saudi Electricity Co. said it has successfully completed the partial purchase of Saudi Electricity Sukuk 3 from Sukukholders who wished to have their Sukuk purchased by the company on the first Purchase date.

10) Oil prices edged up on Wednesday amid reports that OPEC and non-member producers were considering extending the output cap deal beyond the initial six months. Brent crude and WTI crude were last trading up 0.5 percent and 0.6 percent at $48.96/bbl and $46.16/bbl, respectively.