Here are a few things you need to know as Saudi stocks start trading on Tuesday.
1) Saudi Arabia’s ministry of health said it will convert public hospitals and medical centers into state-owned companies, which will then compete with one another on the basis of quality, efficiency, productivity, reducing wastage, speedy decision-making and decentralization.
2) Saudi Arabia’s general reserves remained unchanged at SAR 636.9 billion in May 2017, when compared to the previous month, new data from the Saudi Arabian Monetary Authority (SAMA) showed.
3) United Electronics Co.’s (eXtra) higher net profit for Q2 this year was achieved on the back of a 15 percent increase in sales, thanks to offering attractive prices and providing customers with a bundle of entertainment products, CEO Mohamed Galal Ali Fahmy told Argaam.
4) Herfy Food Services Co.’s board of directors has recommended cash dividends of SAR 1 per share (total of SAR 64.68 million) for the first half of 2017.
5) Southern Province Cement Co.’s (Southern Cement) board of directors has recommended a 10 percent cash dividend (SAR 1 per share), amounting to SAR 140 million, for H1-2017.
6) Al Khaleej Training and Education’s plan to set up a Real Estate Investment Traded Fund (REIT) is aimed at reducing debts and generating income to purchase new lands and schools, chief executive Alwaleed Aldryaan said.
7) Saudi Arabian Mining Company (Maaden) started trial operations at Maaden Waad Al-Shamal Phosphate Co. (MWSPC) on July 8. MWSPC’s phosphate output will be gradually ramped up to reach the target capacity of 3 million tons of phosphate fertilizers.
8) Rabigh Refining and Petrochemical Co. (Petro Rabigh) said that there are currently no updates on the board’s recommendation to increase capital through a rights issue.
9) MetLife AIG ANB Cooperative Insurance Co. has appointed Abdullah Al-Kenani as an independent member to the board of directors, with immediate effect.
10) Oil prices edged higher on Tuesday. Both Brent crude and WTI cruder were last up 0.4 percent at $47.08/bbl and $44.58/bbl, respectively.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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