RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 96.32 points, or 0.76 percent, to close at 12,835.65.

The total trading turnover of the benchmark index was SR9.02 billion ($2.4 billion) as 82 stocks advanced, while 139 retreated. 

The Kingdom’s parallel market, Nomu, also rose 133.32 points, or 0.49 percent, to close at 27,362.29. This comes as 39 stocks advanced, while as many as 20 retreated.

Meanwhile, the MSCI Tadawul Index slipped 17.84 points, or 1.12 percent, to close at 1,617.17.

The best-performing stock of the day was Saudi Steel Pipe Co. The company’s share price surged 9.89 percent to SR78.90.

Other top performers included Saudi Cable Co. as well as CHUBB Arabia Cooperative Insurance Co.

The worst performer was Saudi Printing and Packaging Co. whose share price dropped by 6.56 percent to SR16.82.

Saudi Chemical Co. and Malath Cooperative Insurance Co. did not perform well.

On the announcements front, Aljazira Takaful Taawuni Co. announced its annual consolidated financial result for the period ending Dec.31.

According to a Tadawul statement, the entity’s net profit hit SR44.25 million during the period, up 14.88 percent in comparison to 2022 figures.

The drop was mainly attributed to an increase in insurance revenue, a surge in insurance service results, a jump in net investment result after deducting the finance income, and a climb in total comprehensive income.

Moreover, Arabia Insurance Cooperative Co. also announced its annual financial results for 2023.

A bourse filing revealed that the firm’s net profit reached SR60.46 million in the period ending Dec.31, reflecting an 875 percent surge from the corresponding period a year earlier. 

The rise in profits was primarily owed to the increase in net insurance service results by around SR53 million resulted by the increase in revenues of medical insurance segment in addition to the increase in net investment and other income.

Meanwhile, Waja Co. has announced the signing of a contract worth SR49.45 million for the technical framework subscription project for the supply and installation of various office furniture and external equipment for the Ministry of Finance facilities.

The three-year contract is expected to bring about a positive financial impact on the company’s revenues.

source

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