Saudi Ministry of Finance launches first savings product intended for individuals

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 117.66 points, or 1.00 percent, to close at 11,914.29.

The total trading turnover of the benchmark index was SR8.22 billion ($2.19 billion) as 89 of the listed stocks advanced, while 132 retreated.  

Similarly, the Kingdom’s parallel market Nomu also rose 205.65 points, or 0.82 percent, to close at 25,192.33. This comes as 26 of the listed stocks advanced while as much as 17 retreated.

Meanwhile, the MSCI Tadawul Index gained 17.74 points, or 1.16 percent, to close at 1,548.13.

The best-performing stock of the day was Middle East Healthcare Co. The company’s share price surged 8.42 percent to SR108.20. 

Other top performers include Al-Baha Investment and Development Co. as well as Anaam International Holding Group.

The worst performer was Buruj Cooperative Insurance Co., whose share price dropped by 5.34 percent to SR20.22.

Other companies to see falls were Wataniya Insurance Co. and Al Sagr Cooperative Insurance Co.

On the announcements front, East Pipes Integrated Co. for Industry has announced its interim financial results for the nine-month period ending Dec. 31. 

According to a Tadawul statement, the firm’s net profits reached SR87.95 million, reflecting 39.64 percent growth compared to the corresponding period a year earlier. 

The rise in net profit was mainly attributed to the increase in average sales price per tonne. 

On a similar note, Saudi Industrial Investment Group has also announced its interim financial results for the twelve-month period ending Dec. 31.

A bourse filing revealed that the company’s net profits hit SR112 million, down 59.56 percent in comparison to the same period in 2022. 

The drop in net income during the period is mainly linked to the unplanned shutdown of the project “Saudi Polymer Co.” as well as the decrease in the selling prices.

On another note, Saudi Tadawul Group Holding Co. has announced that it has obtained Islamic Shariah-compliant banking facilities from AlRajhi Bank worth an accumulated SR500 million to finance the group’s mergers and acquisitions.

According to a Tadawul statement, the financing duration for the short-term financing is 12 months, while that for the medium-term financing is 5 years. 

This agreement aligns with the group’s strategic commitment to championing the Saudi capital market development by continually executing its ambitious strategy, pursuing sustainable growth, and diversifying revenues.

Meanwhile, Perfect Presentation Co. for Commercial Services, also known as 2P, has announced the contract sign-off for the maintenance and operation of communications and information technology systems for the Unified Security Operations Center and the Hajj Security Forces headquarters buildings in the Makkah Al-Mukarramah with a total value of SR56.49 million.

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