RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 138.69 points, or 1.13 percent, to close at 12,120.91. 

The total trading turnover of the benchmark index was SR7.31 billion ($1.94 billion) as 30 stocks advanced, while 200 retreated.    

Similarly, the MSCI Tadawul Index decreased by 16.46 points, or 1.07 percent, to close at 1,519.37. 

Also, the Kingdom’s parallel market, Nomu, slipped by 200.31 points, or 0.75 percent, to close at 26,659.06. This comes as 17 stocks advanced, while as many as 41 retreated. 

The best-performing stock of the day was Al-Jouf Agricultural Development Co., whose share price surged by 7.58 percent to SR66.70. 

Other top performers included Basic Chemical Industries Co. and Al-Babtain Power and Telecommunication Co., whose share prices soared by 5.36 percent and 3.91 percent, to stand at SR36.35 and SR46.50 respectively. 

In addition to this, SAL Saudi Logistics Services Co. and Jadwa REIT Saudi Fund also fared well.

The worst performer was Saudi Public Transport Co. whose share price dropped by 9.92 percent to SR18.16. 

On the announcements front, Hail Cement Co. announced its interim financial results for the period ending March 31, with revenues amounting to SR73.7 million, up from SR61.8 million in the corresponding period in 2023. 

The company attributed the 19.2 percent growth to the increase in quantity of sales and average selling price. 

On the contrary, net profits decreased to SR15 million in the first three months of 2024 from SR18.5 million in the same period in 2023, due to an increase in the cost of sales,  zakat expense and selling and distribution expenses. 

Taiba Investments Co. also announced its financial results for the same period with revenues amounting to SR332.07 million, up from SR110.96 million in the first three months of 2023. 

In a statement on Tadawul, the company announced record revenue growth during the first quarter, attributed to Taiba Investment Co.’s acquisition of Dur Hospitality Co., which contributed to the rise in operational revenues. 

It added that quarterly operating revenues rose up by SR221.1 million representing a 199.3 percent increase in comparison to the same quarter of the previous year.  

Net profits also rose in this period reaching SR110.5 million, marking a 78 percent year-on-year increase. 

This was attributed to higher hospitality revenues that were helped by the growth in the number of pilgrims and visitors, rising demand from the institutional sector, and the occurrence of numerous events and conferences in Riyadh during this period. 

Rabigh Refining and Petrochemical Co.’s revenues in this period dipped by 27.2 percent to SR7.9 billion compared to SR10.9 billion in the first quarter of 2023. 

This fall was attributed to lower sales volumes, due to the unplanned shutdown of the High Olefins Fluid Catalytic Cracker units for necessary repairs and maintenance work. 

The company’s net loss surged to SR1.3 billion compared to SR964 million in the corresponding period last year. 

The Saudi Public Transport Co.’s revenues slightly increased by 0.2 percent to SR308.5 million in the first quarter this year, compared to SR307.6 million in the corresponding period in 2023. 

The increase in revenues in the current quarter compared to the same quarter of last year is attributed to increased operations during Ramadan, the company said in a statement. 

Its net loss surged by 2.5 percent to reach SR48.6 million due to the recognition of loss in the joint venture, as well as the recording of a higher amount of impairment on trade receivables, and an increase in cost of finance. 

Revenues of Emaar, The Economic City decreased sharply in the first three months of 2024 to SR75 million, down from SR157 million in the same period last year. 

This 52 percent decline was mainly attributable to the decline in operational revenues, due to lower lease revenues resulting from the termination of certain leases. 

The company’s net loss increased by 105.8 percent to reach SR352 million this year up from SR171 million in the first quarter of 2023. 

It attributed this surge to a revenue decline, increased operational expenses, higher finance costs, and updated zakat expenses, with the latter being a one-time adjustment. 

RIYADH: Saudi Arabia has witnessed a 20 percent year-on-year increase in government spending on information and communications technology in 2023, reaching SR41.87 billion ($11.16 billion), according to new data. 

The latest report from the Kingdom’s Digital Government Authority revealed that the increase in spending has contributed to enhancing the efficiency of digital government services and improving the experience of beneficiaries.  

Additionally, this investment has had a positive impact on the digital economy, marking a milestone in the Kingdom’s transformation journey. 

“ICT spending is one of the supporting factors for innovative and flexible solutions that we aspire to provide to all citizens and residents of Saudi Arabia, ensuring the effectiveness of the immense human wealth that populates the country and achieving a high quality of life,” said Faisal bin Ahmed Bakhshwin, deputy minister for digital transformation at the Ministry of Human Resource and Social Development. 

On the other hand, Musaed Al-Otaibi, deputy minister for digital transformation and smart cities at the Ministry of Municipal and Rural Affairs and Housing, emphasized: “Digital transformation is one of the pillars of our work at the ministry. ICT spending has enabled us to provide mature and high-quality services with added value through innovative models for citizens.” 

Al-Otaibi stated that the ministry continues to strive to improve services and meet the needs of urban residents by providing services that enrich and facilitate their daily lives.  

The deputy minister mentioned the government’s attention and interest in citizens’ feedback, incorporating it into the design of suitable services.  

Al-Otaibi explained that the ministry aims to achieve a “higher quality of life and enhance innovation in service development” by using emerging technologies that reduce service implementation time and increase operational efficiency for the sector. 

The report revealed that government ICT expenditure between 2019 and 2023 totaled an estimated SR120.15 billion, reflecting an overall upward trend. This indicates growth in the field and investment in transformational projects within this vital sector. 

The DGA data revealed that over a five-year period, the health and social development sector accounted for the highest portion of government ICT spend, totaling SR20.14 billion or 17 percent of the total expenditure. 

Moreover, the military came next as the Kingdom’s technology spending in the sector reached SR19.92 billion from 2019 to 2023, accounting for 17 percent of the total expenditure during the period.   

The infrastructure and transportation sector followed, with ICT expenditure totaling SR18.22 billion during the period, reflecting 15 percent of the total amount.  

According to the report, over the past five years, Saudi Arabia has witnessed a significant and sustained increase in expenditure on cloud computing and emerging technologies such as artificial intelligence, big data, and the Internet of Things. 

This growth reflects the Kingdom’s aspirations to become a global hub for technological innovation and digital services, as envisioned in the pillars of Vision 2030.