RIYADH: Manufacturing activities helped pushed Saudi Arabia’s Industrial Production Index to 105.6 points in April, a 1.1 percent rise compared to the previous month, official data showed. 

According to the General Authority for Statistics, manufacturing operations in the Kingdom rose by 2.4 percent month-on-month to reach 119.1 points, due to a surge in chemical product production, which went up by 3.1 percent. 

Similarly, a 1.9 percent increase in the production of coke and refined petroleum products also contributed to the growth of the manufacturing sub-index. 

Compared to March, Saudi Arabia’s mining and quarrying activities witnessed a marginal rise of 0.1 percent in April to 98.6 points. 

The IPI, an economic indicator, reflects relative changes in the volume of industrial output, calculated based on production surveys. 

However, Saudi Arabia’s overall IPI decreased by 6.1 percent in April compared to the same month of the previous year. 

According to GASTAT, this decline was mainly attributed to the Kingdom’s decision to reduce oil output in line with the agreement made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. 

In a bid to maintain market stability, Saudi Arabia reduced its oil output by 500,000 barrels per day in April 2023, and this cut has now been extended until December 2024. 

The report revealed that mining and quarrying activities decreased by 14.1 percent in April compared to the same month of the previous year, as Saudi Arabia reduced its oil production to 8.9 million barrels per day. 

“Given the relative weights of the mining and quarrying activity which reached 61.4 percent, the trend of the industrial production in the mining and quarrying sector dominates the trend in the general IPI,” said GASTAT.  

It added: “This was followed by the manufacturing activity, and electricity, gas, steam, and air conditioning supply activities with a relative importance of 35 percent and 2.8 percent respectively, and water supply, sewerage, waste management, and remediation activities by 0.69 percent.”  

On a positive note, manufacturing activities in the Kingdom rose by 7.7 percent in April compared to the same period of the preceding year. 

Similarly, electricity, gas, steam, and air conditioning supply activities recorded an annual increase of 6.5 percent, while the sub-index of water supply, sewerage, and waste management, as well as remediation activities, decreased by 2.8 percent. 

GASTAT revealed that the Kingdom’s gross domestic product achieved a growth rate of 1.4 percent in the first quarter of this year, compared to the last three months of 2023. 

The authority also revealed that Saudi Arabia’s non-oil activities witnessed a growth rate of 3.4 percent year-on-year in the first quarter of 2024. 

RIYADH: Saudi Arabia’s Tadawul All Share Index started the week with the best daily performance in two years, gaining 294.72 points, or 2.55 percent, to close at 11,855.11.          

The total trading turnover of the benchmark index also recorded its second-highest trading value with SR53.9 billion ($14.3 billion) as 215 of the listed stocks advanced, while 15 retreated.      

On the other hand, the Kingdom’s parallel market Nomu also edged up 87.56 points, or 0.33 percent, to close at 26,317.99. This comes as 26 of the listed stocks advanced, while as many as 32 retreated.          

Similarly, the MSCI Tadawul Index also gained 41.45 points, or 2.86 percent, to close at 1,491.91.     

The best-performing stock of the day was Miahona Co. whose share price surged 18.21 percent to SR17.66.     

Other top performers included Wataniya Insurance Co. and Alkhorayef Water and Power Technologies Co., with their share prices soaring by 9.96 percent and 8.25 percent to reach SR28.70 and SR170.60, respectively.  

In addition to this, other top performers included Middle East Healthcare Co. and Bank Aljazira.     

The worst performer was Etihad Atheeb Telecommunication Co., whose share price dropped by 9.96 percent to SR95.80.      

Thimar Development Holding Co. as well as Dr. Soliman Abdel Kader Fakeeh Hospital Co., also saw their share prices dropping by 9.70 percent and 2.30 percent to stand at SR48.40 and SR59.50, respectively.     

Moreover, other worst performers also include MBC Group Co. and Saudi Fisheries Co.     

In Nomu, Miral Dental Clinics Co. was the top gainer with its share price rising by 14.75 percent to SR105.00.      

Other top performers on Nomu included Naba Alsaha Medical Services Co. and Al-Modawat Specialized Medical Co., with their share prices soaring by 8.91 percent and 7.81 percent to reach SR99 and SR157.40, respectively. 

Other top gainers included National Environmental Recycling Co. and Almuneef Co. for Trade, Industry, Agriculture and Contracting.         

Lana Medical Co. experienced a significant drop in its share price on Nomu, with the company’s shares falling by 11.68 percent to SR32.50.         

The share prices of Mayar Holding Co. as well as Edarat Communication and Information Technology Co. also fell by 9.74 percent and 7.78 percent to stand at SR3.43 and SR306.00, respectively.          

Other major losers included Saudi Parts Center Co. and Clean Life Co.