RIYADH: Saudi Arabia’s Tadawul All Share Index on Monday rose 100.30 points — or 0.96 percent — to close at 10,519.74.
While MSCI Tadawul 30 Index gained 1 percent to 1,438.94, the parallel market Nomu closed 0.49 percent lower at 19,441.04.
TASI’s total trading turnover of the benchmark index was SR4.53 billion ($1.21 billion) as 147 stocks of the listed 224 advanced and 61 receded.
Riyadh Cables Group Co. was the best performer on Monday as its share price surged 9.99 percent to SR48.45.
Riyad Bank was the second-best performer as its share price jumped 6.13 percent to SR28.55. The lender also reported a 16.5 percent rise in 2022 net profit to SR7.01 billion from SR6.02 billion in 2021, driven by higher total operating income despite being partially offset by increased operating expenses.
The bank’s earnings per share increased to SR2.32 in the year ended Dec. 31, 2022, from SR2.01 in the year-ago period. Its clients’ deposits in 2022 increased 13.38 percent to SR240 billion from SR211.67 billion in 2021.
The other top performers included Elm Co., Ash-Sharqiyah Development Co. and Al Gassim Investment Holding Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. was the worst performer on Monday as its share price tanked nearly 10 percent to SR8.75.
The insurer told the stock exchange that net loss is likely to exceed 10 percent of its net assets, based on an analysis of its pre-audited balance sheet for the fourth quarter of 2022. If realized, this loss may adversely impact the company’s solvency under the Saudi Central Bank regulations.
The other poor-performing stocks were Salama Cooperative Insurance Co., Buruj Cooperative Insurance Co., Al Sagr Cooperative Insurance Co. and Tihama Advertising and Public Relations Co.
Among sectoral indices, 18 of the 21 listed on the stock exchange advanced while the rest declined.
On the announcements front, Saudi Arabian Mining Co., also known as Maaden, informed the exchange that it posted a 78.26 percent increase in net profit after zakat and tax to SR9.31 billion in 2022 from SR5.22 billion a year earlier.
Total sales increased 50.46 percent to SR40.27 billion in 2022 from SR26.76 billion. Earnings per share rose to SR3.79 from SR2.12 during the period under review.
The company’s board of directors also recommended increasing capital by 50 percent, through a one-for-two bonus share distribution, according to a filing to Tadawul.
It further said that the capital hike would be financed by capitalizing SR12.31 billion from the statutory reserve and retained earnings. However, Maaden’s share price fell 0.43 percent to SR70.
KEIR International Co. received a letter of award on Feb. 12 to connect electricity and telecommunications between the Heet water treatment plant and another plant in the Al-Kharj region for SR24.38 million. The project includes carrying out the infrastructure works for a 33KV medium voltage electricity network, the company said in a statement on Tadawul. Its share price increased 0.56 percent to SR89.50.
Meanwhile, Knowledge Tower Trading Co.’s shareholders approved the board’s recommendation to distribute a cash dividend at 12.5 percent of capital, or SR1.25 per share, for the fiscal year ending on March 31, 2022.
