RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 27.67 points, or 0.23 percent, to close at 12,103.16. 

The total trading turnover of the benchmark index was SR6.09 billion ($1.62 billion), as 82 of the stocks advanced and 144 retreated. 

The Kingdom’s parallel market Nomu also lost 10.85 points, or 0.07 percent, to close at 29,248.15. This comes as 47 of the listed stocks advanced, while 31 retreated. 

The MSCI Tadawul Index lost 3.03 points, or 0.20 percent, to close at 1,518.76. 

The best-performing stock of the day was Riyadh Cement Co., whose share price surged 9.88 percent to SR32.80. 

Other top performers were Saudi Industrial Export Co. and Miahona Co., whose share prices rose by 9.76 percent and 5.81 percent to SR2.70 and SR30.95, respectively. 

The worst performer was Al-Babtain Power and Telecommunication Co., whose share price dropped 8 percent to SR39.65. 

Al-Jouf Agricultural Development Co. and Shatirah House Restaurant Co. were among the worst performers, with their share prices falling by 7.67 percent and 7.11 percent to SR62.60 and SR19.60, respectively.

On the announcements front, Al-Jouf Cement Co. released its interim consolidated financial results for the period ending Sept. 30.

According to a statement on Tadawul, the company reported a net profit of SR30 million for the first nine months of the year, marking a 30.8 percent decline compared to the same period in 2023. 

The decrease is primarily attributed to lower export sales, higher heavy fuel oil prices, and an increase in administrative expenses due to the rescheduling of credit facilities. 

Al-Jouf Cement Co. ended the session at SR10.16, down 1.38 percent. 

MBC Group Co. also announced its interim financial results for the period ending Sept. 30. A bourse filing revealed that the company recorded a net profit of SR250 million for the first nine months of the year, reflecting a 36,686 percent increase compared to the same period in 2023. 

The surge is primarily because the previous year’s results only covered the period from July to September 2023 — following the acquisition of subsidiaries — while the 2024 results account for the full nine months. 

MBC Group Co. ended the session at SR46.80, down 1.07 percent. 

Arabian Centers Co., or Cenomi Centers, reported a net profit of SR867.6 million for the first nine months of 2024, a 14.83 percent decline compared to the same period in 2023, according to a Tadawul statement. 

The drop was mainly due to higher net finance costs, increased impairment losses on receivables, and a rise in revenue and investment property gains. However, advertising, promotional, general, administrative, and other operating expenses all decreased. 

The company closed at SR21.44, down 2.17 percent. 

Fawaz Abdulaziz Alhokair Co. reported a net loss of SR48.3 million for the first nine months of the year, a 45.7 percent decline compared to the same period in 2023, according to a bourse filing. 

The loss was mainly due to a decline in gross margin, though offset by lower selling, general, and administrative expenses, higher other operating income, and reduced net finance expenses. 

The company closed at SR13.18, up 0.47 percent. 

Saudi National Bank has launched the offering of its SR-denominated Additional Tier 1 Sukuk, with a minimum subscription of SR1 million.

According to a Tadawul statement, the Sukuk’s amount and terms will be determined based on market conditions. SNB Capital Co. has been appointed as the sole lead manager, bookrunner, and lead arranger. 

The bank closed at SR33.00, up 0.92 percent. 

RIYADH: Saudi Arabia’s low-cost airline, flyadeal, will launch three new domestic routes from Dammam starting in January, aligning with the Kingdom’s Vision 2030 objectives. 

The airline will launch daily flights from Dammam to Najran and four weekly services to Tabuk on Jan. 1, followed by three weekly flights to Yanbu starting Jan. 2.

The announcement was made by Steven Greenway, CEO of flyadeal, on the sidelines of the World Travel Market in London.

Greenway said the new routes are part of flyadeal’s mission to connect smaller towns and cities across the Kingdom, catering to populations under 400,000 that are underserved yet have a growing demand for air travel.

“Having well-established bases in Riyadh and Jeddah, flyadeal is now strengthening its presence in the Eastern Province by increasing frequencies on existing routes and adding three new destinations connected to Dammam,” Greenway said.

He added: “Our new flights will facilitate travel for business and leisure purposes, support the growing desire among Saudis and international visitors to discover the rich diversity that the country offers, and attract a growing expatriate population to explore the Kingdom.”

The expansion complements Vision 2030, which seeks to diversify Saudi Arabia’s economy and transform the Kingdom into a global transportation and logistics hub.

By enhancing access to remote and economically vital cities, flyadeal supports Vision 2030 objectives to strengthen tourism, stimulate business opportunities, and increase domestic mobility.

The new routes will also advance the nation’s strategy to welcome 150 million visitors annually by 2030.

The expansion marks the first phase of flyadeal’s 2025 growth plan, which includes adding more domestic routes and launching international flights from its primary hubs in Riyadh, Jeddah, and Dammam in the coming months.

The developments align with Saudi Arabia’s broad national efforts to establish itself as a key player in the aviation sector, with enhanced infrastructure, expanded air service networks, and a focus on customer experience.

Operating from its three main bases, Riyadh, Jeddah, and Dammam, flyadeal serves nearly 30 year-round and seasonal destinations across the Kingdom and select cities in the Middle East, Europe, and North Africa.

The airline’s fleet comprises 36 modern Airbus A320 narrowbody aircraft, optimized for efficiency and passenger comfort, reinforcing Saudi Arabia’s commitment to advancing sustainable and high-quality air travel.

The new destinations, Najran, Tabuk, and Yanbu, are strategically significant. Najran, an agricultural hub in the southwest, contributes substantially to the local economy.

Tabuk serves as a gateway to the Red Sea coast and plays a pivotal role in the Kingdom’s large-scale tourism and development projects.

Yanbu, Saudi Arabia’s second-largest port in the Madinah province, is a hub for petroleum and petrochemical industries, supporting national economic objectives and Vision 2030’s goals for diversified growth.

With international routes to Amman, Cairo, and Istanbul, flyadeal positions itself as a crucial connector between the Kingdom and key regional and international destinations, advancing Vision 2030’s ambition of creating an integrated, globally connected Saudi Arabia.