RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 18.84 points, or 0.15 percent, to close at 12,439.48.
The main index saw a total trading turnover of SR8.878 billion ($2.36 billion), with 58 stocks advancing and 174 retreating.
The Kingdom’s parallel market, Nomu, also gained 25.69 points to close at 31,048.66. The MSCI Tadawul Index rose by 3.99 percent to close at 1,548.14.
The best-performing stock on the main market was Al Rajhi Bank, with its share price surging by 4.69 percent to SR100.4.
MBC Group Co. also emerged as a top gainer, with its share price increasing by 4.36 percent to SR55.10.
The share price of Bank Aljazira also rose by 3.96 percent to SR18.92.
Conversely, Bupa Arabia for Cooperative Insurance Co. saw its stock price decline by 7.09 percent to close at SR194.
On Nomu, Twareat Medical Care Co. saw the highest gain, with a 30 percent increase, reaching SR15.60.
Al Rashid Industrial Co. was the worst performer on Nomu, declining by 5.20 percent to SR47.40.
On the announcements front, Al Rajhi Bank reported a net profit of SR19.72 billion for the fiscal year ending Dec. 31, marking an 18.66 percent increase compared to 2023.
According to the bank’s statement on Tadawul, the surge was driven by an increase in net income attributable to the bank’s equity holders by 5.9 percent, reaching SR21.2 billion due to the rise in total operating income by 4.2 percent.
The Saudi National Bank also announced its annual financial results for the same period, with net profit reaching SR21.193 billion and marking an increase of 5.91 percent.
Shares of the Saudi National Bank ended the session at SR34.05, down 2.85 percent.
Bupa Arabia for Cooperative Insurance Co.’s annual financial results for the period ending Dec. 31 reported a net profit of SR1.16 billion, marking a 24.02 percent increase compared to the year before.
The insurance company said in a statement on Tadawul that the increase was primarily driven by business growth and a boost in the number of insured lives.
Additionally, the net investment results for the year amounted to SR672.37 million, compared to SR513.28 million in the previous year, recording a 30.99 percent increase.
The Saudi Investment Bank also reported an 11.07 percent increase in net profit during the fiscal year ending Dec. 31, reaching SR1.95 billion compared to the same period in 2023.
This growth was mainly due to an increase in total operating income, as well as a decrease in provisions for credit and other losses.
Saudi Investment Bank shares closed at SR15.04, up 0.27 percent.
Other banks, including Banque Saudi Fransi and Alinma Bank, also announced their financial results for the same period.
Banque Saudi Fransi reported a 7.6 percent increase in net profit for the period, reaching SR 4.54 billion compared to 2023. The bank attributed this growth to a 3.6 percent rise in total operating income, alongside a 0.6 percent reduction in operating expenses. Despite the positive results, Banque Saudi Fransi’s stock closed at SR 16, down 0.12 percent.
Similarly, Alinma Bank saw a significant 20.51 percent increase in net profit for the fiscal year ending Dec. 31, 2024, reaching SR 5.83 billion.
The bank cited a 12.5 percent rise in total operating income, driven by higher net income from financing and investment, fee income, exchange income, and FVSI income. This was partially offset by a decline in other operating income. Alinma Bank’s shares closed at SR 30.55, up 1.83 percent.
