RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 263.98 points, or 2.26 percent, to close at 11,970.19.
The total trading turnover of the benchmark index was SR6.18 billion ($1.65 billion), as 239 stocks advanced, while 14 retreated.
The MSCI Tadawul Index increased by 6.13 points, or 0.41 percent, to close at 1,490.20.
The Kingdom’s parallel market, Nomu, also rose, gaining 374.70 points, or 1.22 percent, to close at 30,988.44. This comes as 56 stocks advanced, while 27 retreated.
The best-performing stock was Umm Al Qura for Development and Construction Co. with its share price surging by 14.19 percent to SR23.98.
Other top performers included Allied Cooperative Insurance Group, which saw its share price rise by 9.13 percent to SR13.86, and Nama Chemicals Co., which saw a 8.98 percent increase to SR30.95.
Gulf General Cooperative Insurance Co. saw the biggest decline of the day, with its share price slipping 2.60 percent to SR9.
The Co. for Cooperative Insurance at SR139, down 1.56 percent, and Astra Industrial Group at SR151, down 1.31 percent, both saw declines.
On the announcement front, Rawasi Albina Investment Co. reported its 2024 financial results, posting net profits of SR7.4 million, a 68.4 percent drop from the previous year. In a statement on Tadawul, the company attributed the decline to a reduced gross profit margin.
Saudi Fisheries Co. reported a net loss of SR40.9 million for 2024, an improvement from SR119.9 million the previous year, reflecting a 65.8 percent reduction. SFICO attributed the reduction to lower farm-related expenses for shrimp and fish production, a decline in operating costs amid reduced business activity, and a 27 percent drop in SG&A expenses.
Additionally, the reversal of a SR7.6 million impairment for non-financial assets contributed to the improvement, the firm said in a Tadawul statement.
However, the net margin remained negative due to fixed farm costs incurred after harvesting, increased consultancy expenses related to capital restructuring, and the recognition of SR8.98 million in provisions for inventory, supplier advances, and trade receivables.
The firm’s shares traded 2.41 percent higher on the main market to close at SR102.
Eastern Province Cement Co. also announced its annual financial results for last year. The company’s net profit surged to SR248 million from SR196 million in the previous year.
In a statement, the company said that the increase was driven by higher cement sales in both quantity and value, along with a rise in precast sales.
Additionally, reduced losses from the share in an associate company’s results, lower other expenses, realized gains from the sale of investments at fair value through profit or loss, and a decrease in zakat expenses contributed to the overall improvement.
The firm’s shares traded 4.26 percent higher on the main market to close at SR35.50.
