RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 54.86 points, or 0.46 percent, to close at 12,025.05.
The total trading turnover of the benchmark index was SR6.02 billion ($1.60 billion), as 188 stocks advanced, while 52 retreated.
The MSCI Tadawul Index increased by 6.18 points, or 0.41 percent, to close at 1,524.34.
The Kingdom’s parallel market, Nomu, rose, gaining 98.09 points, or 0.32 percent, to close at 31,086.53. This comes as 59 stocks advanced while 26 retreated.
The best-performing stock was Zamil Industrial Investment Co., with its share price surging by 9.92 percent to SR32.70.
The worst performer of the day was SAL Saudi Logistics Services Co., whose share price fell by 3.88 percent to SR198.
On the announcements front, MBC Group Co. announced its financial results for 2024, with net profits reaching SR426.1 million, up from SR17.5 million the previous year.
The group attributed the rise to the full-year comparison versus a partial-year base in 2023 when the results only reflected the period from July to December following the subsidiaries’ acquisition. The improved performance was supported by higher revenues from SHAHID, MBC’s video-on-demand platform, as well as other commercial activity segments, particularly from broadcasting and technical services contracts.
The firm’s shares traded 0.86 percent lower on the main market to close at SR45.90.
Emaar, The Economic City, announced its annual financial results for 2024. The company’s net loss in 2024 reached SR1.1 billion, up from SR253 million in the previous year, marking a 348.6 percent change.
It attributed the net loss of SR882 million to a shift from a gross profit of SR432 million last year to a gross loss of SR119 million. This was driven by lower sales of residential properties and industrial lands, and the absence of a one-off revenue boost of SR263 million recorded in 2023.
It added in a statement on Tadawul that operating expenses rose by SR41 million on higher employee costs and marketing spending, while financial charges increased by SR136 million due to additional borrowing and higher Saudi Arabian Interbank Offered rates.
Other operating income also declined by SR102 million, weighed down by lower property disposals and the absence of non-recurring gains.
However, the higher loss was partially offset by an SR70 million reversal of expected credit loss provisions following improved collections.
The firm’s shares traded 1.51 percent lower on the main market to close at SR14.36.
Fawaz Abdulaziz Alhokair Co. also announced its annual financial results for last year. The company’s net loss decreased to SR197.5 million from SR1.1 billion in the previous year.
In a statement, the company said that the increase was driven by an accounting adjustment of SR141 million year-end adjustment as per international financial reporting standards; goodwill and other assets were assessed independently and impaired.
On another note, the Capital Market Authority has approved Specialized Medical Co.’s application to register and offer 75 million shares, representing 30 percent of its share capital, for public subscription.
The company’s prospectus, which will be released ahead of the subscription period, will provide investors with key information on its financials, activities, management, and associated risks.
The CMA emphasized in a statement that its approval does not constitute a recommendation to invest but confirms that the legal requirements have been met. The approval is valid for six months from the resolution date.
On the weekend’s trading session, Specialized Medical Co.’s shares traded 1.23 percent higher on the parallel market to close at SR16.46.
