Tadawul All Share Index Gains 78.41 Points to Close at 12,093.35 on Wednesday

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 78.41 points or 0.65 percent to close at 12,093.35 on Wednesday.

RIYADH: Saudi Arabia’s Tadawul All Share Index gained on Wednesday, with the benchmark closing 0.65 percent higher.

The index closed at 12,093.35, adding 78.41 points.

The total trading turnover of the benchmark index was SR7.57 billion ($2.02 billion), with 168 of the listed stocks advancing and 60 declining.

The Kingdom’s parallel market Nomu also gained on Wednesday, adding 22.06 points to close at 28,853.64, while the MSCI Tadawul Index edged up by 11.93 points to 1,519.76.

The best-performing stocks on the benchmark index were Al-Baha Investment and Development Co. and Tourism Enterprise Co., whose share prices surged by 10 percent and 6.32 percent, to SR0.33 and SR1.01, respectively.

The worst performer of the day was Almunajem Foods Co. The firm’s share price edged down by 7.81 percent to SR106.20.

On the announcements front, Arabian Drilling Co. reported a net profit of SR251.24 million in the first nine months of this year, representing a 40.06 percent decline compared to the same period in 2023.

In a Tadawul statement, the company attributed this net income decline to higher net finance expenses, as well as depreciation and amortization costs.

Despite the net profit drop, Arabian Drilling Co.’s share prices did not change on Wednesday and remained at SR111.60.

Saudi Arabian Mining Co., also known as Ma’aden, announced that its net profit for the first nine months of this year reached SR2.97 billion, compared to a net loss of SR83.43 million in the same period in 2023.

In a Tadawul statement, the mining firm attributed the rise in profit to higher sales prices and volumes, as well as lower depreciation expenses.

Maaden's share price edged up 4.07 percent to SR56.20.

Saudi Electricity Co. announced that its net profit for the first nine months of this year, after deducting the payments of the Mudaraba coupon, reached SR5.58 billion, marking a 21.3 percent rise compared to the same period in the previous year.

SEC’s nine-month profit rose to SR12.1 billion before Mudaraba coupon payments, up from SR10.3 billion in the same period last year.

SEC’s share price surged by 6.28 percent to SR17.26 on Wednesday.

Saudi Industrial Development Co. announced on Wednesday that it narrowed its net loss to SR20.07 million in the first nine months of this year, compared to a net loss of SR21.8 million in the year-ago period.

SIDC’s share price edged down by 0.71 percent to SR27.90.

Saudi Ground Services Co. reported a net profit of SR231.27 million in the first nine months of this year, representing a 54.33 percent year-on-year rise.

In a Tadawul statement, the company attributed this rise in net profit to an increase in both domestic and international flight operations, especially during the Hajj and Umrah seasons.

The share price of SGS did not witness any change on Wednesday, and the company closed the trading session at SR52.20.

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