Closing Bell: Saudi Main Index Closes In Red At 11,811

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 87.75 points, or 0.74 percent, to close at 11,811.11.

The total trading turnover of the benchmark index was SR7.08 billion ($1.88 billion), as 47 of the listed stocks advanced, while 198 retreated.   

The MSCI Tadawul Index decreased by 9.34 points, or 0.62 percent, to close at 1,490.08.

The Kingdom’s parallel market Nomu dipped, losing 258.75 points, or 0.82 percent, to close at 31,296.73. This comes as 34 of the listed stocks advanced while 49 retreated.

The best-performing stock was Tanmiah Food Co., with its share price surging by 4.7 percent to SR127.

Other top performers included Malath Cooperative Insurance Co., which saw its share price rise by 4.30 percent to SR13.58, and Almasane Alkobra Mining Co., which saw a 3.70 percent increase to SR56.

Mouwasat Medical Services Co. saw the biggest decline of the day, with its share price dropping 9.34 percent to SR75.70.

Walaa Cooperative Insurance Co. fell 8.02 percent to SR18.82, while Al-Majed Oud Co. dropped 7.42 percent to SR132.20.

On the announcements front, Al-Majed Oud Co. released its financial results for 2024, with net profits reaching SR156.9 million, up by 5.5 percent compared to the previous year.

In a statement on Tadawul, the company attributed the increase to a surge in sales through geographic expansion and opening new stores, as well as launching new products and an uptick in the e-commerce business. 

In another announcement, Jabal Omar Development Co. declared its annual financial results for 2024. 

The company’s net profit in 2024 reached SR200 million, up from SR37.4 million in the previous year, marking a 433.8 percent surge.

The firm said in a statement that this surge was attributed to a growth in revenue by SR575 million, driven by the improved operations of two new hotels, Address Jabal Omar and Jumeirah Jabal Omar, along with a significant rise in hotel occupancy and commercial center revenues. 

Additionally, the company recognized SR748 million in other operating income from the sale of land in the Jabal Omar project. This surge was achieved despite a rise in general and administrative expenses.

The firm’s shares traded 3.07 percent lower on the main market to close at SR25.30.

Basic Chemical Industries Co. also announced its financial results for the previous year, with net profits reaching SR40.3 million, down by 8.1 percent compared to 2023.

In a statement on Tadawul, the company attributed the decrease in profit to an increase in general and administrative expenses, zakat tax, and a drop in profits from the sale of fixed assets and other operating income.

The firm’s shares traded 1.56 percent lower on the main market to close at SR28.40.