The Saudi stock market witnessed an upward trajectory on Sunday, with the Tadawul All Share Index climbing by 102.61 points, a 0.84 percent increase, to end at 12,264.17. The market saw robust trading activity, with a total turnover of around SR6.96 billion, equivalent to $1.85 billion. With positive sentiment prevailing, 132 companies on the index experienced gains, while 80 saw their stock values decline.
The MSCI Tadawul Index mirrored this positive movement, edging up by 14.15 points or 0.89 percent to conclude at 1,597.33. In a contrasting scenario, the Nomu, Saudi Arabia’s parallel market, experienced a dip, shedding 228.10 points or 0.90 percent to close at 25,020.60, with 30 companies recording gains against 25 decliners.
Leading the pack in terms of performance was AlJazira REIT, which witnessed its shares skyrocket by 9.96 percent to SR18.10, marking a peak that hadn’t been seen in over twelve months. Bank Aljazira and MBC Group Co. also stood out, with their shares surging by 9.20 percent and 7.53 percent, reaching SR21.12 and SR62.80 respectively. Not to be overlooked, LIVA Insurance Co. and Savola Group were also among the top performers.
On the other end of the spectrum, Abdulmohsen Alhokair Group for Tourism and Development emerged as the least favorable performer, with its stock price declining by 3.89 percent to SR2.72. Joining the list of decliners were Sinad Holding Co. and Fawaz Abdulaziz Alhokair Co., whose share prices fell by 2.65 percent and 2.04 percent, settling at SR13.20 and SR17.28, respectively. National Medical Care Co. and Ash-Sharqiyah Development Co. were also categorized among the worst performers.
In the realm of corporate developments, Lana Co. announced the procurement of Saham Environmental Services Co. for SR5 million as part of its drive to expand in the environmental sector. This acquisition is set to enhance Lana’s portfolio of environmental services and is in line with the goals of Saudi Vision 2030. The financial implications of this deal are expected to be reflected in the first quarter results of 2024 and will be funded through the company’s internal cash flows.
Another significant announcement came from Aldrees Petroleum and Transport Services Co., which disclosed its decision to augment its capital from SR750 million to SR1 billion, a 33.33 percent increase. This move corresponds to the issuance of additional shares, raising the total count from 75 million to 100 million. The capital boost is intended to support Aldrees’ ongoing growth trajectory and expansion initiatives.
Aldrees Petroleum and Transport Services Co. reported a 16.13 percent climb in net profit for 2023, reaching SR280.8 million in contrast to SR241.8 million the previous year. The company’s revenue for 2023 also grew by 20.05 percent to SR14.83 billion, up from SR12.35 billion in 2022, a rise attributed to the expansion of service stations and the enhancement of logistic operations in the transportation sector. Additionally, the company experienced a slight increase of 0.97 percent in net profit in the final quarter of 2023, hitting SR72.5 million, with fourth-quarter revenues also up by 18.59 percent at SR3.95 billion compared to the same period in 2022.