The Tadawul All Share Index in Saudi Arabia experienced an uplift on a recent trading day, adding 22.44 points, which equates to a 0.18 percent increase, concluding the session at 12,607.98. The volume of transactions on the benchmark index reached SR7.35 billion (approximately $1.96 billion), with 155 stocks climbing and 62 declining.
Correspondingly, the MSCI Tadawul Index witnessed a modest rise of 1.57 points, or 0.10 percent, closing at 1,591.48. In parallel, the Saudi Nomu market experienced a significant surge, climbing by 350.14 points or 1.31 percent, to settle at 27,008.60, as 43 stocks posted gains against 19 that fell.
Modern Mills for Food Products Co. stood out as the day’s top performer, with its shares rocketing by 30 percent to SR62.4 in its maiden trading session on the main Saudi market. Other standout performers included Saudi Advanced Industries Co. and Saudi Cable Co., whose shares jumped by 9.92 percent and 9.9 percent to SR41.55 and SR101, respectively. Sustained Infrastructure Holding Co. and Red Sea International Co. also exhibited strong performances.
Conversely, Alkhaleej Training and Education Co. had a less favorable day, with its share price tumbling by 9.90 percent down to SR31.85.
Noteworthy announcements included the market debut of Saudi Arabia’s Modern Mills for Food Products Co. on the main market. Additionally, Taiba Investments Co. reported a jump in annual revenues to SR536.4 million for the year ending December 31, 2023, a rise from SR330.2 million the previous year, largely due to its acquisition of Dur Hospitality Co. and an increase in real estate leasing revenues. However, net profits dipped to SR109.8 million from SR139.57 million, affected by acquisition costs and heightened legal provisions.
BinDawood Holding Co. also released financial figures for 2023, showcasing a revenue hike to SR5.6 billion from SR4.8 billion the previous year, credited to strong performance from BinDawood and Danube stores. The firm’s net profits soared to SR275 million from SR124.7 million in 2022, with the company highlighting that this increase did not factor in rent relief, which had amounted to SR57.2 million in 2022.
Lastly, MBC Group Co. detailed revenues of SR1.7 million and net profits of SR17,555 for 2023. However, these figures lack a comparative period as they cover from the group’s establishment on April 20, 2023, to the end of the year on December 31, 2023.