Closing Bell: Saudi main index closes in green at 12,022

The best-performing stock of the day was Astra Industrial Group. Shutterstock
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RIYADH: ¶¶Òõ¶ÌÊÓƵ’s Tadawul All Share Index edged up on Thursday, gaining 3.3 points, or 0.03 percent, to close at 12,022.11.

The total trading value of the benchmark index was SR6.54 billion ($1.74 billion), with 103 listed stocks advancing, while 124 retreated.

The MSCI Tadawul Index decreased by 4.06 points, or 0.27 percent, closing at 1,507.31.

The Kingdom’s parallel market Nomu gained 356.19 points, or 1.33 percent, to close at 27,225.18, with 39 stocks advancing and 31 retreating.

The best-performing stock of the day was Astra Industrial Group, whose share price surged by 7.10 percent to SR178. 

Other top performers included Electricity and Water Utilities Co. in Jubail and Yanbu, which saw a rise of 5.95 percent to SR58.8. 

Electrical Industries Co. and Jadwa Saudi REIT Fund also recorded gains of 5.42 percent and 5.38 percent, closing at SR7.97 and SR11.36, respectively.

The worst performer was Arabian Pipes Co., with a share price decline of 5.75 percent to SR131.2. 

Americana and Arab Cooperative Insurance Co. also saw drops, with shares decreasing by 4.6 percent and 3.37 percent to SR2.28 and SR12.62, respectively. 

Methanol Chemicals Co. and Thimar Development Holding Co. also fell by 3.03 percent, closing at SR17.28 and SR41.65, respectively.

On the announcements front, Saudi National Shipping Co. reported preliminary financial results for the nine months ending Sept. 30, showing a net profit of SR1.69 billion, a 39.84 percent increase from the same period last year. 

This was attributed to improved operational performance and higher global shipping rates, especially in the chemicals and oil transportation sectors. 

The company’s stock closed at SR29, down by 1.02 percent.

Americana reported a net profit of SR440.18 million for the same period, marking a 48.22 percent annual decline. 

According to a Tadawul filing, the decline was impacted by lower earnings before interest, taxes, depreciation, and amortization, increased depreciation charges from new store openings, and the introduction of corporate tax in the UAE. 

The company’s stock ended the session at SR2.28, down 4.6 percent.

Modern Mills for Food Products Co. posted a net profit of SR157.89 million, a 4.8 percent increase from the same period last year, despite incurring a one-time finance cost of SR8.4 million due to debt restructuring. 

This growth was driven by top-line expansion, new product launches, and a favorable product mix. Its stock closed the session at SR43.9, unchanged.

Saudi Reinsurance Co. reported a net profit after zakat of SR474.95 million, reflecting a 351.33 percent increase from the same period last year. 

According to a Tadawul filing, this increase was due to several factors, including a 39 percent rise in net profit from insurance results, a 67 percent increase in insurance revenues, and a 947 percent surge in net investment profit, largely from capital gains on its Probitas Holding stake sale. 

The firm’s stock closed at SR37.15, down by 0.67 percent.