Pakistan in talks with IMF for up to $1.5 billion in climate financing — official

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 68.58 points, or 0.56 percent, to close at 12,232.65.  

The total trading turnover of the benchmark index was SR5.80 billion ($1.54 billion), as 95 stocks advanced, while 141 retreated.     

The MSCI Tadawul Index also decreased by 10.34 points, or 0.67 percent, to close at 1,532.52.  

Nomu, the Kingdom’s parallel market, rose, gaining 13.50 points, or 0.04 percent, to close at 31,286.23. This comes as 43 stocks advanced, while 33 retreated.  

The best-performing stock was CHUBB Arabia Cooperative Insurance Co., with its share price surging by 10 percent to SR47.85.  

Other top performers included Naseej International Trading Co., which saw its share price rise by 9.64 percent to SR104.60, and East Pipes Integrated Co. for Industry which saw a 4.11 percent increase to SR162.  

Saudi Telecom Co. was also among the top performers with a 3.58 percent increase to reach SR46.30. Jamjoom Pharmaceuticals Factory Co. also increased by 3.11 percent to reach SR172.20.  

The biggest decliner of the day was Saudi Ceramic Co., with its share price dropping 5.29 percent to SR28.65. 

Yanbu National Petrochemical Co. fell 4.21 percent to SR35.25, while Saudi Industrial Investment Group dropped 3.33 percent to SR17.42. 

Arriyadh Development Co. dropped 3.23 percent to SR33, while Saudia Dairy and Foodstuff Co. declined 3.03 percent to SR306.80. 

On the announcements front, Almoosa Health Co. reported a 22.8 percent year-on-year revenue growth in 2024, reaching SR1.20 billion, driven by increased patient volume, higher outpatient revenue, an expanded specialty mix, and a strategic focus on high-end tertiary care.   

The company’s fourth quarter revenue rose 21.7 percent year on year, reflecting strong performance across all segments.  

Almoosa Health maintained profitability despite rising costs, with the cost of revenue increasing by 23.6 percent for 2024 and 25 percent in fourth quarter due to business expansion and increased patient volumes.   

Almoosa Health Co.’s share price dropped 1.12 percent on Wednesday to settle at SR159.20.  

In other financial disclosures, stc reported key financial highlights for 2024, with revenues reaching SR75.9 billion, a 5.7 percent increase from 2023.   

The company’s net profit surged 85.7 percent to SR24.7 billion in 2024. It also announced a fourth-quarter dividend distribution of SR0.55 per share, in line with its approved dividend policy, along with an additional cash dividend of SR2 per share.  

Rasan Information Technology Co. reported strong financial results for the fiscal year 2024, with revenue increasing 39.8 percent year on year to SR358.3 million, up from SR256.2 million in the previous year.   

The company attributed this growth to a 25 percent rise in insurance policy sales, particularly in medical insurance, which saw a 69 percent increase despite a decline in average written premiums.   

Additionally, the launch of new products, expanded cross-selling initiatives, and a strengthened network of strategic partners contributed to revenue growth.  

Its net profit for 2024 more than doubled, increasing 106.2 percent to SR94.7 million, compared to SR46.0 million in 2023.   

The company credited this profit growth to an 8.6 percentage point increase in gross profit margin, which reached 66.5 percent in 2024.   

Rasan’s share price dropped by 0.91 percent on Wednesday to settle at SR87.  

Halwani Bros. Co. reported a 9.8 percent year-on-year increase in revenue for 2024, reaching SR969.1 million, compared to SR882.7 million in the previous year.   

The company attributed this growth to higher sales in Saudi Arabia, increased export sales, and geographical expansion through enhanced sales channels and restructuring of the sales department.  

Its net profit rebounded significantly, reaching SR44.7 million, compared to a net loss of SR98 million in 2023.   

The company credited this turnaround to higher domestic and export sales, a better sales mix, reduced selling and administrative expenses, and a SR5.4 million boost from the reversal of certain provisions.  

Halwani Bros. Co.’s share price dropped 0.18 percent on Wednesday to settle at SR56.60. 

ABU DHABI: Egypt aims to move state-owned enterprises to be managed by the country’s sovereign wealth fund, to maximize the return on state assets, Investment Minister Hassan El-Khatib said on Wednesday.

Egypt has been divesting state assets under a program to boost the role of the private sector, a requirement imposed by the International Monetary Fund for an expanded $8 billion loan.

“I want to move the state-owned enterprises in batches to the (sovereign wealth) fund to manage, to maximize the return on, say, state assets,” Khatib told the Investopia 2025 conference in Abu Dhabi.

Egypt’s $12 billion sovereign wealth fund was established in 2018 in an aim to foster private sector partnerships and help foreign investment to flow into state-owned companies. But the government and military have been hesitant to relinquish control over some assets.

However, the government has been trying expedite the program, seeking to sell stakes in at least 10 companies in 2025, including two military-owned companies.

“I see we have a lot of good companies. As we move them, get the private sector to run them, have the proper governance, partner with the private sector, list in some cases. So the perception of the sovereign wealth fund will be maximization of yield on the return value and the valuation,” Khatib added.