https://arab.news/g83fg
RIYADH: Saudi Arabia’s Tadawul All Share Index saw a positive close on Sunday, gaining 127.90 points, or 1.09 percent, to settle at 11,853.78.
The benchmark index recorded a trading turnover of SR4.67 billion ($1.24 billion), with 207 stocks advancing and 35 declining.
Similarly, the Kingdom’s parallel market, Nomu, also posted gains, rising by 139.42 points, or 0.45 percent, to close at 31,275.27. In this market, 50 stocks rose while 30 saw declines. The MSCI Tadawul Index followed suit, gaining 15.52 points, or 1.05 percent, to close at 1,494.79.
Arriyadh Development Co. was the top performer of the day, with its share price soaring by 9.91 percent to SR36.05.
Other notable gainers included Saudi Research and Media Group, whose shares climbed 7.97 percent to SR189.60, and Banan Real Estate Co., which saw a 6.27 percent rise, closing at SR6.95.
On the downside, Saudi Paper Manufacturing Co. experienced the largest drop, falling 3.62 percent to SR58.50. Al-Baha Investment and Development Co. also saw a decline of 2.56 percent, with its shares ending at SR0.38.
Meanwhile, Tihama Advertising and Public Relations Co. saw a 1.84 percent decrease, closing at SR16.
Saudi Reinsurance Co. announced its annual financial results for the year ending Dec. 31.
The company reported a net profit of SR440 million for 2024, a remarkable 628 percent increase compared to 2023. This surge was primarily driven by capital gains from the sale of its stake in Probitas Holding, which amounted to SR365.9 million.
Additionally, the company’s board of directors recommended a 46.6 percent increase in capital by distributing 51.48 million bonus shares to shareholders, translating to four shares for every nine held.
The increase also includes 2.5 million shares allocated for a long-term incentive plan for employees, boosting the company’s capital by an additional 2.16 percent. Despite these strong results, Saudi Reinsurance Co. saw its share price dip by 0.53 percent, closing at SR48.10.
Najran Cement Co. also released its annual financial results for the year ending Dec. 31. The company reported a net profit of SR68.4 million for 2024, reflecting a 24.05 percent increase from 2023. This growth was driven by higher sales and improved gross margins, despite rising general and administrative expenses and finance costs. Najran Cement Co.’s stock rose by 3.34 percent, closing at SR8.75.