Saudi Stock Market Experiences Mixed Performance as Companies Release Quarterly Results

(MENAFN) On Tuesday, Saudi Arabia's Tadawul All Share Index closed at 11,275.77, marking a decline of 0.47 percent or 53.42 points. The parallel market, Nomu, on the other hand, rebounded after a previous loss, with a significant increase of 230.64 points, closing at 20,834.64 on May 23. The MSCI Tadawul Index also experienced a drop of 0.73 percent, reaching 1,509.98. Overall, the benchmark index recorded a trading turnover of SR6.64 billion (USD1.77 billion).

Among the listed companies, East Pipes Integrated Co. for Industry emerged as the top performer, with its share price surging by 7.55 percent to reach SR65.50. Saudi Fisheries Co. and Bawan Co. also witnessed notable gains, with their share prices jumping by 5.57 percent and 4.33 percent, respectively. On the other end of the spectrum, Ayyan Investment Co. experienced a dip in its share price, declining by 6.71 percent to SR18.64.

In terms of corporate announcements, BinDawood Holding reported a 20.25 percent decrease in net profit for the first quarter, amounting to SR52.20 million compared to SR65.45 million in the same period last year. As a result, the company's share price dropped by 2.69 percent to SR68.80. Abdulmohsen Alhokair Group for Tourism and Development also disclosed a deepened net loss in the first quarter, with SR34.34 million compared to SR31.99 million in the same quarter of 2022. This announcement led to a 1.79 percent decline in the firm's share price, closing at SR27.40.

Thimar Development Holding Co. experienced a net loss of SR784,636 in the first quarter of 2023, a significant shift from a net profit of SR2.55 million in the same period of 2022. The company attributed this loss to a 5 percent drop in year-on-year revenue, resulting in a 2.14 percent decrease in its share price, settling at SR36.55. Similarly, Al Abdullatif Industrial Investment Co. widened its net loss in the first quarter to SR20 million, compared to the SR11 million net loss reported in the same quarter of the previous year. This announcement led to a 2 percent slip in the company's share price, closing at SR19.58. On a positive note, Al Gassim Investment Holding Co. reported a net profit of SR560,611 in the first quarter, a significant turnaround from the net loss of SR469,177 in the same period last year. As a result, the company's share price increased by 0.39 percent, reaching SR25.5.

The performance of Saudi Arabia's stock market was mixed, with certain companies experiencing gains while others faced challenges. Quarterly results and financial announcements played a significant role in influencing the share prices of various listed companies. Investors closely monitored these developments as they navigated the market and made investment decisions based on the reported outcomes.

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