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  • 06-03-23

    Saudi Arabia's Tadawul All Share Index Continues Upward Trend, Led by Top Performer Themar Development Holding Co.

    (MENAFN) On Sunday, Saudi Arabia's Tadawul All Share Index extended its gains for the fourth consecutive session, rising by 117.26 points or 1.14 percent to close at 10,411.26. This marks a continuation of the rally that began on February 28. Meanwhile, the MSCI Tadawul 30 Index remained steady at 1,397.62, while the parallel market Nomu dropped by 0.84 percent to close at 18,959.37. The total trading turnover for TASI's benchmark index was SR3.33 billion ($890 million), with 161 out of the 224 listed stocks rising and 45 falling.

    Themar Development Holding Co. emerged as the top performer, with its share price surging by 9.94 percent to SR20.80. The other top performers were Arabian Pipes Co., Al Kathiri Holding Co., National Medical Care Co., and Naqi Water Co. Meanwhile, the worst performer was The Co. for Cooperative Insurance, whose share price fell by 3 percent to SR92.60.

    In other news, Al Jouf Agricultural Development Co. announced that it had more than doubled its net profit in 2022 to SR51 million from SR17.4 million in 2021, largely due to increased sales and a decrease in the cost of some products, resulting in improved operating profit and profit margin. The company's revenues also increased by 5 percent, rising from SR312.66 million in 2021 to SR342 million in 2022. Earnings per share also increased from SR0.58 in 2021 to SR1.7 in 2022. The board of directors of Al Jouf Agricultural Development Co. recommended a 5 percent cash dividend for the second half of 2022, totaling SR15 million, or SR0.5 per share. As a result of this announcement, the company's share price rose slightly to SR52.5.

    Overall, the Tadawul All Share Index's upward momentum appears to be driven by the continued success of several top-performing companies, as well as positive news from individual companies, such as Al Jouf Agricultural Development Co.

    MENAFN06032023000045012476ID1105711053

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