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08-05-23
Saudi Arabia's Stock Market Shows Growth as Top Companies Report Strong Q1 Results
(MENAFN) On Sunday, Saudi Arabia's Tadawul All Share Index closed at 11,258.22, up 1.24 percent or 137.88 points, with 173 of the 224 stocks showing gains. The Nomu parallel market also advanced by 198.80 points to reach 21,094.37, while the MSCI Tadawul Index inched up 18.53 points to finish at 1,516.45. The benchmark index's total trading turnover value was SR4.95 billion ($1.32 billion).
The day's top performer was Salama Cooperative Insurance Co., whose share price closed 9.98 percent higher at SR19.18. Other top performers were Saudi Chemical Co., Saudi British Bank, and Middle East Paper Co., with their share prices rising by 6.49 percent, 6.04 percent, and 5.69 percent, respectively. Bank Aljazira was the worst performer, with its share price dropping by 4.21 percent to SR18.20.
In the announcements front, Saudi British Bank reported a net profit of SR1.76 billion in the first quarter of 2023, marking a 76 percent increase from SR1 billion in the year-ago period. The higher total operating income spurred this growth.
Riyadh Cables Group Co. also reported strong Q1 results. The cable manufacturer's net profit increased by 48 percent to reach SR125 million from SR84.5 million in the year-ago period. The company's revenues also saw significant growth, jumping by 24.1 percent to SR1.94 billion from SR1.56 billion during the period under review.
These strong Q1 results from top companies have contributed to the growth of Saudi Arabia's stock market. The government's efforts to diversify the economy and attract foreign investment have also played a crucial role in the growth of the stock market. The Kingdom has been working to reduce its dependence on oil and promote the growth of other sectors, such as technology and tourism. This has led to an increase in foreign investment, creating more job opportunities and contributing to the country's economic development.
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