Saudi Stock Market Sees Mixed Results as Tadawul Index Gains
The Saudi stock market experienced a mixed day of trading, with the Tadawul All Share Index gaining 20.95 points, or 0.18 percent, to close at 11,725.88 on Thursday. This upward trend was not seen across all sectors, however, as the Kingdom’s parallel market, Nomu, slipped by 37.56 points, or 0.12 percent, closing at 31,135.85.
Tadawul Index Sees Gains Amidst Strong Trading Volume
The MSCI Tadawul Index also saw an increase of 2.36 points, or 0.16 percent, to close at 1,479.27. This growth can be attributed in part to the strong trading volume of SR6.20 billion ($1.65 billion), which is a significant contributor to the overall market performance.
Top-Performing Stocks Drive Market Gains
Rasan Information Technology Co. was the top-performing stock of the day, with its share price surging by 9.87 percent to SR79. Other strong performers included Saudi Chemical Co., whose share price climbed by 5.89 percent to SR8.45, and Saudi Research and Media Group, which gained 5.66 percent, reaching SR175.60.
Declining Stocks Offset Gains in Key Industries
Not all stocks saw gains, however. Nice One Beauty Digital Marketing Co. was the worst performer, with its share price dropping by 4.99 percent to SR40.90. National Shipping Co. of Saudi Arabia and Alandalus Property Co. also faced declines, with their shares falling by 4.29 percent and 3.55 percent, respectively, to SR29 and SR23.90.
Company Announcements Drive Market Movement
On the announcements front, First Milling Co. reported a net profit of SR250.9 million for 2024, marking a 13.9 percent increase compared to the previous year. The company attributed this growth to higher sales, improved product mixes and pricing, as well as the introduction of new products.
Key Factors Contribute to Company’s Growth
The continued growth in small-pack goods, which offer higher profit margins, alongside efficiency improvements, cost leadership, and enhanced cash management, contributed to the rise. Increased interest income from Shariah-compliant Murabaha deposits also played a significant role in the company’s success.
Umm Al-Qura Cement Co. Reports Impressive Results
Umm Al-Qura Cement Co. also reported impressive results, with a net profit of SR47.7 million for 2024, a staggering 1,107 percent increase from the previous year’s SR3.9 million. This growth was driven by higher sales volumes and values, as well as reductions in administrative expenses, financing costs, and zakat.
Mixed Market Reaction to Company Announcements
Despite the strong performance of First Milling Co., its share price remained unchanged at SR60.90 during today’s trading. Umm Al-Qura Cement Co.’s shares, on the other hand, fell by 1.98 percent, closing at SR18.78.
ADES Holding Co. Receives Shariah Evaluation Report
Lastly, ADES Holding Co. announced that it had received a Shariah Evaluation Report confirming its compliance with Islamic guidelines for the year ending Dec. 31. The report, issued by the Shariyah Review Bureau, affirmed that the company’s activities aligned with Shariah standards.
Conclusion
The Saudi stock market experienced a mixed day of trading on Thursday, with the Tadawul All Share Index gaining 20.95 points and the MSCI Tadawul Index increasing by 2.36 points. Strong performing stocks like Rasan Information Technology Co., Saudi Chemical Co., and Saudi Research and Media Group drove gains in key industries. However, declining stocks like Nice One Beauty Digital Marketing Co., National Shipping Co. of Saudi Arabia, and Alandalus Property Co. offset these gains. Company announcements from First Milling Co., Umm Al-Qura Cement Co., and ADES Holding Co. also played a significant role in shaping the market’s performance. As always, investors should remain vigilant and monitor market developments closely to make informed investment decisions.