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RIYADH: Saudi Arabia’s Tadawul All Share Index climbed on Wednesday, gaining 102.12 points, or 0.83 percent, to close at 12,460.11.

The total trading turnover of the benchmark index was SR8.189 billion ($2.18 billion), as 138 of the listed stocks advanced while 81 retreated.   

Similarly, the MSCI Tadawul Index increased by 9.75 points, or 0.63 percent, to close at 1,557.46.

The Kingdom’s parallel market Nomu also climbed by 144.95 points, or 0.54 percent, to close at 26,886.59. This comes as 32 of the listed stocks advanced while as many as 35 retreated.

The best-performing stock of the day was Acwa Power Co., whose share price surged by 9.7 percent to SR438.80.

Other top performers include Alkhaleej Training and Education Co. and the Mediterranean and Gulf Insurance and Reinsurance Co., whose share prices soared 8.92 percent and 8.09 percent to SR37.25 and SR34.75, respectively.

Additional top performers include Al-Baha Investment and Development Co. and Malath Cooperative Insurance Co.

The worst performer was Nahdi Medical Co., whose share price dropped by 2.48 percent to SR133.60.

Other poor performers were the Co. for Cooperative Insurance as well as Jabal Omar Development Co., whose share prices dropped by 2.42 percent and 2.32 percent to stand at SR161 and SR27.40, respectively.

Additional poor performers include United Cooperative Assurance Co. and AlSaif Stores for Development and Investment Co.  

On the announcements front, Al Rajhi Bank announced its intention to issue US-denominated additional tier-1 capital sukuk under its international additional tier-1 capital sukuk program established on April 18 following the board of directors’ decision on March 25.

The bank informed Tadawul that the value and terms of the sukuk offering would be decided based on current market conditions.

The sukuk will be issued through a special-purpose vehicle and will be accessible to qualified investors, both domestically and internationally.

The bank appointed Al Rajhi Capital, Citigroup Global Markets Ltd, Dubai Islamic Bank, and Emirates NBD, as well as Goldman Sachs International, HSBC, and Standard Chartered Bank, as joint lead managers and bookrunners for the potential offering.

Nahdi Medical Co. announced its results for interim financial results for the period ending on March 31, with revenues surging by 7.24 percent to reach SR2.257 billion, compared to SR2.105 billion in 2023.

The increase was primarily driven by a strong performance in the core pharma segment and a solid recovery in front shop segment led by the beauty categories.

However, the company’s net profits decreased in the first quarter of this year to SR232.9 million, marking a 4.67 percent decline compared to the same quarter in 2023.

Saudi Telecom Co. also announced its financial results for the same period with earnings increasing 5.07 percent compared to the same quarter last year, reaching SR19.1 billion.

Saudi Real Estate Co. also announced its financial results for the same period, with revenues surging by 8.8 percent to reach SR427.6 million, compared to SR393 million in 2023.

The revenue growth was mainly attributed to the increase in stc Saudi Arabia earnings by 1.2 percent, driven by the rise in commercial unit revenues by 6.7 percent and carriers and wholesale unit incomes by 5.7 percent, which offset the decline in business unit revenues. 

Furthermore, stc’s subsidiaries’ gains also increased by 13 percent.

Halwani Bros. Co.’s earnings increased by 5.93 percent to SR270.36 billion compared to SR255.22 billion in its interim financial results, which ended March 31.

The reason for the increase in sales during the current quarter compared to the same period of the previous year is due to a rise in the company’s transactions in the Kingdom and its subsidiary in Egypt.

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