News Oil Updates – prices fall on China demand worries

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 40.74 points, or 0.32 percent, to close at 12,618.62. 

The total trading turnover of the benchmark index was SR7.59 billion ($2.02 billion) as 151 of the stocks advanced, while 66 retreated.  

On the other hand, the Kingdom’s parallel market Nomu slipped 129.53 points, or 0.49 percent, to close at 26,324.59. This comes as 21 of the stocks advanced, while as many as 40 retreated. 

Meanwhile, the MSCI Tadawul Index rose 0.65 points, or 0.04 percent, to close at 1,603.58. 

The best-performing stock of the day was Saudi Steel Pipe Co. The company’s share price surged 10 percent to SR67.10. 

Other top performers included Saudi Chemical Co. as well as East Pipes Integrated Co. for Industry. 

The worst performer was Arabian Contracting Services Co. whose share price dropped by 10 percent to SR232.2. 

On the announcements front, Saudi Tadawul Group Holding Co. has announced its annual financial results for the year ending on Dec. 31, 2023. 

According to a Tadawul statement, the entity’s net profit hit SR390.1 million during the period, down 8.12 percent in comparison to 2022 figures. The drop is mainly attributed to a decrease in operating revenue along with a surge in operating expenses. 

Moreover, the group has also announced the board of director’s decision to distribute SR276 million in cash dividends to shareholders for the fiscal year 2023. 

A bourse filing revealed that the total number of shares eligible for dividends amounted to 120 million, with the dividend per share standing at SR2.30. The statement also revealed that the percentage of dividends to the share par value stood at 23 percent. 

Additionally, Arabian Internet and Communications Services Co. has announced the signing of a framework agreement with Saudi Aramco for Computing Devices to provide, distribute, and maintain the computing devices and its accessories for Saudi Aramco. 

According to a Tadawul statement, the agreement value may exceed 5 percent of solutions’ revenues as per the latest audited annual financial statements for the year 2023. 

Furthermore, Saudi Aramco has also announced its annual financial results for the year ending on Dec. 31, 2023. 

A bourse filing revealed that the firm’s net profit dropped 24.71 percent to reach SR454.76 billion in 2023 compared to 2022 figures.  

The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold as well as weakening refining and chemicals margins. This was partially offset by a decrease in production royalties, along with lower income taxes and zakat. 

Meanwhile, Lana Medical Co. has announced the opening and operation of the high-risk medical waste treatment plant in the Industrial City of Hail. 

The announcement comes after Lana obtained all the necessary approvals, licenses, and certificates from the relevant authorities. 

The station will serve the Hail region and the north of the Kingdom. It includes a group of high-standard facilities and equipment to serve the health and environmental sectors.