Saudi Stock Market Update: Tadawul and Nomu
In a turbulent day of trading, Saudi Arabia’s Tadawul All Share Index closed at 12,656.94 points on Monday, marking a significant decrease of 139.15 points or 1.09 percent.
On the flip side, the parallel market, Nomu, concluded at 27,237.44, registering an impressive uptick of 397.03 points or 1.48 percent.
Financial Success Stories: Jabal Omar Development Co.
Amidst the market fluctuations, Jabal Omar Development Co. has emerged as a standout with a remarkable turnaround in its financial results for 2023. The company reported a shift from a net loss of SR352 million ($94 million) last year to a net profit of SR35.8 million this year.
The company’s revenue saw a significant increase of 56 percent compared to the previous year, driven by improvements in hotel occupancy and average room rates. The firm’s commercial centers also contributed to the overall financial growth.
One of the key factors behind the company’s net profit surge was the recognition of a gain of SR391 million from the sale of land in the Jabal Omar project. Operating expenses were also reduced by 20 percent, further enhancing profitability.
Strong Performance: Saudi Networkers Services Co.
Saudi Networkers Services Co. has unveiled its financial results for 2023, showcasing a robust performance with significant revenue and profit increases. The company’s earnings surged to SR554.7 million, driven by expanded business with existing clients and acquisition of new customers.
Gross profit and operational profit witnessed notable increases, contributing to a 21.5 percent rise in net profit. Total comprehensive income grew by 17.26 percent, translating into a positive impact on shareholder value.
Impressive Financial Results: Jamjoom Pharmaceuticals Factory Co.
Jamjoom Pharmaceuticals Factory Co. has also revealed impressive financial results for 2023, with a significant leap in revenue and net profit. The company recorded a 20.1 percent increase in earnings, attributed to enhanced sales in the Saudi market and increased exports in the Gulf region, North Africa, and Iraq.
Net profit soared by 70.7 percent, reflecting efficient expense management and a reduction in finance costs. Overall, the company’s financial growth has been substantial and promising.