Saudi Stock Exchange Update: Tadawul All Share Index Sees Growth
In the latest trading session, Saudi Arabia’s Tadawul All Share Index closed at 12,259.60 points, marking a 0.35 percent increase with a gain of 42.55 points.
Nomu Market and MSCI Tadawul Index Performance
The parallel market, Nomu, ended the day at 26,859.37 points, experiencing a decline of 336.56 points or 1.24 percent. On the other hand, the MSCI Tadawul Index grew by 5.34 points to close at 1,535.83, showing a 0.35 percent increase.
Trading Volume and Stock Movement
TASI reported a trading volume of SR7 billion ($1.86 billion) with 85 stocks making gains and 134 witnessing declines. Nomu, however, saw a trading volume of SR28 million.
Financial Results of ADES and Abdullah Al Othaim Markets Co.
ADES reported a significant revenue increase of 60.5 percent year on year to SR1.53 billion in the first quarter of 2024. This growth was driven by the deployment of all 19 rigs for the Aramco megaproject. Abdullah Al Othaim Markets Co. witnessed a 3 percent drop in profits despite an increase in revenue, attributing it to higher expenses.
Revenue Growth in Saudi Ground Services Co. and Riyadh Cables Group Co.
Saudi Ground Services Co. saw an increase in revenue with total earnings reaching SR653.2 million, marking a 15.8 percent rise. Riyadh Cables Group Co. reported a profit increase to SR169 million in the first quarter of 2024, up 35.3 percent from the same period last year.
Ma’aden’s Financial Performance
Saudi Arabian Mining Co., also known as Ma’aden, reported a significant increase in net profits despite a drop in revenue for the first quarter of 2024. The company’s net profits surged to SR981 million, a 134 percent increase compared to the previous year, driven by various factors including higher sales volumes and reduced costs.