Saudi Stock Market Indexes Close with Mixed Results
In a rollercoaster trading session, Saudi Arabia’s Tadawul All Share Index closed at 12,369.46 points, marking a 1.13 percent increase of 137.92 points. On the other hand, the parallel market, Nomu, ended the day at 26,227.72 points, slipping by 3.11 points or 0.01 percent.
Al Rajhi Bank and Bank Albilad Report Profit Increases
In exciting news, Al Rajhi Bank announced a profit increase to SR4.4 billion for the first quarter of 2024, reflecting a 6 percent rise from the previous year. This growth was mainly driven by a 10.2 percent increase in net income from financing and investment activities.
Meanwhile, Bank Albilad also saw a profit surge of 15 percent, reaching SR643.1 million. This impressive increase was attributed to a robust performance in investment and financing assets, which saw a 21 percent income rise.
Saudi National Bank Records Marginal Profit Increase
Saudi National Bank managed to secure a slight profit rise in the first quarter, reaching SR5.04 billion. This modest increase was fueled by a significant 21.9 percent rise in special commission income, driven by growth in financing and investment portfolios.
Saudi Kayan Faces Challenges with Losses in First Quarter
Unfortunately, petrochemical company Saudi Kayan reported a loss in its first quarter results. Despite challenges, the company reduced its losses to SR571.9 million, attributing the narrowed losses to an increase in revenues from higher sales volumes.