RIYADH: Saudi Arabia’s Tadawul All Share Index (TASI) ended on a positive note on Monday, gaining 88.36 points, or 0.73 percent, closing at 12,123.81. The trading turnover for the benchmark index reached SR6.1 billion ($1.6 billion), with 138 listed stocks advancing while 99 retreated.
Similarly, the MSCI Tadawul Index increased by 13.74 points, or 0.91 percent, closing at 1,525.96. The parallel market, Nomu, also saw an uptick, gaining 113.62 points, or 0.36 percent, to finish at 31,695.97, as 39 of its listed stocks advanced, and 36 declined.
Sustained Infrastructure Holding Co. was the standout performer of the day, with its share price rising by 6.82 percent to SR32.10. Other notable gainers included BAAN Holding Group Co., which saw a 6.11 percent increase to SR2.43, and Al-Baha Investment and Development Co., up by 5.26 percent to SR0.40. Riyad Bank and Lazurde Co. for Jewelry also posted strong gains of 4.91 percent and 4.87 percent, respectively.
On the other hand, SAL Saudi Logistics Services Co. faced the largest drop, with its share price falling 7.45 percent to SR203.80. ACWA Power Co. and the Power and Water Utility Co. for Jubail and Yanbu also experienced significant losses of 5.56 percent and 4.83 percent, respectively.
In corporate news, Balady Poultry Co. reported a 17.04 percent increase in net profit for 2024, reaching SR118.11 million. The growth was driven by an increase in production capacity, with average daily output rising to 192,000 birds per day from 164,000 in 2023. Despite the positive financial results, the company’s share price dropped 8 percent on Monday to SR322.
Meanwhile, the Power and Water Utility Co. for Jubail and Yanbu (Marafig) reported a sharp decline in net profit, dropping 97.08 percent to SR17.15 million, attributed to rising fuel costs, increased provisions for credit losses, and lower finance income. Despite a 7.83 percent increase in revenue, the company’s operational profit fell by 40.57 percent.
