On Wednesday, the Saudi Arabian stock market experienced a wave of mixed performances. The Tadawul All Share Index dipped to 10,928.76 while the parallel market Nomu saw an increase to 23,047.31. Concurrently, the MSCI Tadawul Index declined to 1,419.43.
Among the top performers were Lazurde Co. for Jewelry, which saw a surge of 10%, and Naseej International Trading Co., along with Saudi Research and Media Group. On the other end of the spectrum, underperformers included Al-Baha Investment and Development Co., Theeb Rent a Car Co., and National Agricultural Development Co.
Mobile Telecommunication Co. Saudi Arabia, commonly known as Zain, announced interim financial results that showed net profits reaching a record SR971 million ($259 million). This increase was attributed to higher gross profit, revenue, and cost of revenues.
Ades Holding Co., an offshore drilling company, reported a significant year-on-year profit surge of 60.8% to SR283 million ($75 million), primarily due to its offshore drilling segment's performance.
However, not all companies shared in the positive financial results. Theeb Rent a Car Co.'s financial results showed decreased net profits due to a reduced utilization rate of the short-term rental segment and increased operational costs.
In contrast, BinDawood Holding Co.'s net profits rose by 154.36% due to increased sales and gross profit.
In other news, Saudi Steel Pipe Co announced orders worth SR105 million ($28 million) for oil and gas steel pipes supply to Tenaris Global Services. The supply timeline is expected within eight months, which will impact the company's finances in late 2023 and early 2024.
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