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Arab News, Monday, Mar 27, 2023 | Ramadan 5, 1444

​​Closing bell: Saudi benchmark index continues upward movement on promising market conditions

Saudi Arabia: Saudi Arabia’s Tadawul All Share Index continued its upward trajectory on Sunday as it went up by 12.97 points or 0.93 percent to close at 10,459.36. The promising market conditions resulted in a rise in investor confidence, pushing the market up.

The parallel market, Nomu, also rose by 174.79 points or 0.92 percent to close at 19,231.63, while the MSCI Tadawul 30 Index gained 0.02 percent to reach 1,423.63 on Sunday. Total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion).

On Thursday, during the first session of Ramadan month, the main index gained 95.88 points and closed at 10,446.39.

Arab Sea Information System Co. emerged as the top gainer, as its share prices went up by 9.96 percent to SR78.40 followed by Al Kathiri Holding Co. whose share prices surged by 9.88 percent to SR55.60.

Zain KSA which reported a net profit of SR550 million in 2022, saw its shares surge 9.83 percent to SR11.84.

Thimar Development Holding Co. was the worst performer, dropping 9.95 percent to SR43.45, followed by Al Sagr Cooperative Insurance Co. whose share prices went down by 6.08 percent to SR12.66.

Meanwhile, Horizon Food Co., affiliated with Tabuk Agriculture Development Co. began trading on Nomu on Sunday with an opening price of SR37 per share and closed the session at SR44.95, up 21.49 percent.

On Sunday, Amwaj International Co. announced its financial results for 2022. In a statement issued to Tadawul, the company revealed that it recorded a 2.7 percent rise in net profit to SR29.02 million in 2022, compared to SR28.26 million in the year-ago period.

Sure Global Tech Co. reported a net profit of SR24.07 million in 2022, up 33 percent from SR18.12 million in 2021. In a bourse statement, the company attributed the rise in profit to a 12 percent increase in revenues driven by the product segment, adequately supported by the expansion of the customer base.

Sure Global Tech Co. also added that net profit increased in 2022 due to the revenue growth in infrastructure, professional and digital services segments. Despite the rise in net profit, the company’s share prices fell by 1.67 percent to close at SR53.10.

Arabian Pipes Co., also known as APC turned profitable in 2022, as the company reported a net profit of SR8.9 million, versus a net loss of SR60.1 million in 2021. According to a bourse statement, the net profit of the company rose in 2022 due to an increase in sales which went up by 37 percent.

Driven by the rise in profits, the share prices of Arabian Pipes Co. went up by 9.52 percent to SR42.

Another company that reported its financial results on Sunday was Saudi Ground Services Co. In 2022, the company trimmed its net losses to SR244.48 million, compared to SR254.41 million in 2021. Even though the company performed well in 2022 compared to 2021, its share prices dropped by 4.76 percent to SR22.

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