RIYADH: Saudi Arabia’s Tadawul All-Share Index ended Monday’s trading at 12,259.60 points, up 42.55 points (0.35%).
Nomu on the parallel market lost 336.56 points (1.24 percent) to end the day at 26,859.37 points. At the same time, the MSCI Tadawul index increased by 5.34 points or 0.35% to close at 1,535.83.
TASI reported a trading volume of 7 billion Saudi riyals ($1.86 billion), with 85 stocks gaining and 134 stocks losing.
Meanwhile, Nomu’s trading volume was SR28 million.
On the announcement front, ADES reported a significant increase in revenue for the first quarter of 2024 to SR1.53 billion, an increase of 60.5% year-on-year, due to significant contributions across its business regions.
The company’s financial results showed the main driver was the installation of all 19 rigs on Aramco’s megaproject, which began in March, up from just four rigs in the same period last year.
Additionally, with the activation of all recently concluded contracts, the Kuwait operation generated SR152 million and achieved a total of 10 operational rigs, according to stock exchange filings.
In India, the phase-in of three rigs contributed R40 million.
The company’s net profit increased by 124.6% year-on-year to SR200 million, benefiting from a strong revenue performance and improved earnings before interest, taxes, depreciation and amortization.
Abdullah Al Otaim Markets also announced its financial results for the first quarter of 2024, with profits decreasing by 3% despite increased revenue.
The company reported a profit of SR116.4 million, down from SR120 million in the same period in 2023.
This decrease was due to increased expenses related to the new branch, including a R4.7 million increase in lease financing costs, a R2.3 million decrease in associate results and a R4.8 million decrease in profits due to Sharia compliance. Liquidity investment.
Despite lower profits, sales increased 9% during the quarter due to existing and new branch openings.
Saudi Ground Services also saw an increase in sales, with total profit for the quarter reaching SR653.2 million, an increase of 15.8 percent from SR563.9 million in the same period last year.
This surge was mainly driven by an increase in domestic and international flights and an increase in the number of Umrah pilgrims.
As a result, the company’s net profit surged by 77.7 percent to SR 71.2 million, compared to SR 40 million in the same period last year.
The increase in profits was due to strong revenue growth and effective cost management strategies such as reducing administrative expenses and increasing other revenues.
Riyadh Cables Group Co. also ended the first quarter in the green, with revenue leading to strong financial growth.
The company reported that its profit for the first quarter of 2024 increased to SR169 million, an increase of 35.3% from SR124.8 million in the same period last year.
The company attributes this strong growth primarily to increased sales revenue and volume driven by diversification of the products it sells.
Additionally, operating profit for the first quarter amounted to SR208.2 million, an increase of 34% from SR155.5 million in the same period last year.
Saudi Mining Company, also known as Marden, posted a significant increase in net profit despite a decline in sales in the first quarter of 2024.
The company’s sales decreased by 9% year-on-year to SAR 7.3 billion, mainly due to lower commodity prices in all products except gold and alumina.
However, this was partially offset by higher volumes of primary aluminum, ammonia and gold.
Net profit surged to SR981 million, an increase of 134% compared to Q1 2023. This was mainly due to an increase in gross profit of SR828 million (52%).
This improvement was driven by increased sales volumes, lower raw material costs, lower depreciation and amortization expenses, and a one-time insurance claim of SR199 million for relining pots within the smelter plant.
