Arab News, Tue, May 07, 2024 | Shawwal 28, 1445
Closing Bell: TASI edges down to close at 12,372 points
Saudi Arabia:
Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 0.61 points, to
close at 12,372.50.
The total trading turnover of the benchmark index
was SR7.36 billion ($1.96 billion) as 116 stocks advanced, while 110
retreated.
Similarly, the MSCI Tadawul Index decreased by
2.63 points, or 0.17 percent, to close at 1,549.13.
On the other hand, the parallel market, Nomu,
increased, gaining 0.85 points, to close at 26,791. This comes as 20 stocks
advanced while as many as 39 retreated.
The best-performing stock was Bupa Arabia for
Cooperative Insurance Co. as its share price surged by 10 percent to SR275.
Other top performers included the Mediterranean
and Gulf Insurance and Reinsurance Co. and Al-Rajhi Company for Cooperative
Insurance, whose share prices soared by 9.97 percent and 9.93 percent, to stand
at SR33.10 and SR148.40 respectively.
The worst performer was Arabian Internet and
Communications Services Co., whose share price dropped by 4.46 percent to
SR334.4.
Saudi Cable Co. as well as Gulf Insurance Group,
did not perform well, as their share prices dropped by 3.55 percent and 3.01
percent to stand at SR76 and SR33.85, respectively.
On the announcements front, Bupa Arabia for
Cooperative Insurance Co’s profits surged to SR359 million, during the first
quarter of 2024, up 91 percent from SR189 million in the same quarter of the
previous year.
According to Al-Ekhbariya, net investment income
reached SR158 million in the first quarter compared to SR102 million in the same
quarter of the previous year, marking a 54 percent increase.
Insurance revenues for the current quarter
amounted to SR4.37 million, compared to SR3.75 million in the same quarter of
the previous year, reflecting a significant increase of 16.63 percent.
This growth is primarily attributed to operational
expansion and an increase in the number of insured individuals, as reported by
the channel.
Al-Rajhi Company for Cooperative Insurance also
announced its interim financial results for the period ending March 31 with
revenues increasing to SR1.4 million from to SR865,298 during the similar
quarter of the previous year.
This marked an increase of 50.6 percent attributed
the increase to a growth in overall business volume, according to a Tadawul
statement.
Similarly, net profit after zakat attributable to
shareholders for the current quarter amounted to SR111,376, compared to SR61,282
during the similar quarter in previous year, an increase of 81.7 percent.
According to the company, the improvement stemmed
from increased net insurance service results, rising to SR113,229 from SR97,616
in the previous year, a 16 percent surge due to business growth.