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Riyadh: Saudi Arabia’s Tadawul All-Share Index rose 71.58 points, or 0.64%, to close at 11,277.60 on Wednesday, with 136 of 224 stocks gaining and 75 falling.
The best performing sectors on the Saudi Stock Exchange were food and beverages, up 2.35%, while insurance and banking sectors gained 1.70% and 1.50%, respectively.
The parallel market Nomu gained 0.88 percent to end at 20,864.69 and the MSCI Tadawul index inched up 0.85 percent to 1,517.45.
The total turnover of the benchmark index was SAR 6.01 billion (US$ 1.6 billion).
Among the best performers in Tadawul , Al Hassan Ghazi Ibrahim Shaker Co. was the biggest gainer, gaining 9.83% to SR26.25.
Allied Cooperative Insurance Group and The Co. for Cooperative Insurance also rose, with shares hitting 5.81% and 5.20%, respectively.
The worst performers were Saudi Airlines Catering Co., which fell 7.37% to end at SR89.90.
In terms of announcements, Balady Poultry Trading Co. achieved a net profit of 24.3 million riyals in the first quarter of 2023, an increase of 170.42% compared to 8.99 million riyals in the same period of 2022.
Sales in the first quarter of 2023 increased by 44.13% to SAR 177.1 million, up from SAR 122.9 million.
The company said it was able to improve profit margins by lowering raw material prices. Its share price closed 13.32% higher at SR146.
Wafrah for Industry and Development Co. reported an 8.6% slowdown in net profit despite a 12.19% rise in sales for the quarter ended March 2023. The company’s net profit was 5.62 million riyals, compared to 6.15 million riyals a year earlier. same time last year.
The company’s sales amounted to SAR 38.77 million, compared to SAR 34.56 million in the same period of the previous year.
According to the announcement, the company pursues an expensive growth strategy that affects its bottom line.
It managed to expand its market share by offering products at discounted prices. Its profit was offset by a combination of higher raw material costs, transportation expenses, and selling and general administrative expenses. Its shares closed down 2.12% at SR37.65.
Abdullah Al Othaim Markets Co.’s net profit rose 17.91 percent to 120.01 million riyals, compared to 101.78 million riyals in the first quarter of 2022.
Its sales figures also showed a similar trend, increasing by 12.96% to 2.78 billion riyals compared to 2.46 billion riyals in the same period last year.
The statement attributed the sales growth to the performance of its existing and new branches. It also mentioned that it benefited from better cash management techniques and a more active leasing business. Its shares closed 0.85% lower at SR143.80.
Saudi Airlines Catering’s net profit soared 61.76% to 57.1 million riyals in the first quarter of 2023, compared to 35.3 million riyals in the same period last year.
Revenue increased by 32.18% to SAR 521.6 million compared to SAR 394.6 million in the first quarter of 2022.
The report identified multiple lines of business leading to the above results, including in-flight, remote site and rail catering. Its shares fell 7.37 percent to close at SR89.90.
The Saudi Hardware Company, also known as SACO, reported a loss of 16.52 million riyals in the first quarter of 2023, compared with a profit of 1.11 million riyals in the same period last year.
Revenue fell 24.8% to SAR 240.27 million from SAR 319.51 million at the end of the first quarter of 2022.
The company explained that its loss was simply due to lower sales. Its shares closed at SR34, down 2.47%.
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