September 28, 2022

TASI Starts Week Strong with Strong Earnings Reports: Opening Bell

RIYADH: Saudi Arabia’s benchmark TASI index ended at 12,291 last week, amid a flurry of earnings reports and falling oil prices.

Indices in the United Arab Emirates and Qatar fell as a drop in oil prices dragged stocks lower, but other Gulf peers posted small gains.

Abu Dhabi, Dubai and Qatar lost 0.3, 0.5 and 0.1% respectively, while Kuwait, Bahrain and Oman rose between 0.1% and 0.2%.

Elsewhere in the Middle East, Egypt’s blue chip EGX30 index gained as much as 5.3%.

Oil prices came out the previous week at their lowest level since February, with Brent crude at $94.92 a barrel and US West Texas Intermediate at $89.01 a barrel.

Stock market news

Elm Co. announced a 59% increase in its profits for the first half of 2022 to SR444 million ($118 million), in addition to a contract worth SR57 million with the Ministry of Health. ‘interior

Leejam Sports Co. to distribute cash dividend of SR 0.37 per share for Q2 2022

Red Sea International saw first-half losses widen to SR67 million following a 24% drop in revenue

Jazan Energy and Development Co. announced the resignation of its CEO Bedor Nasser Al-Rashoudi

Dr. Sulaiman Al Habib Medical Services Group said it will pay SR0.86 per share in quarterly dividends after recording a 22% increase in profit to SR789 million for the first half of 2022

Unitholders of Alkhabeer Diversified Income Traded Fund will receive a cash dividend of SR 0.26 per unit for the first half of the year

Calendar

August 14, 2022

Saudi Aramco to Announce Financial Results for the Second Quarter of 2022