10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Wednesday. 

1)  Saudi Arabia’s economy is expected to expand 1.3 percent in 2018, down from a 2.3 percent projection in January, the IMF said in its World Economic Outlook report on Tuesday.

2) Arabian Cement Co. reported a net profit of SAR 100.7 million for Q1-2017, a 55.4 percent year-on-year decline.

3) Bank Albilad posted a net profit of SAR 229 million for Q1-2017, a 31 percent year-on-year gain.

4) Saudi Industrial Investment Group will pay SAR 0.5 per share cash dividend for FY 2016 on April 30.

5) United Cooperative Assurance Co. said that its accumulated losses reached SAR 128.12 million as of Dec. 31, 2016 representing 26.15 percent of capital.

6) The scheduled maintenance at Sahara Petrochemicals Co.’s subsidiaries, Al-Waha plant for Propylene and Polypropylene and Sahara and Maaden Petrochemical Co.’s (SAMAPCO) caustic soda and EDC unit has been completed successfully, Sahara said.

7) Yamama Cement Company’s implementation of the International Financial Reporting Standards (IFRS) has resulted in a SAR 312 million decrease in retained earnings.

8) Saudi Investment Bank’s (SAIB) shareholders approved increasing capital to SAR 7.5 billion from SAR 7 billion by issuing one bonus share for every 14 shares held.

9) Sanad Cooperative Insurance Co.’s chairman of the board of directors and non-executive board member, Abdul Hamid Abdullah Fattah, resigned on April 16 for personal reasons. 

10) Oil prices were down this morning, Brent crude price was last 0.3 percent down at $54.74/bbl while WTI crude was 0.2 percent down at $52.31/bbl.