10 things to watch as Saudi stocks start trading today

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

1) Tawuniya Insurance’s net profit for Q1 2017 surged 161 percent year-on-year to has SAR 160.3 million.

2) Aljazira Bank recently announced that it has set up Aljazira Financial Securities Ltd. in the Cayman Islands with a capital of SAR 187,500.

3) Salama Cooperative Insurance Co. said it has obtained regulatory approval for three of its insurance products.

4) Aseer Trading, Tourism and Manufacturing Co. said it will pay a SAR 1/share dividend for fiscal year 2016 on May 9.

5) Etihad Etisalat Co. (Mobily) on Sunday posted a net loss of SAR 163 million for Q1 2017, versus a net profit of SAR 20 million in the same period last year, attributed to a 16.7 percent year-on-year (YoY) drop in revenue on lower rates and sales.

6) Dur Hospitality (Dur) on Sunday said its shareholders will be able to receive their (0.45 per share) for H2 2016 on May 1 through Riyad Bank.

7) Alinma Tokio Marine Co.’s board decided to not proceed with a technical agreement with Tokio Marine & Nichido Fire Insurance Co., it said in a statement to Saudi bourse, Tadawul.

8) Ibrahim bin Abdul Rahman Al Omar, former CEO of The National Shipping Company of Saudi Arabia (Bahri) has been appointed by royal decree to head SAGIA. The company said it plans to appoint a new CEO “soon.”

9) The kingdom’s new corporate governance regulations came into effect Sunday. Tadawul-listed firms are requested to comply with these rules, but they will only serve as a “benchmark” for companies listed on Nomu Parallel market.

10) Elsewhere, oil prices recovered as markets reopened Monday. Brent crude was last up 0.5 percent at $52.24/bbl and WTI crude rose 0.5 percent to $49.85/bbl.