9 things you need to know on Tadawul today

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

1) Saudi Basic Industries Corp (SABIC) reported a net profit of SAR 5.24 billion for the first quarter of 2017, an 80 percent increase year-on-year (YoY), mainly due to higher average selling prices. 

2) Bupa Arabia for Cooperative Insurance Co. on Monday received Saudi Arabian Monetary Authority’s (SAMA) approval on renewing insurance activity practice license for three years from May 3, 2017.

3) Filing and Packing Materials Manufacturing Co. (FIPCO) will pay SAR 0.50 per share cash dividend for fiscal year 2016 on May 21.

4) Fitaihi Holding Group’s shareholders approved a board recommendation to freeze dividend for fiscal year 2016.

5) Allianz Saudi Fransi Cooperative insurance Co.’s general assembly failed to approve the board remuneration of SAR 708,500 for fiscal year 2016.

6) Abdulmohsen Al Hokair Group for Tourism & Development Co. has signed today two sharia-compliant financing facility agreements with Al Rajhi Bank and Saudi Investment Bank (SAIB) for a total value of SAR 180 million and SAR 45 million respectively.

7) Saudi Telecom Co. (STC) has submitted a technical and financial bid for the third mobile license in Oman, in line with the regulations set by the sultanate’s Telecommunications Regulatory Authority (TRA).

8) Alinma Bank has renewed an agreement worth SAR 23 million annually with Alinma Tokio Marine Insurance Co. to provide insurance against fund risks.

9) Elsewhere, Brent Crude futures fell slightly Tuesday morning by 0.3 percent at $51.38 a barrel, while WTI Crude was down 0.4 percent at $48.65.