10 things you need to know on Tadawul today

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

1) Riyad Bank reported a net profit of SAR 848 million for Q2 2017, a decrease by 26 percent year-on-year (YoY) due to widening gross operating loss. 

2) Alinma Bank’s profit in H1 2017 was supported by higher operating revenue and a 16 percent YoY increase in its lending portfolio to SAR 77 billion, CEO Abdulmohsen Al-Fares told Argaam.

3) Aldrees Petroleum and Transport Services Co. said its net profit for Q2 2017 fell 35.8 percent YoY to SAR 18.3 million due to lower sales and higher marketing expenses.

4) Abdullah Saad Mohammed Abo Moati Stationeries Co. has renewed SAR 50 million worth of Islamic facilities with The Saudi Investment Bank (SAIB).

5) Tihama Advertising and Public Relations Co. board of directors have approved an offer by Fahd Medyan, the company’s partner in Ad Art Medyan Signs Co., to acquire its 75 percent stake in Adart for SAR 4 million.

6) National Shipping Company of Saudi Arabia (Bahri) has taken delivery of the third Very Large Crude Carrier from South Korea’s Hyundai Samho Heavy Industries Co.

7) Saudi International Petrochemical Co. (Sipchem) has signed a long-term agreement with Saudi Aramco Shell Refinery Co. to supply its subsidiary the International Methanol Co. with carbon dioxide.

8) King Abdullah Economic City (KAEC), an integrated city developed by Emaar Economic City, has received bids from local and international companies for licenses to build car manufacturing and spare parts units.

9) Al Sorayai Trading and Industrial Group Co. appointed Wael Al Rashid as chief executive officer after former CEO Vassilis Agapitos resigned on Wednesday for personal reasons.

10) Oil prices slipped slightly on Thursday, declining from the sharp rise in the previous session after Energy Information Administration reported a fall in US crude stockpiles. Both Brent crude and WTI crude were marginally lower at $49.69/bbl and $47.11/bbl, respectively. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com