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) Saudi Telecom Co. (STC) reported a net profit of SAR 2.4 billion for second quarter of 2017, an increase of 8 percent year-on-year (YoY) due to higher total revenue. Separately, the telco said it will distribute a 10 percent cash dividend for Q2, at SAR 1 per share.

2) Methanol Chemicals Co. (Chemanol) said its net profit in second quarter 2017 rose to SAR 2.6 million, compared to a profit of SAR 80,000 in the same period last year.

3) Halwani Bros posted net profit of SAR 12 million for Q2 2017, a decline by 63.2 percent YoY due to lower sales in Egypt, higher financing costs, and a decline in exports and FX income.

4) National Industrialization Co. (TASNEE) is expected to start commercial operations at Hail manufacturing complex in H2 2017, CEO Mutlaq Al-Morished told Argaam.

5) The National Gas and Industrialization Co. (GASCO) is implementing SAR 350 million worth of projects, of which SAR 194 million will be allocated for the development of production lines, CEO Abdulkarim Al-Nujaidi said.

Separately, the firm said it has recommended a 3.5 percent cash dividend, at SAR 0.35 per share, for Q2 2017.

6) Saudi International Petrochemical Co. (Sipchem) reported Q2 2017 net profit of SAR 59.8 million compared with SAR 11.4 million in the same quarter of 2016.

7) Etihad Etisalat Co. (Mobily) will seek to regain its commercial presence in Saudi Arabia starting third quarter by focusing on data to increase market share and profitability.

8) Saudi Company for Hardware’s (SACO) net profit for the second quarter grew by 9 percent to SAR 40.4 million as new stores opened, and other income increased.

9) Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has received approval from the Saudi Arabian Monetary Authority (SAMA) to launch and market a new insurance product.

10) Oil prices edged down on Thursday, with Brent crude last down 0.3 percent at $50.81/bbl, while WTI crude fell 0.3 percent to $48.62/bbl.

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