8 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) United International Transportation Co. (Budget Saudi) reported a net profit of SAR 42.7 million for the second quarter of 2017, an 8 percent year-on-year (YoY) decline due to lower revenue.

2) Eastern Province Cement Co.’s net profit for the second quarter dropped 25.5 percent YoY to SAR 35 million due to lower sales revenue on weak local demand.

3) Allied Cooperative Insurance Group reported a net profit of SAR 6.6 million for Q2 2017, a 50 YoY jump due to lower net claims and policy acquisition costs, along with higher other underwriting income.

4) Al Ahsa Development Co. swung to net profit of SAR 2.7 million in Q2 2017, against a loss of SAR 12.3 million in the same period last year.

5) Zamil Industrial Investment Co. reported a net profit of SAR 36.5 million for Q2 2017, a 29 YoY decline due to lower sales and operating margins. Separately, the firm said its board has recommended dividends amounting to SAR 60 million (SAR 1 per share) for H1 2017.

6) Saudi Arabia’s National Agricultural Development Company (Nadec) recorded SAR 31 million in sales revenue from the Qatari market between Jan. 1 and June 5, according to the company’s financial statements.

7) After raising $814 million in a bond issue in May, Riyadh-based ACWA Power expects to return to the debt market in 2018, chief executive Paddy Padmanathan told Argaam.

8) Oil prices declined on Wednesday on reports of rising US crude stockpiles. Brent crude was last down 0.9 percent at $51.3/bbl and WTI crude fell 1 percent to $48.68/bbl.

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