8 things you need to know on Tadawul today

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

1) Al-Babtain Power and Telecommunication Co.’s Q2 net profit was driven mainly by improved performance of the Egyptian unit as the power transmission segment won several contracts, chairman Ibrahim Al Babtain told Argaam.

2) Samba Financial Group (Samba) reported a net profit of SAR 1.3 billion for the second quarter of 2017, a 3.3 percent year-on-year (YoY) decline attributed to rise in gross operating expenses.

3) Dar Al-Arkan Real Estate Development Co.’s Q2 net profit fell 75 percent YoY to SAR 11 million, due to a drop in sales and lower profit margins.

4) Mobile Telecommunication Co. Saudi Arabia’s (Zain Saudi) board of directors has decided to start exclusive negotiations with a consortium led by HIS Holding Co. and Towershare Management Co. for the sale and lease back of its passive infrastructure towers.

5) Saudi Steel Pipe Co. (SSP) will start partial shutdown at some of its furnaces in Riyadh from August 7, 2017, to cut operational costs.

6) Filing and Packing Materials Manufacturing Co. reported a net profit of SAR 400,000 for the second quarter of 2017, a 90 percent YoY slump due to lower sales and increased competition in local and international markets.

7) Al Sagr Cooperative Insurance Co.’s second-quarter net profit before zakat tumbled 88 percent YoY to SAR 6.9 million, on the back of a drop in net premiums earned.

8) Crude oil declined slightly on Monday, but held near a two-month high. Brent crude was last down 0.4 percent at $52.22/bbl and WTI crude fell 0.4 percent to $49.39/bbl.

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