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) Savola Group’s net profit for the second quarter 2017 slipped 10 percent year-on-year (YoY) to SAR 229.3 million, mainly due to lower gross profit as sales and margins declined.

2) Al Tayyar Travel Group reported a net profit of SAR 212 million for Q2 2017, a 29 percent YoY fall due to lower revenue along with higher selling and administrative expenses.

3) Middle East Paper Co. was able to maintain its market share and fulfill client demand despite a drop in selling prices due to dumping, CEO Sami Ali Al Safran told Argaam.

4) Saudi Chemical Co.’s sales of explosives fell in June due to a production and distribution halt during the Ramadan and Eid al-Fitr seasons, CEO Mohammad Al Badr told Argaam.

5) Saudi Electricity Co. (SEC) will begin operations next month at Al-Khashal power plant in Jazan, while Al-Aredah's transmission power plant will come on stream in 2018.

6) Najran Cement Co. swung to a net loss of SAR 4.2 million in Q2 2017, compared to a profit of SAR 33.8 million in Q2 last year, due to lower sales and average selling prices.

7) Saudi Arabia’s new construction contract awards declined to $5 billion in the second quarter of 2017, from $11 billion in Q1, according to a report by Faithful+Gould.

8) Jarir Marketing Co.’s board of directors recommended a 14.5 percent cash dividend for second quarter 2017, at SAR 1.45 per share, amounting to SAR 131 million.

9) Oil prices edged lower on Tuesday with Brent crude last down 0.4 percent at $52.14/bbl and WTI crude down 0.4 percent at $49.2/bbl. Officials from joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi today to discuss measures to boost compliance with the output cut deal.

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