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 Arabia’s Public Investment Fund (PIF) has announced a new program for the period from 2018-2020, which will see the sovereign fund boost its assets under management (AUM) to SAR 1.5 trillion (over $400 billion) by 2020.

2) The Capital Market Authority on Thursday said board has issued a resolution allowing non-resident foreign investors to invest directly in the Parallel Market, Nomu, starting January 1, 2018.

3) National Industrialization Co.’s (Tasnee) net profit was driven by a successful restructuring program, which helped the company improve its operating performance, boost sales volumes and cut general and administrative costs, chief executive, Mutlaq Al-Mureshid told Argaam.

In a separate statement, Tasnee said it has signed a SAR 2.93 billion syndicated Murabaha facility agreement. The amount is intended to refinance the company’s existing facilities and reduce the principal installments in early years to support its cash flows during the period.

4) United Wire Factories Co. (Aslak) recorded strong performance in Q3 amid current market conditions compared to peers, but the company’s results were still unsatisfactory, CEO Abdul Karim Abdullah Al Shamekh told Argaam.

5) The Saudi British Bank (SABB) reported a net profit of SAR 1.1 billion, up 8.8 percent year-on-year (YoY) , backed by a rise in operating income and net special commission income.

6) Arab National Bank (ANB) said its net profit for the third quarter increased 7.5 percent YoY to SAR 775.5 million, due to a rise in net trading income, gains on non-trading investments, dividend income and other operating income.

7) Basic Chemical Industries Co. (BCI) said its net profit for the third quarter grew by 13.3 percent YoY to SAR 8.26 million, backed by higher sales and lower administrative and general expenses.

8) Saudi Real Estate Company (Al Akaria) has set up a Riyadh-based project management firm in partnership with South Korean HanmiGlobal Co. Ltd. The new firm is capitalized at SAR 4 million, or 400,000 shares, priced at SAR 10 each. Al Akaria has injected SAR 2.4 million (60 percent) in the new company’s capital.

9) The National Shipping Company of Saudi Arabia (Bahri) said it has received a new very large crude carrier (VLCC), which is one of the five VLCCs that were financed by Riyad Bank last year.

10) Oil prices edged lower on Thursday, with Brent crude last down 0.1 percent at $58.37/bbl, while WTI crude declined 0.2 percent to $52.1/bbl.

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