10 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) Kingdom Holding Co. (KHC) is operating as usual and remains “fully committed” to serving the interests of its clients and stakeholders, despite reports of arrest of its chairman, Prince Alwaleed bin Talal, the company said in a statement to Tadawul.

2) Jarir Marketing Co. (Jarir) said its board of directors has recommended cash dividend of SAR 225 million (SAR 2.5 per share) for Q3 2017.

3) Filling and Packing Materials Manufacturing Co. (FIPCO) said its board of directors has decided to recommend no cash dividends for the fiscal year 2017, as FIPCO plans to move forward with its expansion strategies aimed at product diversification.

4) Malath Cooperative Insurance and Reinsurance Co. (Malath Insurance) will resume issuing mandatory auto insurance policies and renewing existing ones starting Nov. 6, after obtaining approval from the Saudi Arabian Monetary Authority (SAMA).

Separately, the insurer said the total revenue after selling 7,680,764 shares at an average price of SAR 11.59 per share, came to around SAR 89 million. Rights issue holders’ net amount of compensations reaches about SAR 12.3 million.

5) Saudi Indian Company for Cooperative Insurance (Wafa Insurance) used the remaining SAR 90.6 million of its rights issue proceeds to boost its solvency margin, the insurer said. The amount was invested as Murabaha Term Deposit with a local bank.

6) Al Tayyar Travel Group (Al Tayyar) reported a net profit of SAR 132 million for Q3 2017, 29.4 percent lower year-on-year (YoY) due to a 7 percent drop in revenue and a 25 percent rise in SG&A expenses.

7) Saudi Research and Marketing Group (SRMG) posted a net profit of SAR 25.5 million, compared to a net loss of SAR 80.6 million in the same quarter last year, backed by higher revenue and lower SG&A expenses.

8) Saudi Ground Services Co.’s (SGS) profit for Q3 2017 came in at SAR 160 million, a fall of 17.4 percent YoY due to lower revenue, higher G&A expenses, and increased provisions.

9) The Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose 0.1 point to 55.6 in October, compared to the previous month.  Output and new orders increased at a sharp rate, with both sub-indices posting above 60 in October, the bank said. 

10) Oil prices maintained their positive momentum as markets reopened on Monday. Brent crude, which crossed $62-mark last week, was last trading up 0.3 percent at $62.27/bbl, while WTI crude climbed 0.2 percent to $55.75/bbl.

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