8 things to consider as Tadawul starts trading

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

1) Abdullah Al Othaim Markets Co. (A.Othaim Market) reported a net profit of SAR 166.8 million for Q4 2017, up 75 percent year-on- year (YoY) due to higher sales, improved profit margins and a better performance by associate and subsidiary firms.

2) Saudi Cable Co. posted a net loss of SAR 23.7 million for Q1 2017, improving from a loss of SAR 58.7 million in the same period the previous year due to better margins and lower operating expenses.

3) Saudi Telecom Company (STC) has been named the most valuable brand in Saudi Arabia, with a brand value of $6.651 billion in 2018, according to Brand Finance’s Global 500 list. Saudi Basic Industries Corp. (SABIC) was a new entry on the list this year, with a brand value of $3.722 billion in 2018.

4) A subsidiary of Saudi Electricity Co. and Riyadh-based energy producer ACWA Power have signed a project to provide 300 megawatt of solar power.

5) A consortium, comprising Saudi Arabia’s Al Rajhi Holding Group and Turkey’s TAV Airports Holding, which is set to develop three airport public-private partnership projects in the Kingdom, is reportedly yet to reach a financing agreement with banks.

6) Methanol Chemicals Co. (Chemanol) on Tuesday said it will suspend operations at its methanol and dimethylformamide manufacturing units for 21 days stating February 8, for scheduled maintenance.

7) Saudi Arabia's economy is expected to grow by 1.5 percent in 2018 compared to a contraction of 0.7 percent last year, Jadwa Investment said in its latest report.

8) Oil prices declined further on Tuesday. Brent crude was last down 1 percent at $66.91/bbl while WTI crude fell 1.1 percent to $63.46/bbl. 

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