10 things to consider as Tadawul starts trading

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

1) Samba Financial Group (Samba) reported net profit of SAR 1.21 billion for Q4 2017, higher by 11.4 percent YoY mainly due to an increase in total operating income.

2) Alawwal Bank swung to a net profit of SAR 326.5 million in Q4 2017, versus net losses of SAR 249.3 million in year-earlier period.

3) Najran Cement Co. reported a net loss of SAR 11.8 million for Q4 2017, against profit o SAR 14.9 million in the same period the previous year.

4) Saudi Arabia’s Capital Market Authority (CMA) has approved Bank Aljazira’s request to increase its capital by SAR 3 billion through a rights issue.

5) Al Rajhi Bank will be required to pay SAR 723 million in zakat claims to the General Authority of Zakat and Tax (GAZT) for the period of 2002-2009, the bank’s external auditor said in its annual report.

6) Saudi Basic Industries Corp. (SABIC) recently secured a $3 billion bridge loan to meet ongoing financial requirements, Reuters reported.

7) Saudi Arabia Fertilizers Co.’s (SAFCO) board of directors has recommended a 10 percent cash dividend for the second half of 2017, at SAR 1 per share.

8) Saudi Yanbu Petrochemical Co. (YANPET) is said to have shut down its 520,000 ton per year monoethylene glycol (MEG) unit earlier this month for a scheduled maintenance.

9) King Abdullah Economic City (KAEC) has set up the Kingdom’s first investment fund to support entrepreneurial projects in the restaurants and hospitality sector, according to chief executive Fahd Al Rasheed.

10) Oil prices edged lower on Thursday, with Brent crude last down 0.8 percent at $64.91/bbl while WTI crude fell 1.1 percent to $61.03/bbl.

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