7 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 Real Estate Co. (Al Akaria) s undergoing major restructuring to set up a new holding company and some affiliates, chief executive Abdullah Ibrahim Al-Ayadhi, told Argaam.

2) The Saudi Capital Market Authority’s (CMA) board has approved a request from Mulkia Investment to offer, register and list units of Mulkia-Gulf Real Estate Investment Trust (REIT) Fund on the Saudi Stock Exchange (Tadawul).

3) Arabian Cement Co. reported a net profit of SAR 35.5 million for Q2 2017, a 75 percent year-on-year (YoY) decline.

The company’s board of directors has recommended a 10 percent cash dividend for the first half of 2017, at SAR 1 per share, amounting to SAR 100 million.

4) L’Azurde Company for Jewelry swung to a net profit of SAR 6.4 million, compared to a net loss of SAR 7 million, backed by the one-off IFRS adjustments of SAR 28.5 million in Q2 2016.

5) Knowledge Economic City saw a net loss of SAR 9.2 million compared to a net profit of SAR 8.5 million in the same quarter last year.

6) The UAE, Iraq, Kazakhstan and Malaysia have promised “full support” and cooperation towards last year’s production cut agreement, OPEC said in a statement.

7) Oil prices edged lower on Wednesday. Brent crude was last trading down 0.02 percent at $52.69/bbl and WTI crude fell 0.04 percent to $49.54/bbl.

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