10 things to consider as Tadawul starts trading

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

1) Economic growth in Saudi Arabia is expected to rebound close to 2 percent in 2018-2019, the World Bank’s biannual Gulf Economic Monitor report.

2) Saudi Arabia’s Ministry of Finance said it had reopened for the second time its fifth domestic sukuk issued in January under the government’s SAR-denominated sukuk program.

3) Saudi Industrial Export Co. (SIECO) widened net losses to SAR 111 million for FY 2017, compared to net losses of SAR 14.2 million in 2016, due to liquidation of the company’s business portfolio, allocation of debt provisions and asset impairments.

4) National Agricultural Development Co. (Nadec) reported a net profit of SAR 39.94 million for 2017, down 57.61 percent year-on-year (YoY), due to a 6.62 percent fall in total sales.

5) Gulf General Cooperative Insurance Co.’s technical reserves will increase by SAR 3.9 million based on a recommendation from the appointed actuary, it said in a statement to Tadawul.

6) Bank Aljazira’s daily fluctuation limit after its capital increase will be based on a share price of SAR 11.88 as of March 20, the Saudi Stock Exchange (Tadawul) said in a statement.

7) Abdullah Al Othaim Markets Co.’s board of directors has recommended a 100 percent capital hike to SAR 900 million from SAR 450 million, through the issue of one bonus share for every one share held.

Separately, the firm said its board has recommended a 30 percent cash dividend for the fiscal year 2017, at SAR 3 per share, amounting to SAR 135 million.

8) Saudi Arabia Fertilizers Co.’s (SAFCO) general assembly approved a 10 percent cash dividend for the second half of 2017, at SAR 1.00 per share, amounting to SAR 416.67 million.

9) Yamama Cement Co.’s shareholders have approved suspending transfer of 10 percent from the company’s net profit to statutory reserve, which currently stands above 30 percent of paid-in capital.

10) Crude oil prices extended gains on Wednesday. Brent crude was last trading up 0.3 percent at $67.59/bbl while WTI crude rose 0.2 percent to $63.69/bbl.

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