7 things to watch on Tadawul today

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

1) Saudi Company for Hardware (SACO) posted a net profit after zakat and tax of SAR 40.9 million for the first half of 2019, a rise of 17.04 percent year-on-year (YoY), boosted by higher revenue, and lower general and administrative expenses (G&As).

2) Al Rajhi REIT Fund will pay a 3.2 percent cash dividend for the first half of 2019, at SAR 0.32 per unit, amounting to SAR 39.1 million, the fund manager, Al Rajhi Capital, said in a bourse statement.

3) Middle East Specialized Cables Co.’s shareholders are set to vote on granting the company’s board of directors the same power of the general assembly during the meeting that will be held on August 18.

4) Saudi Arabia’s Ministry of Finance has closed its July 2019 sukuk issuance under the government’s riyal-denominated sukuk program, with an issuance size set at SAR 5.216 billion.

5) Saudi Company for Hardware’s (SACO) board of directors has recommended a 10 percent cash dividend for the first half of 2019, at SAR 1 per share, amounting to SAR 36 million.

6) Al Sorayai Trading and Industrial Group Co. will face termination by Sept. 4 under the Saudi Companies Law if it fails to hold an extraordinary general assembly meeting within 45 days from the date its board of directors was informed of losses or shareholders fail to pass a resolution.

7) Brent crude on Wednesday gained 15 cents to reach $63.98/bbl, while WTI crude also increased 20 cents to reach $56.97/bbl.