10 things to watch on Tadawul today

Tadawul trading screen

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

1) Saudi Kayan Petrochemical Co. (Saudi Kayan) reported a net profit after Zakat and tax of SAR 209.4 million in Q1 2022, down 58% year-on-year (YoY).

2) Yanbu Cement Co. reported a net profit after Zakat and tax of SAR 39.4 million for the first quarter of 2022, a fall of 46% YoY.

3) Naseej International Trading Co. swung to a net profit after Zakat and tax of SAR 6.5 million in Q1 2022, against a net loss of SAR 5.3 million in the prior-year period.

4) Alkhorayef Water and Power Technologies Co. signed a contract with Saudi National Water Co. to carry out all the works related to King Abdullah Project for Zamzam Water in Makkah, including maintenance and operation.

5) United Electronics Co. (eXtra) announced the opening of a new store in Maha'el Asseer, bringing the total number of stores in Saudi Arabia to 48.

6) Astra Industrial Group’s subsidiary Al Tanmiya for Steel Industries completed the conditional agreement with Alghad Almutkamel for General Trading, Iron and Steel Metallic Industries to divest the 100%-owned Al Anmaa Co. for Constructional Material Production Ltd., which owns steel and power plants in Iraq.

7) Saudi Electricity Co. said it will fully redeem its local sukuk, due on May 10, 2022, valued at SAR 5.73 billion, which was listed on the Saudi Exchange (Tadawul).

8) Shareholders of Saudi Research and Media Group (SRMG) will vote on suspending the transfer of 10% of net profit to the statutory reserve starting from Q1 2022, during the ordinary general meeting scheduled for May 19.

9) Allied Cooperative Insurance Group (ACIG) announced that its accumulated losses, as of Dec. 31, 2021, decreased to 50% of capital, after taking into account the capital top-up of SAR 150 million.

10) Brent crude rose 1.1% to reach $103.45 per barrel. WTI crude gained 0.9% to reach $99.41/bbl.