Here are a few updates you need to know as Saudi stocks start trading on Wednesday.
1) United Electronics Company (eXtra) has posted a net profit of SAR 12.9 million for Q1 2017, compared to a net loss of SAR 45.9 million in the same period last year on higher sales and profit margins this time around.
2) Jabal Omar Development Co. has signed an agreement with Saudi-based National Parking Company (Mawgif) to operate and lease parking spaces at its Makkah project.
3) Meanwhile, Saudi cement producers are expected to post lower profits in Q1 due to lower sales volumes and market volatility, Riyad Capital said in a new report. Sales volumes fell to 4 million tons in February, the lowest in the last 3-4 years.
4) Al Sagr Cooperative Insurance Co. (Sagr Insurance) received the greenlight from the Saudi Arabian Monetary Authority (SAMA) to sell policies online.
5) Al Ahlia for Cooperative Insurance Co. will also sell its services and insurance products via its website, the insurer announced after receiving approval from SAMA.
6) SAMA has approved Wafa Insurance’s capital cut by SAR 83 million, the company said in a statement.
7) Weqaya Takaful Insurance and Reinsurance Co.’s board has recommended increasing the company’s capital through a SAR 600 million rights issue.
8) United Cooperative Assurance Co. (UCA) said it will continue to issue auto insurance policies and renew existing ones starting today.
9) Saudi Transport and Investment Co. (Mubarrad) has approved changing the company’s name to BATIC Investment and Logistics. However, it will keep the brand name Mubarrad for its land transport operations.
10) Oil prices rose slightly to their highest levels in nearly a month. Brent crude was up 0.6 percent at $54.48/bbl and WTI crude rose 0.7 percent to $51.38/bbl.
Write to Reem Abdellatif at reem.a@argaam.com
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