10 things you need to know on Tadawul today

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

1) Red Sea International Co. (Red Sea) posted a net loss of SAR 12.7 million in Q3 2017, versus net earnings of SAR 10.5 million in the same quarter last year, due to a decline of SAR 36.9 million in gross profit and lower revenue from sales and rent businesses.

In a separate statement, Red Sea said its activities and financials are independent from those of the chairman of the board of directors, and the company’s operations are continuing normally.

2) Alandalus Property Co.’s third-quarter net profit edged up 0.2 percent YoY to SAR 26.4 million, driven by a rise in rental revenue despite higher operating costs.

3) Saudi Arabian Amiantit Co. (Amiantit) reported a net profit of SAR 6.4 million in Q3 2017, compared to a net loss of SAR 33.6 million in the same quarter last year.

4) Nama Chemicals Co. (Nama Chemicals) trimmed losses by 93.5 percent to SAR 2.02 million in the third quarter, due to higher sales, decreased cost of goods sold (COGS) in addition to a decline in selling and marketing expenses.

5) Al Jouf Cement Co. (Jouf Cement) said its net profit in Q3 2017 fell 60.8 percent year-on-year (YoY) to SAR 5.8 million on a decrease in sales volumes and lower average selling price due to weak demand and fierce competition.

6) AlBaha Investment & Development Co. (AlBaha) turned to net loss of SAR 259,460 in the third quarter versus a net profit of SAR 6,005 a year earlier on higher general and administrative expenses.

7) Al Alamiya for Cooperative Insurance Co. (Al Alamiya) reported a net profit of SAR 8.8 million for Q3 2017, down nearly 28 percent YoY, attributed to lower net premium earned, higher general expenses, higher policy acquisition costs, lower reinsurance commission income and lower investment income.

8) Gulf Union Cooperative Insurance Co. (Gulf Union) and Al Ahlia for Cooperative Insurance (Al Ahlia) have extended for another 20 weeks their non-binding memorandum of understanding (MoU) for a potential merger, signed in June.

9) Saudi Electricity Co. (SEC) increased operating efficiency by 40 percent in Q3 2017, a target which was scheduled for 2020, Al Arabiya TV reported, citing chief executive Ziyad Al-Shiha.

10) Oil prices edged lower on Tuesday, but maintained the two-year-high levels. Brent crude was last trading down 0.1 percent at $64.19/bbl, while WTI crude slipped slightly to $57.33/bbl.

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