10 things you need to know on Tadawul today

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

1) Dar Al-Arkan Real Estate Development Co. (Dar Al-Arkan) nearly doubled its net profit to SAR 209.6 million in Q3 2017, compared to same quarter last year, mainly due to the higher property sale.

2) Saudi Kayan Petrochemical Co. (Saudi Kayan) will close some production units starting from Nov. 11 to begin its debottlenecking project and to perform scheduled maintenance. A financial impact of SAR 425 million is expected during the fourth quarter.

3) Saudi Ceramic Co. narrowed its net loss year-on-year (YoY) by 16.4 percent to SAR 39.2 million in Q3 2017 as operating revenues rose and marketing expenses declined.

4) MetLife AIG ANB Cooperative Insurance Co. (anb insurance) reported a net loss before zakat of SAR 10.4 million for Q3 0217, widening from SAR 4.2 million in the same quarter last year.

5) National Agricultural Development Co.’s (Nadec) net profit for Q3 2017 was SAR 17.3 million, 39.5 percent lower YoY due to a 7.2 percent drop in sales.

6) Saudi Marketing Co. (Farm Superstores) said its net profit for Q3 2017 tumbled 69 percent YoY to SAR 7.2 million, hurt by a drop in sales, higher SG&A expenses, higher financing charges, and an increase in zakat provisions.

7) Arabian Aramco Total Services Co. swung to net profit of SAR 193.3 million in Q3 2017, compared to a loss of SAR 52.1 million in Q3 2016, due to higher sales margins.

8) Saudi Real Estate Co. (Al Akaria) said its net profit for Q3 2017 fell 43 percent YoY to SAR 20.6 million, due to booking unrealized losses in the fair market value of financial derivatives, and losses from exiting some affiliates.

Separately, the firm said it has signed a SAR 6 million contract with Dar Al Handasah for Design and Engineering Consultancy to provide designs for developing a 50,000 square meters residential complex in Jeddah.

9) Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) posted a net profit of SAR 8.2 million, up 9 percent YoY, backed by SAR 4 million in profit share from affiliates.

10) Oil prices were slightly higher on Thursday, with Brent crude last trading up 0.1 percent at $63.58/bbl, while WTI crude rose 0.1 percent to $56.86/bbl. The US Energy Information Administration (EIA) in its latest monthly outlook raised its estimates on Brent crude prices for this year and next to $53 per barrel (bbl) and $56/bbl, respectively.

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