Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) The US Federal Trade Commission (FTC) had filed a complaint against Tronox Ltd.’s move to acquire National Titanium Dioxide Ltd.’s (Cristal) titanium dioxide business.
2) Jarir Marketing Co. reported a net profit of SAR 381.7 million in the first half of 2018, a 3.4 percent year-on-year (YoY) rise on higher profit margins and lower selling, distribution, general and administrative (G&A) expenses.
3) Filling & Packing Materials MFG. Co. (FIPCO) reported a net profit of SAR 1.89 million for the first half of 2018, a 49.73 percent YoY drop driven by lower sales, high cost of labor, higher G&A expenses pertaining to an affiliated unit and increased banking charges.
4) The Capital Market Authority (CMA) has approved United Electronics Co.’s (eXtra) request to increase capital to SAR 500 million from SAR 420 million through the issue of one bonus share for every seven shares held, the company said in a statement.
5) Saudi Ground Services Co.’s board of directors has recommended a 13 percent cash dividend for the first half of 2018, at SAR 1.3 per share, amounting to SAR 244.4 million.
6) Saudi Enaya Cooperative Insurance Co. said it has received a no-objection letter from Saudi Arabian Monetary Authority (SAMA) regarding its proposed SAR 200 million capital increase through rights issue.
7) Riyadh-based Jadwa Investment has revised upwards its forecast on Saudi Arabia’s 2018 economic growth to 2.2 percent, from its previous estimate of 1.5 percent.
8) Crowdfunding Limited Co. (Scopeer) will launch its web platform by the beginning of September, CEO Abdulrahman Al Theeb told Argaam.
9) World oil demand is forecast to decline next year, as growth in consumption rate slows, OPEC said in its latest monthly oil report.
10) US President Donald Trump's tweets nudging OPEC to help ease rising oil prices have had a limited impact on crude prices, as there are a number of factors that are currently at play in the global markets, analysts have told Argaam.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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