RIYADH: Saudi Arabia’s stock market started the session higher for another day as the wave of earnings announcements continued. As of 10:16 a.m. Saudi time, the main index TASI added 0.6 percent to reach 12,345 points after wrapping up January with almost a 9 percent increase, and the parallel market Nomu opened flat at 25,582 points. Cable manufacturer United Wire Factories
RIYADH: Saudi industrial and petrochemical firm National Metal Manufacturing and Casting Co. has managed to clean its balance sheet as it narrowed down accumulated losses to 8.3 percent of capital. Maadaniyah, one of the largest metallurgic firms, saw its losses for 2021 standing at SR29.4 million ($7.84 million), according to a bourse statement. This was attained after
RIYADH: Saudi Arabia’s main index, TASI, ended the trading session higher on Tuesday, as investors braced for more earnings announcements and sentiment heightened. TASI added 0.2 percent to reach 12,293 points after crossing the 12,300 level earlier today, while the parallel market was flat at 25,558 points. Oil giant Aramco slipped by 0.3 percent. In the financial sector, the
RIYADH: Saudi Arabia’s steel wire manufacturer United Wire Factories Co. has seen a drop in its 2021 profits led by a lower gross margin. Profits slumped by over 25 percent year-on-year to reach SR46.2 million ($12.3 million), the homegrown firm said in a bourse statement. Even as revenues jumped by 18.5 percent during the year, gross profit retreated 25 percent due to higher