RIYADH: Saudi Arabia’s main stock market opened higher on Thursday, as investor sentiment was buoyed by strong quarterly earnings results. TASI the main index advanced 0.5 percent to 13,717, while the parallel market Nomu slipped 0.05 percent to 23,622 at 10:12 a.m. Riyadh time. Oil giant Aramco, which is the heaviest weight on TASI, gained 0.7 percent, and the Kingdom’s
RIYADH: Saudi cement producer Qassim Cement Co. has posted a 75 percent profit decline in its quarterly earnings results, driven by higher expenses. Net profit slipped to SR25 million ($6.7 million), down from almost SR100 million in the same period a year earlier, according to a filing. On a quarterly basis, profit also went down by 26 percent from SR34 million in the quarter
RIYADH: A surge in construction activities due to the Red Sea and other development projects in Saudi Arabia is expected to drive the recovery of the cement industry after the demand dwindled last year on account of the pandemic. “The industry will be positively affected by renewed construction in the north, with the Red Sea Project, and residential developments. The effect
RIYADH: Saudi cement producer Qassim Cement Co. has seen its profit decline by 30 percent during 2021. Net profit dropped to SR295 million ($78.6 million), compared to SR419 million a year earlier, according to a bourse filing. This came in conjunction with a drop in revenues by 19.5 percent, and a decline in earnings per share from SR4.66 to SR3.28. In a statement to the