Saudi Ground Services Co. Sees Revenue Surge

Saudi Arabia's stock market witnessed mixed results in Monday's trading session. The Tadawul All Share Index closed at 12,259.60 points, showing a modest 0.35% increase. On the other hand, the parallel market, Nomu, ended the day at 26,859.37 points, down by 1.24%. Additionally, the MSCI Tadawul Index grew by 0.35% to close at 1,535.83.

Key Highlights

• TASI reported a trading volume of SR7 billion ($1.86 billion), with 85 stocks gaining and 134 declining.
• Nomu had a trading volume of SR28 million.
• ADES announced a significant revenue increase of 60.5% year on year, reaching SR1.53 billion in the first quarter of 2024.

Company Performance

Abdullah Al Othaim Markets Co. reported a 3% drop in profits despite increased revenue, citing higher expenses related to new branches. Saudi Ground Services Co. saw a 15.8% rise in revenue for the current quarter, with net profit increasing by 77.7%. Riyadh Cables Group Co. closed the first quarter with a profit increase to SR169 million, up 35.3% from the same period last year. Ma'aden, or Saudi Arabian Mining Co., experienced a significant increase in net profits for Q1 2024, despite a drop in revenue, mainly due to lower commodity prices.

Conclusion

The Saudi Arabian stock market displayed a mix of gains and losses, reflecting the dynamic nature of the financial landscape. Investors continue to monitor the performance of key companies and indices to make informed decisions. Stay tuned for more updates on the market trends and company developments.