RIYADH: Saudi Arabia's Tadawul All Share Index ended its first trading session of the week on Sunday down 291.41 points, or 2.42 percent, to 11,754.37.
The total trading value of the benchmark index was 6.45 billion Saudi riyals ($1.72 billion), with 10 stocks gaining while 223 stocks were losing.
The kingdom's parallel stock exchange Nomu fell 480.44 points, or 1.81 percent, to close at 26,128.86, with 17 stocks up and 53 down.
The MSCI Tadawul Index fell 37.35 points, or 2.47%, to close at 1,475.24.
The best-performing stock of the day was The Co. for Cooperative Insurance, also known as Tawuniya, with its stock price up 7.99 percent to 154.00 riyals.
Other notable performers include Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performer was Kingdom Holding Co., with its shares down 10 percent to 8.28 riyals.
Other companies that underperformed included Al Taiseer Group, Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
In an announcement, Herfy Food Services has released its interim financial results for the period ended June 30.
The company reported a net loss of 23.24 million riyals in the first six months of 2024, compared to 8.27 million riyals in the same period last year, Tadawul said in a statement.
The increase in net loss was due to higher selling and marketing expenses, driven by higher shipping costs, as well as higher general and administrative expenses.
Al-Baha Investment and Development Company has reported its interim financial results for the first half of this year, with the company’s net profit for the period ended June 30 at SAR 2.91 million, an increase of 296 percent compared to the same period in 2023.
The increase in net profit was mainly due to high occupancy rates at the Group's projects.
Edarat Communications and Information Technology, part of the Edarat Group, has announced its interim financial results for the period ended June 30.
The company's net profit rose 40 percent year-on-year to 11.58 million riyals in the first half of 2024, Tadawul said in a statement.
This increase was primarily due to higher gross profit and operating profit, as well as lower general and administrative expenses.
Saudi Reinsurance has also announced its interim financial results for the first six months of 2024.
The company's net profit in the first half of 2024 was 27.59 million Saudi riyals, up 12.6 percent from the same period last year, the stock exchange filing showed.
The increase in net income was driven by a 20 percent increase in net insurance service performance, a 68 percent growth in business operations and higher net investment performance.
Sumou Real Estate announces interim financial results for the six months ended June 30
The company's net profit rose 7.8 percent year-on-year to SR53.49 million, Tadawul said in a statement. The increase was driven by higher revenue from new real estate projects and higher returns on investments in related companies.
Al-Rajhi Bank has reported its interim financial results for the first half of this year, filed with the Stock Exchange, showing that the bank’s net profit was 9.1 billion Saudi riyals, up 9.74 percent from the same period last year.
This growth was mainly driven by a 5.6 percent increase in total operating income, driven by higher net finance and investment income, higher fees from banking services, and foreign exchange earnings.
