Digital payments surpass cash for the first time in Saudi Arabia with 94% transaction value

RIYADH: The Saudi stock market ended four out of five sessions in the green last week, supported by strong earnings from most listed companies.

TASI, the main index, gained 0.8% to 12,530 on Thursday, while the parallel market Nomu rose 0.8% to 22,023.

Qatar led the gains in the Gulf to close up 1.3%, followed by the Abu Dhabi index with a 1% gain.

Bahrain and Kuwait added 0.9 and 0.1% respectively, while Dubai and Oman fell 0.3 and 0.7% respectively.

Elsewhere in the Middle East, Egypt’s blue chip EGX30 index edged up 0.2%.

Oil prices stabilized lower on Friday, led by fears of a possible recession.

Brent crude ended the week at $98.15 a barrel, while US West Texas Intermediate reached $92.09 a barrel.

Stock market news

Aramco’s profit jumped 90% in the second quarter of 2022 to SR182 billion ($48.4 billion), beating median analyst forecasts with the highest quarterly profit since its IPO in 2019 .

Saudi Tadawul Group Holding Co. reported first-half profit down 23% to SR278 million

National Gas and Industrialization Co. to distribute SR0.85 per share in cash dividends for the first half of 2022

Alandalus Property Co. reported a profit of SR35 million for the first half of the year, down 8% from the same period a year ago

The National Agricultural Development Co., known as Nadec, made profits of SR 43 million in the first half of 2022

Saudi Chemical Co. reported a 32% drop in first-half profit to SR47 million

Tanmiah Food Co.’s profit increased by 43% to SR 32 million in the first half of 2022

Bupa Arabia for Cooperative Insurance has approved the reappointment of Loay Hisham Nazer as Chairman of the Board and Martin Fletcher as Vice Chairman

Maharah Human Resources Co. reported a 26% decline in half-year profit to SR52 million

Academy of Learning Co. saw its profit increase by 10% to SR 8 million in the first six months of 2022

Calendar

August 14, 2022

Closing of the subscription to the IPO of Naba Alsaha Medical Services Co.

August 15, 2022

Naqi Water Co. will start trading its shares on the main market of the Saudi Stock Exchange

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