Saudi Stock Prices Increase on Rosy Earning Reports: Closing Bell

August 11, 2022

The Saudi stock market opened at a higher rate on Tuesday, with the stock prices for various industry shares going up.

Areej M Alturki
Areej M Alturki
Founder, Nakla

On 9th August 2022, it was seen that the share market in Saudi Arabia opened at a higher number and kept moving higher throughout the day as investors found solace in corporate results reports.

The parallel market, Nomu, climbed 0.57 percent to close at 22,199, while the Saudi benchmark index, TASI, increased 0.27 percent to close at 12,329 points.

Electronics company eXtra increased by 2.76 percent after reporting a 24 percent increase in 1/2 year revenues to SR225 million ($60 million).

SABIC, a prominent Saudi chemical company, increased 1.58 percent after reporting second-quarter earnings of SR7.93 billion, above analysts' average forecast of SR5.9 billion.

Amid a 14 percent decline in earnings to SR87 million for the first half of 2022, Arabian Cement Co. increased 1.06 percent.

After reporting a 12 percent profit gain to SR95 million during the first half of 2022, Bawan Co. climbed by 0.14 percent.

Although a 10% rise in first-half earnings to SR93.5 million, Retal Urban Development Co. dropped 4.81 percent.

Bawan Co. jumped by 0.14 percent after witnessing a 12 percent revenue rise to SR95 million for the first half of 2022.

Aside from making SR78.8 million in earnings within the first half of 2022 after losing SR47.5 million the year before, Saudi Airlines Catering Co. fell 3.24 percent.

After a 20 percent profit increase to SR506 million over the 6-month tenure, Nahdi Medical Co. increased by 0.68 percent.

Saudi Aramco, the nation's largest oil company, increased 1.27 percent, while Saudi National Bank, the nation's largest lender, increased 0.96 percent.

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