In Monday’s trading session, Saudi Arabia’s Tadawul All Share Index closed at 12,259.60 points, marking an increase of 0.35 percent, while the parallel market, Nomu, ended the day at 26,859.37 points, down by 1.24 percent. Meanwhile, the MSCI Tadawul Index witnessed a growth of 0.35 percent, closing at 1,535.83. TASI reported a trading volume of SR7 billion ($1.86 billion), with 85 stocks making gains and 134 witnessing declines, whereas Nomu saw a trading volume of SR28 million. In financial news, ADES reported a substantial revenue increase of 60.5 percent year on year to SR1.53 billion in the first quarter of 2024, driven by significant contributions across its operational regions. The company’s net profit also saw a remarkable surge of 124.6 percent year on year to SR200.9 million, benefiting from strong revenue performance and enhanced margins.
Amidst the financial reports, Abdullah Al Othaim Markets Co. witnessed a 3 percent drop in profits despite increased revenue, attributing the decline to higher expenses linked to new branches. Saudi Ground Services Co. marked a 15.8 percent rise in revenue for the current quarter, primarily driven by an uptick in domestic and international flights and an increased number of Umrah pilgrims, leading to a 77.7 percent surge in net profit. Riyadh Cables Group Co. reported a profit increase to SR169 million, up 35.3 percent from the same quarter last year, attributing the growth to increased sales revenues and volume. Additionally, Saudi Arabian Mining Co., or Ma’aden, saw a significant increase in net profits despite a drop in revenue, driven by higher sales volumes and reduced costs.