RIYADH: Saudi Arabia's Tadawul Composite Index closed the first trading day of the week on Sunday, down 291.41 points, or 2.42%, at 11,754.37.
The total trading volume of the benchmark index was 6.45 billion riyals ($1.72 billion), with 10 stocks rising and 223 falling.
The Kingdom's parallel market, Nomu, closed at 26,128.86, down 480.44 points or 1.81 percent, with 17 stocks rising and 53 falling.
The MSCI Tadawul Index also fell 37.35 points (2.47%) to close at 1,475.24.
The best performing stock of the day was Cooperative Insurance (Tawuniya), which gained 7.99% to 154.00SR.
Other top performers include Almasane Alkobra Mining Co. and Taleem REIT Fund.
The worst performer was Kingdom Holding Co., which fell 10% to 8.28SR.
Other laggards include Al Taiseer Group Talco Industrial Co. and Zahrat Al-Waha for Trading Co.
On the announcement side, Herfy Food Services Co. released interim financial results for the period ended June 30.
According to a statement from Tadawul, the company reported a net loss of SR23.24 million in the first half of 2024, down from SR8.27 million in the same period last year.
The increase in net loss was due to higher selling and marketing expenses and higher general and administrative expenses resulting from increased shipping application costs.
Al-Baha Investment and Development Co. reported its interim financial results for the first half of this year. For the period ended June 30, the company’s net profit reached SR2.91 million, up 296% compared to the same period in 2023.
The increase in net income was mainly due to high occupancy rates in the group's complexes.
Edarat Communication and Information Technology Co., part of Edarat Group, also announced interim financial results for the period ended June 30.
According to Tadawul's announcement, the company's net profit increased by 40% year-on-year to SAR 11.58 million in the first half of 2024.
This increase was primarily driven by increases in gross profit and operating profit and decreases in general and administrative expenses.
Saudi Reinsurance Co. also announced its interim financial results for the first half of 2024.
According to a stock exchange filing, the company's net profit for the first half of 2024 reached SR27.59 million, up 12.6% from the same period last year.
The increase in net income was driven by a 20% increase in net insurance service results, 68% growth in business and increased net investment results.
Sumo Real Estate Co., Ltd. announced its interim financial results for the six months ended June 30.
According to Tadawul's statement, the company's net profit increased by 7.8% year-on-year to SR 53.49 million. The increase was due to increased revenue from new real estate projects and improved returns on investments in related businesses.
Alazi Bank has reported its interim financial results for the first half of this year, with the bank's net profit reaching SR9.1 billion, up 9.74% from the same period last year, according to a filing to the stock exchange.
This growth was driven by a 5.6% increase in total operating income due to higher net financing and investment income, higher banking service fees and higher foreign exchange income.
