RIYADH: Saudi Arabia's Tadawul Composite Index fell on Tuesday, closing at 12,105.54, down 69.22 points or 0.57 per cent.
Total trading volume on the benchmark index was SR6.8 billion (USD 1.8 billion), with 55 listed stocks rising and 173 falling.
The MSCI Tadawul Index also fell 10.49 points (0.69%) to close at 1,512.94.
The Kingdom's parallel market, Nomu, closed at 26,164, up 123.53 points, or 0.47 percent, as 33 of the listed stocks rose while 32 fell.
Sumou Real Estate Co. was the best performing stock on TASI, with its stock price rising 9.98% to SR47.95.
Other top performers included Kingdom Holding Co. and Perfect Presentation for Commercial Services Co., which rose 9.93% and 4.04% to trade at 7.86 riyals and 15.96 riyals, respectively.
Other top gainers included Nayifat Finance Co. and Gulf Union Alahlia Cooperative Insurance Co.
Miahona Co. was the worst performer, with its stock price falling 6.82% to SR39.60.
Shares of Nama Chemicals Co. and Jadwa REIT Saudi Fund fell 3.39% and 3.22% to SR27.10 and SR12.02, respectively.
Other companies that underperformed include Rasan Information Technology Co., Ltd. and National Medical Care Co., Ltd.
According to the announcement, First Mills Co. reported a net profit of SAR 45.5 million in the second quarter of this year, up 30.3% compared to the same period in 2023.
Sales in the second quarter of this year also increased by 13% year-on-year, reaching SR242.3 million.
The company announced that it will pay a cash dividend of SR1.55 per share to shareholders in the first half of 2024.
The total dividend distribution is 86.03 million SR, distributed across 55 million shares.
Saudi Arabian telecommunications company Etihad Etisalat (also known as Mobily) reported a 33% increase in profit to SR661 million in the second quarter of 2024, compared to SR497 million in the same period last year.
The company attributed the increase in net profit to an increase in operating profit and a 26.2% decrease in financing costs, which decreased to SAR 130 million due to a reduction in its debt portfolio.
He added that the reduction in zakat and income tax expenditures also contributed to the improved financial performance.
Saudi Telecom Co. also reported a 9 percent rise in second-quarter profit to 3.3 billion riyals, compared with 3 billion riyals in the same period last year.
The company said the increase in net profit was due to an increase in revenue of SR828 million, partially offset by an increase in cost of sales of SR272 million, which led to an increase in gross profit of SR556 million.
Operating expenses were reduced by 48 million riyals, while zakat and income tax expenses were reduced by 23 million riyals, it added.
