Saudi pharmaceutical company SPIMACO suffers $6 million loss as first-half revenue drops 10%

RIYADH: Saudi stocks fell in the final session last week, in line with most Gulf peers, as oil prices continued to fluctuate.

The main TASI index ended down 0.2% at 12,621, while the parallel market Nomu edged up 0.2% to 21,574.

Abu Dhabi, Dubai, Bahrain and Oman all lost between 0.1 and 1.5%, while Qatar and Kuwait bucked the trend to close up 0.2%.

Elsewhere in the Middle East, the Egyptian EGX30 index gained 0.4%.

Oil prices stabilized on Friday but fell for the week on a stronger US dollar and fears that an economic slowdown would weaken demand for crude.

Brent crude settled at $96.72 a barrel and US West Texas Intermediate crude ended the week at $90.77.

Stock market news

Maharah Human Resources Co. has secured SR363 million ($97 million) in financing from Saudi banks, following the completion of an acquisition in Saudi Medical Systems

National Metal Manufacturing and Casting Co. losses increased by 6% to SR 15.3 million in the first half of 2022

Saudia Dairy and Foodstuff Co. reported a 48% increase in profit for the second quarter of 2022 to SR56 million

Al-Omran Industrial Trading Co.’s board proposed a capital increase of SR60 million after the company’s first-half profits fell 19% to SR5.9 million

The Mediterranean and Gulf Insurance and Reinsurance Co., known as MEDGULF, recorded losses of SR 131 million in the first half of 2022

Profits of Saudi Home Loans Co. increased by more than 8% to reach SR 64 million in the first half of 2022

Saudi Pharmaceutical Industries and Medical Appliances Corp. recorded losses of SR 21 million in the first half of 2022

Tourism Enterprise Co. resumed with profits amounting to SR 155,508 in the first half of 2022

Saudi Reinsurance Co.’s net profit before Zakat fell 62% to SR 14 million in H1 2022

Saudi Automotive Services Co. reported a 57% increase in first-half profit to SR38 million

Saudi-based Amiantit Co. saw its half-year losses shrink by 83% to SR10 million

Amiantit’s half-owned unit, Tawzea Co., won a SR400 million project to provide water treatment services

Jabal Omar Development Co.’s first half losses increased by 316% to SR311m

AME Co. for Medical Supplies announced a 62% increase in half-year profit to SR15 million

Arabian Plastic Industrial Co. has announced its intention to conduct an initial public offering of a 20% stake on the Saudi Stock Exchange

Canadian Medical Center Co. reported profit of SR 8 million for the first half of 2022, up 60% from the previous year

Gas Arabian Services Co.’s half-year profit jumped 16% to SR18 million

Gulf Union Alahlia Cooperative Insurance Co. Losses Shrink 82% to SR19 Million in H1 2022

SABB Takaful Co. reports a 15% increase in profit to SR 5.6 million for the first half of the year

Saudi Industrial Services Co. intends to purchase up to 10% of its common stock to be held in cash

Najran Cement Co. has appointed Waleed Al-Mousa as Chairman of the Board and Fahd Al-Rajhi as Vice Chairman

Al Alamiya for Cooperative Insurance Co. turned into losses of SR20 million in the first half of 2022

Calendar

August 22, 2022

International Human Resources Co. will start trading its shares on the Saudi Stock Exchange

About Margie Peters

Check Also

Actions that will come into action on November 11, 2022

Alkem Laboratories said the US health regulator issued three observations after inspecting its St Louis-based …