Saudi Companies Enter Countdown to Disclose Financial Results

Saudi Companies Enter Countdown to Disclose Financial Results
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Saudi Companies Enter Countdown to Disclose Financial Results

Saudi Companies Enter Countdown to Disclose Financial Results

Saudi firms have started the countdown to announce their financial results for the final quarter of 2019.

Traders of the Saudi stock exchange are anticipating the results of 138 companies whose financial results haven’t been revealed yet. These firms represent 70 percent of the total listed companies.

So far, a total of 61 listed companies announced their results for Q4 2019. The results showed progress in the performance of 39 listed companies during 2019 compared to 2018. This progress is embodied through two types: companies that achieved remarkable growth in financial results for 2019 and companies that managed to reinforce their operating roles.

Amid this anticipation, Tadawul commenced the new month’s trading following sharp setbacks in global markets and oil prices last week. This coincides with the Dow Jones index sliding last Friday from 1,100 points to 357 points.

The performance of the Saudi stock exchange is expected to be more stable and balanced compared to most global financial markets. It managed to maintain a level of 7,500 points, in addition to the fact that the already announced results brought hope to investors.

In this context, the Saudi index closed last week’s trading with a decline of 4.7 percent i.e. 379 points. It closed at 7,628 points compared to last week’s 8,007 points. This was the greatest weekly loss since August.

The value of total trading last week witnessed a remarkable rise of around SAR19.9 billion (USD5.3 billion) compared to around SAR14.17 billion (USD3.77 billion) during the week before. This indicates a rise of 40.4 percent.



Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
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Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)

Saudi Arabian budget airline flynas is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. 

The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalization of up to $3.6 billion. 

Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. 

The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. 

The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. 

Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company.