Saudi Stock Market Companies Touch $613 Billion in Revenues

Saudi Stock (Tadawul) (Asharq Al-Awsat)
Saudi Stock (Tadawul) (Asharq Al-Awsat)
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Saudi Stock Market Companies Touch $613 Billion in Revenues

Saudi Stock (Tadawul) (Asharq Al-Awsat)
Saudi Stock (Tadawul) (Asharq Al-Awsat)

Saudi companies listed on the stock market recorded a 56.3 percent increase in their business, reaching total revenue of $613.3 billion.

Al-Jazira Capital reported that the Saudi companies on the Saudi Stock Exchange (Tadawul) recorded $613.3 billion in revenues, compared to $392 billion in 2020, while the listed Saudi companies recorded a 57.7 percent increase in total revenues during the fourth quarter of 2021.

Listed Saudi companies recorded $176 billion in revenues during the fourth quarter of last year, compared to $111.4 billion in 2020.

Saudi companies listed on Tadawul increased their revenues by nine percent during the fourth quarter of 2021 compared to their gains in the third quarter.

Meanwhile, the National Agricultural Development Co (NADEC), one of the largest dairy and food companies in the Kingdom, received a letter from the PIF-owned Saudi Agricultural and Livestock Investment (SALIC) to acquire 12.66 million shares, representing 12.46 percent of NADEC’s total outstanding shares.

SALIC looks forward to supplying larger quantities of essential foreign commodities and increasing the operational efficiency of existing investments.

The company also wants to develop relations with leading international companies in grain and food processing and expand its local and global investments following its strategy.

SALIC will include new agricultural technologies to rationalize water use, raise production efficiency, and preserve the environment.

Earlier, the Saudi Agricultural and Livestock Investment Company announcing that it has acquired 35.43 percent of Olam Agri Holdings for $1.24 billion, provided that the transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant international authorities.

SALIC CEO Sulaiman al-Rumaih said that the deal will develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector.”

Rumaih added that SALIC has extensive experience in the food and agriculture sector, which contributes to food security in the Kingdom, and the partnership with Olam will enrich its role in delivering food security.

He explained that Olam Agri’s commercial success, expertise, and scale in critical commodity sourcing and processing would add significantly to SALIC’s international portfolio.

The CEO also pointed out that SALIC will continue integrating both existing and future investments.

The main Saudi stock index closed up 162.89 points, at 13,646.12 points, with transactions worth $3.1 billion.

The volume of traded shares reached 240 million shares, divided by more than 470,000 deals, in which the shares of 77 companies recorded an increase in their value, while the shares of 129 companies closed lower.

The Saudi Parallel Shares Index (Nomu) closed up 221.52 points, at 24,268.83 points, with transactions worth $6.9 million, and the volume of traded shares reached more than 200,000 shares divided by 1,532 deals.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.