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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.

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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo

The European Union may soon suspend sanctions on Syria related to energy and transport but has yet to agree on whether to ease restrictions on financial transactions, according to three diplomats and a document seen by Reuters.
EU foreign ministers will discuss the matter at a meeting in Brussels on Monday. The bloc’s foreign policy chief Kaja Kallas told Reuters on Wednesday she hopes a political agreement on easing the sanctions can be reached at the gathering.
Europe’s approach to Damascus began to shift after Bashar al-Assad was ousted as president in December by Hayat Tahrir al-Sham (HTS), which the United Nations designates as a terrorist group.
Officials see transport as key for helping Syria’s airports become fully operational, which in turn could facilitate the return of refugees. Energy and electricity are similarly seen as important for improving living conditions to help stabilize the country and encourage citizens to come back.
According to an EU document seen by Reuters, diplomats from the bloc's 27 members recommended taking swift action towards suspending the restrictions "in sectors necessary for economic stabilization and launch of economic reconstruction of Syria, such as those regarding energy and transport”.
The diplomats, who are part of a group that negotiates the EU’s foreign policy positions on issues related to the Middle East and North Africa, also recommended “assessing options for reopening banking and investment relations with Syria”.
“The easing of EU restrictive measures would be rolled out in a staged approach and in a reversible manner, regularly assessing if the conditions in Syria allow for further suspension,” the diplomats wrote, pointing to the need for respect for fundamental freedoms and an inclusive transition.
The wording of the document represents a compromise among EU capitals. Some governments want to move quickly to suspend sanctions, while others prefer a more careful and gradual approach to ensure Europe retains leverage.
If a political agreement is announced on Monday, European officials would proceed to work on the technical details of a suspension.
A number of sanctions should remain in place, according to the document, including measures related to the Al-Assad regime, illicit drug trade and arms trade.