Saudi fintech sector grows 79% in a year

RIYADH: Saudi Arabia’s main index fell on Wednesday on the back of poor earnings results from listed companies.

The Tadawul All Share Index fell 0.69 percent to 11,407, while the parallel market Nomu fell 0.11 percent to 19,229.

Saudi oil giant Aramco ended the session 1.72 percent lower, a week after announcing that profits had risen 39 percent in the third quarter of 2022, beating the average of analysts’ forecasts.

Profit at Aramco reached SR 159 billion ($42 billion) after revenue rose 51 percent to SR 544 billion.

Jazan Energy and Development Co. increased by 0.30 per cent, after an increase of 123 per cent to SR 27 million in the first nine months of the year.

Almasane Alkobra Mining Co. gained 0.53 percent, following the announcement that they have received an exploration license for gold and silver from the Ministry of Industry and Mineral Resources.

Jarir Marketing Co. gained 0.49 percent, after it declared a third-quarter dividend of SR2.25 per share to shareholders.

Al-Jouf Agricultural Development Co. rose 4.77 percent, with profits rising 295 percent in the first nine months of 2022 to SR42 million.

Alamar Foods Co. increased by 1.16 percent as it reported a slight increase in profit to SR86 million during the first nine months of the year.

National Gas and Industrialization Co. fell 0.58 percent, despite increasing its net profit to SR159 million in the first nine months of 2022.

Red Sea International Co. fell 4.15 percent, as losses widened to SR 124 million in the first nine months, compared with losses of SR 95 million last year.

Sadr Logistics Co. fell 3.38 percent, after it turned to a loss of SR5.4 million in the first nine months of 2022.

Raydan Food Co. shares rose 7.14 percent on news that it cut losses by 32 percent to SR21 million in the first nine months of the year.

Al Abdullatif Industrial Investment Co. fell by 3.05 percent, as the company widened its losses by 213 percent to SR 31 million, despite revenue growth of 7 percent during the first nine months of the year.

Saudi Fisheries Co. fell 1.75 percent, after losses rose 32 percent to SR50 million, despite a jump in sales in the first nine months of 2022.

Saudi Industrial Exports Co. fell 2.37 percent, after losses rose 203 percent to SR18 million in the first nine months of 2022.

Saudi National Bank, the kingdom’s biggest lender, fell 1.04 percent, while the kingdom’s most valuable bank, Al Rajhi, fell 0.12 percent.