Budget Saudi shares open stronger following 5% profit growth to $33m in H1 – Arab News

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RIYADH: Car rental company Budget Saudi saw its share rise by 1.15 percent to SR48.50, as of 10:27 a.m. Saudi time following the announcement of its first half result. 
The company posted a slight profit surge of 5 percent to SR123 million ($33 million) for the first half of 2022.
This was an increase from SR117 million in the prior-year period, according to a bourse filing.
The rise in profit was attributed to an increase in revenues of 2 percent to SR479 million compared to the same period last year.
This follows the agreement by Aljozoor Alrasekha Trucking Co., Budget Saudi subsidiary, to buy a 70 percent stake in Overseas Development’s subsidiaries in Saudi Arabia, Kuwait, and the UAE earlier this week.
CEO Fawaz Danish told Argaam that the potential takeover is expected to boost the company’s finances since logistics demand is expected to rise.
In a separate announcement, Budget Saudi said that it is seeking approval from shareholders for the purchase of up to 7 million of its shares to be held in treasury.
Shareholders of Budget Saudi are to receive an interim dividend of SR0.5 per share for the first half of 2022.
RIYADH: According to flash estimates by the General Authority for Statistics, real Gross Domestic Product of Saudi Arabia increased By 11.8 percent in the second quarter of 2022 from a year ago. 
RIYADH: Saudi stocks opened the week in positive territory on the back of rising oil prices and solid company earnings.
This is despite a 0.75 percent interest rate hike by the Gulf Cooperation Council’s central banks last week.
The main index, TASI, started 0.62 percent higher at 12,155, while the parallel market, Nomu, started flat at 20,958, as of 10:08 a.m. Saudi time
The Kingdom’s largest valued bank, Al Rajhi, was up 0.89 percent, after its net profit rose 12 percent, hitting SR8.4 billion ($2.2 billion) in the first half of 2022.
Saudi National Bank, the Kingdom’s largest lender, added 0.57 percent, following the news last week that its net profit nearly doubled in the first half.
Saudi British Bank, which was voted the best bank in 2022, added 0.95 percent, while the Kingdom oil giant Aramco started the day 0.13 percent higher.
Saudi-listed Nama Chemicals Co. increased 0.81 percent after it saw its profit jump by 207 percent in the first half of 2022 to SR60 million.
SABIC Agri-Nutrients Co. rose 2.86 percent, leading the gainers, while City Cement Co. was down 0.79 percent, leading the fallers.
United Cooperative Assurance Co. edged up 2.62 percent last week, erasing some of its losses from last week.
Brent crude ended Friday at $103.97 a barrel, while West Texas Intermediate settled at $98.62.
RIYADH: Gold bounced to a fresh multi-week peak on Friday with its safe-haven allure getting a fillip as the dollar gave up initial gains following another jump in US inflation, with the current price range also seemingly attracting bids for bullion.
Spot gold is currently priced at $1,765.94 per ounce, while US gold futures are settled at $1,781.80. 
Soybeans up, wheat falls
Chicago soybeans rallied on Friday and were set for their biggest weekly rise in 22 years as forecasts of hot and dry weather in the US Midwest raised supply concerns, while strong soymeal demand added support.
Corn made its biggest weekly gain in nearly five months, while wheat finished the week higher after two weeks of decline.
The Chicago Board of Trade’s most-active soybean contract Sv1 added 27-3/4 cents to $16.37 a bushel, climbing 11.99 percent, its biggest weekly climb since July 23, 1999.
CBOT’s most-active corn added 1 cent to $6.20 a bushel, making its biggest weekly rise since March 4, while wheat fell 9-1/4 cents to $8.07-3/4 a bushel.
Copper up
Copper prices touched their highest levels in three weeks on Friday amid renewed supply concerns and after US central bank authorities signaled slower interest rate rises.
The metal mainly used in power and construction has a tight supply backdrop, with inventories sliding and miners scaling back production plans.
Three-month copper on the London Metal Exchange settled up 2 percent to $7,917.50 a ton on Friday, its highest since July 8. 
China approves trading of some soybean and soyoil options
China’s securities regulator has approved the trading of some soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.
Trading will begin on Aug. 8, the China Securities Regulatory Commission said in a statement.
(With input from Reuters) 
RIYADH: Saudi stocks settled higher on Thursday, following a 0.75 percent interest rate hike by the Gulf Cooperation Council’s central banks on Wednesday.
The rise was bolstered by banking stocks after posting strong earnings for the first half of 2022.
The main index, TASI, was up 0.9 percent to 12,155, while the parallel Nomu market ended 0.6 percent higher at 20,952.
Gulf stock exchanges were mixed, led by a 1.3 percent rise in Dubai’s DFMGI.
Qatar and Oman recorded fractional gains, while Abu Dhabi and Kuwait slipped by 0.1 and 0.4 percent, respectively. The Bahraini index, on the other hand, finished flat.
Apart from the GCC, Egypt’s main stock index added 0.9 percent on Thursday.
UAE indexes were buoyed by a rise in oil prices on Friday, with Abu Dhabi and Dubai both advancing 1.1 percent.
Brent crude exited the week at $103.97 a barrel, and US benchmark West Texas Intermediate settled at $98.62 a barrel.
Stock news
Al Rajhi Bank’s net profit surged 21 percent to SR8.4 billion ($2.2 billion) due to an increase in net income during the first half of 2022
Kingdom Holding Co. acquired a SR1.06 billion stake in UK-based insurer Pheonix Group, serving over 13 million customers across the UK and Europe
United International Transportation Co.’s, or Budget Saudi, board of directors proposed buying back up to 7.12 million shares to hold them in treasury
Budget Saudi announced a slight profit surge of 5 percent to SR123 million for the first half of 2022, along with dividends of SR0.5 per share for the same period
Saudi Cable Co. announced the termination of the contract of its CEO Abdulhadi Abu Al-Khair, who will retain his membership in the company’s board
Nama Chemicals Co. saw its profit jump by 207 percent to SR60 million in the first half of 2022
National Medical Care Co. signed a memorandum of understanding with Smartmed Investment Co. to fully acquire Jiwar Medical Services Co.
Mohammed Hasan AlNaqool Sons Co. obtained Shariah-compliant financing worth SR15 million
The Saudi Investment Bank, or SAIB, saw its profit rise 21 percent to SR608 million, supported by higher operating income in the first half of 2022
Calendar
August 1, 2022
Future Care Trading Co. will start trading its shares on Nomu
August 14, 2022
Saudi Aramco will announce its financial results for the second quarter of 2022
RIYADH: Saudi-listed Nama Chemicals Co. saw its profit jump by 207 percent in the first half of 2022.
Its profit peaked at SR60 million ($16 million), compared to SR20 million in the prior-year period, according to a bourse filing.
The profit hike was coupled with an increase in revenue of 15 percent to SR327 million compared to the same period of last year.
The firm attributed the increase in profit to an improvement in average profit margins on some finished products, and a reduction in zakat provision, despite a decrease in sold quantities.

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