What we know about Heathrow Airport

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 65.55 points, or 0.56 percent, to close at 11,694.77.

The total trading turnover of the benchmark index was SR2.64 billion ($704 million), as 85 of the stocks advanced and 155 retreated.   

On the other hand, the Kingdom’s parallel market, Nomu, gained 13.93 points, or 0.05 percent, to close at 30,535.46. This comes as 36 stocks advanced while 48 retreated.   

The MSCI Tadawul Index lost 10.73 points, or 0.72 percent, to close at 1,479.47.    

The best-performing stock was Al-Babtain Power and Telecommunication Co., whose share price surged 9.98 percent to SR46.30.  

Other top performers included Alujain Corp., whose share price rose 8.65 percent to SR37.70, as well as Arriyadh Development Co., whose share price surged 6.05 percent to SR34.20.

Naseej International Trading Co. recorded the most significant drop, falling 9.58 percent to SR84.

Al-Rajhi Co. for Cooperative Insurance also saw its stock prices fall 4.63 percent to SR136.

Banan Real Estate Co. also saw its stock prices decline 4.31 percent to SR6.22.

On the announcements front, Tam Development Co. declared its annual financial results for the year ending on Dec. 31, 2024. According to a Tadawul statement, the firm reported a net profit of SR30.13 million in 2024, reflecting a 25.77 percent drop compared to 2023. 

The decrease in net profit is primarily attributed to delays in government project awards and budget reviews in the first half of 2024 which affected contract pricing revenue recognition and utilization rates as well as strategic investments in talent acquisition and competitive pricing to secure new logo accounts temporarily compressing margins.

The drop was also linked to higher general and administrative expenses which increased 39 percent due to workforce expansion to support growth.

Tam Development Co. ended the session at SR175.80, down 6.02 percent.

Riyadh Steel Co. has also announced its annual financial results for the year, which ended on Dec. 31, 2024. A bourse filing revealed that the company reported a net profit of SR1.99 million in 2024, reflecting an 82.06 percent drop compared to 2023. This decline is owed to a reduction in selling prices, a decrease in other income, and higher expenses in comparison to the previous year.

Riyadh Steel Co. ended the session at SR2.01, down 0.49 percent.

Middle East Pharmaceutical Industries Co. has announced its annual financial results for the year, which ended on Dec. 31. According to a Tadawul statement, the firm reported a net profit of SR79.85 million in 2024, reflecting a 21.3 percent drop compared to 2023. 

This increase in net profit is primarily attributed to strong revenue growth and a higher gross profit margin, driven by product mix diversification and economies of scale from increased production. Nevertheless, the gain in gross profit was partially offset by higher selling, distribution, and general administrative expenses, which were largely due to ongoing investments in marketing, talent acquisition, and other growth-related initiatives.

Middle East Pharmaceutical Industries Co. ended the session at SR135.40, down 1.34 percent.

Alandalus Property Co. also announced its annual financial results for the year ending Dec. 31, 2024.

A bourse filing revealed that the company reported a net loss of SR31.6 million in 2024, down from an SR36.42 million net profit in 2023. This decline is primarily attributed to a decrease in operating profit resulting from operational losses incurred by some affiliated companies, particularly West Jeddah Hospital, due to the opening and commencement of operations at Dr. Sulaiman Al-Habib Medical Hospital in Jeddah at the end of the first quarter of 2024, along with recorded losses in Al-Jawhara Al-Kubra Co. The net loss is also linked to an increase in general and administrative expenses along with a 31 percent surge in financing costs compared to the previous year.

Alandalus Property Co. ended the session at SR23.00, down 1.13 percent.

RIYADH: Saudi aid agency KSrelief has delivered thousands of food packages to some of the world’s most vulnerable people, the Saudi Press Agency reported on Sunday.

KSrelief distributed 143 packages to families in need in Qatana city in Rif Dimashq governorate — as part of the Etaam Ramadan Food Basket Project — in the Syrian Arab Republic.

KSrelief also provided 259 food baskets to families in Shinshar village in the Homs governorate, benefiting 974 individuals.

The Etaam project, which is now in its fourth phase, aims to distribute more than 390,000 food parcels in 27 countries during Ramadan, benefiting 2.3 million people at a cost of more than SR67 million ($17.8 million).

In addition, some 430 food packages were distributed in Port Sudan, benefiting 2,395 needy and displaced people in that country.

KSrelief also distributed 800 shopping vouchers and 500 food baskets in Akkar governorate, northern Lebanon, helping 3,300 individuals.