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A look at performance as TASI marks 18th anniversary
Tadawul trading screen
Saudi Arabia’s benchmark Tadawul All Share Index (TASI) marked its 18th anniversary on Feb. 25. The index surged to an all-time high on Feb. 25, 2006, at 20,967 points, before closing the session at 20,635 points.
The index closed at 12,605 points on Feb. 15, 2024, thus, the benchmark retreated 39% compared to Feb. 25, 2006.
The gauge has witnessed several changes over the years.
|
TASI Closing |
|||
|
Feb. 25, 2006 |
Feb. 25, 2024 |
Change (pts) |
Change (%) |
|
20,635 |
12,605 |
(8030) |
(39%) |
The following table shows TASI performance since February 2006:
|
Close of TASI on Feb. 25 Since 2006 |
||
|
Year |
Close (pts) |
Change (%) |
|
2006 |
20635 |
+133% |
|
2007 |
8443 |
(59%) |
|
2008 |
10211 |
+21% |
|
2009 |
4542 |
(56%) |
|
2010* |
6466 |
+42% |
|
2011** |
6264 |
(3%) |
|
2012 |
7120 |
+20% |
|
2013 |
7042 |
(1%) |
|
2014 |
9062 |
+29% |
|
2015 |
9320 |
+3% |
|
2016 |
5976 |
(36%) |
|
2017** |
7046 |
+18% |
|
2018 |
7494 |
+6% |
|
2019 |
8433 |
+13% |
|
2020 |
7758 |
(8%) |
|
2021 |
9195 |
+19% |
|
2022** |
12298 |
+34% |
|
2023** |
10153 |
(17%) |
|
2024 |
12605 |
+24% |
**Close of Feb. 23 (Feb. 25 marked a holiday)
The market highs over the years:
The gauge, over the past 18 years, did not record higher closing than the 2006 peak. The highest level it reached was in 2022 at 13,949 points.
|
TASI Highest Levels Over 18 Years |
||
|
Year |
Date |
Level (pts) |
|
2006 |
Feb. 25 |
20967 |
|
2007 |
Dec. 24 |
11871 |
|
2008 |
Jan. 13 |
11965 |
|
2009 |
Oct. 25 |
6579 |
|
2010 |
May 4 |
6939 |
|
2011 |
Jan. 17 |
6795 |
|
2012 |
April 2 |
7944 |
|
2013 |
Dec. 24 |
8578 |
|
2014 |
Sept. 9 |
11160 |
|
2015 |
April 30 |
9897 |
|
2016 |
Dec. 28 |
7279 |
|
2017 |
July 2 |
7586 |
|
2018 |
July 23 |
8503 |
|
2019 |
May 2 |
9403 |
|
2020 |
Dec. 17 |
8766 |
|
2021 |
Oct. 24 |
11955 |
|
2022 |
May 9 |
13949 |
|
2023 |
Dec. 31 |
11982 |
|
2024* |
Feb. 25 |
12662 |
The Saudi Exchange (Tadawul) has 232 listed companies (including REITS and excluding companies listed on Nomu-Parallel Market) versus 77 companies on Feb. 25, 2006.
The past 18 years witnessed several listings, in addition to mergers and delistings.
Over this period, the market witnessed the listing of Saudi Arabian Oil Co.’s (Saudi Aramco) shares in the biggest initial public offering (IPO) in history. Saudi Aramco has a current market value of SAR 7.7 trillion.
|
Number of Companies |
|||
|
Period |
Feb. 25, 2006 |
Feb. 25, 2024* |
Change |
|
No. of Companies |
77 |
232 |
+155 |
On Feb. 25, 2024, around 432.5 million shares were traded through 385,400 transactions at a total value of SAR 6.6 billion.
Compared to Feb. 25, 2006, trading value fell 83%, the number of trades dropped 17% while the trading volume increased by 18%.
|
Average Daily Trading |
|||
|
Period |
Feb. 25, 2006 |
Feb. 25, 2024 |
Change |
|
Trading Value (SAR bln) |
39.9 |
6.6 |
(83%) |
|
Trading Volume (mln) |
326.3 |
385.4 |
(18%) |
|
Transactions (‘000) |
518.0 |
432.5 |
(17%) |
The following table illustrates the trading volume as well as the number of transactions on Feb. 25, since 2006:
|
Trading Volume, Number of Transactions (Feb. 25, Since 2006) |
|||
|
Period |
Trading Volume (mln) |
Transactions (‘000) |
|
|
2006 |
326.3 |
518.0 |
|
|
2007 |
2147.9 |
375.7 |
|
|
2008 |
568.0 |
219.9 |
|
|
2009 |
456.7 |
144.1 |
|
|
2010* |
200.1 |
70.3 |
|
|
2011** |
809.0 |
81.2 |
|
|
2012 |
926.7 |
229.3 |
|
|
2013 |
399.1 |
129.3 |
|
|
2014 |
418.2 |
181.1 |
|
|
2015 |
468.7 |
110.6 |
|
|
2016 |
412.6 |
121.0 |
|
|
2017** |
246.6 |
103.5 |
|
|
2018 |
315.7 |
97.0 |
|
|
2019 |
139.5 |
88.6 |
|
|
2020 |
313.6 |
178.2 |
|
|
2021 |
928.7 |
486.0 |
|
|
2022* |
876.5 |
495.6 |
|
|
2023** |
233.9 |
301.7 |
|
|
2024 |
385.4 |
432.5 |
|
**Close of Feb. 23 (Feb. 25 marked a holiday)
Companies’ Performance
Among the traded stocks in 2006, six closed higher, while 66 declined.
Saudia Dairy and Foodstuff Co. (SADAFCO) was the top performer, with a surge of 244%. Jarir Marketing Co. with a 214% rise, The Company for Cooperative Insurance (Tawuniya) (123%) and Almarai (110%). Saudi Automotive Services Co. (SASCO) and National Agricultural Development Co. (NADEC) also inched up over 15%.
|
Top Performing Companies (Feb. 25, 2006 Vs. Feb. 25, 2024) |
|||
|
Company |
Feb. 25, 2006* |
Feb. 25, 2024 |
Change% |
|
SADAFCO |
111.60 |
384.00 |
+244% |
|
Jarir |
4.88 |
15.30 |
+214% |
|
Tawuniya |
69.17 |
154.00 |
+123% |
|
Almarai |
28.50 |
59.80 |
+110% |
|
NADEC |
28.78 |
34.40 |
+20% |
|
SASCO |
74.63 |
86.00 |
+15% |
Bank Albilad reported the least decline of 1%, followed by Al Rajhi Bank with a 3% fall, and SABIC Agri-Nutrients with an 8% decline.
|
Minimum Decline Compared to Feb. 25, 2006 |
|||
|
Company |
Feb. 25, 2006* |
Feb. 25, 2024 |
Change |
|
Bank Albilad |
50.63 |
50.40 |
(1%) |
|
Al Rajhi |
92.70 |
89.80 |
(3%) |
|
SABIC AN |
139.00 |
128.00 |
(8%) |
|
ANB |
34.01 |
27.00 |
(21%) |
|
Riyad Bank |
39.63 |
30.60 |
(23%) |
|
Saudi Chemical |
6.91 |
5.17 |
(25%) |
|
SAB |
53.17 |
38.95 |
(27%) |
|
Banque Saudi Fransi |
52.13 |
37.90 |
(27%) |
|
Al-Jouf Agricultural |
88.00 |
54.50 |
(38%) |
|
stc |
69.90 |
41.95 |
(40%) |
|
Bahri |
46.29 |
27.40 |
(41%) |
|
Batic |
4.39 |
2.39 |
(46%) |
|
GASCO |
154.00 |
82.60 |
(46%) |
|
Mobily |
103.75 |
54.10 |
(48%) |
|
Saudi Ceramics |
61.29 |
31.20 |
(49%) |
|
SAIB |
35.88 |
17.12 |
(52%) |
|
Al Akaria |
43.18 |
20.90 |
(52%) |
|
Saudi Cement |
101.75 |
47.00 |
(54%) |
|
Taiba |
71.25 |
31.80 |
(55%) |
|
SISCO |
79.17 |
32.20 |
(59%) |
Saudi Cable Co. was the worst performer, with a 97% decline. It was followed by Anaam international Holding, Sinad Holding, Nama Chemicals, Saudi Arabian Amiantit Co., Al-Baha Investment and Development Co., Thimar Development Holding Co. and Al Gassim Investment Holding Co. (GACO) with declines between 90% and 95%.
|
Worst Performers Compared to Feb. 25, 2006 |
|||
|
Company |
Feb. 25, 2006* |
Feb. 25, 2024 |
Change |
|
Saudi Cable |
1828.36 |
57.20 |
(97%) |
|
Anaam |
21.10 |
1.11 |
(95%) |
|
Sinad |
247.75 |
14.20 |
(94%) |
|
Aminatit |
413.56 |
29.25 |
(93%) |
|
Nama Chemicals |
498.63 |
35.80 |
(93%) |
|
Al-Baha |
1.78 |
0.14 |
(92%) |
|
Thimar |
144.06 |
12.34 |
(91%) |
|
GACO |
212.50 |
19.90 |
(91%) |
|
SIDC |
117.25 |
12.10 |
(90%) |
|
Tihama |
135.98 |
15.46 |
(89%) |
|
Tabuk Cement |
113.75 |
13.52 |
(88%) |
|
National Gypsum |
199.25 |
25.80 |
(87%) |
|
JAZADCO |
113.60 |
16.64 |
(85%) |
|
Saudi Fisheries |
164.69 |
24.96 |
(85%) |
|
SIECO |
171.26 |
27.35 |
(84%) |
|
Tasnee |
76.25 |
13.00 |
(83%) |
|
Tabuk Agricultural |
108.01 |
19.20 |
(82%) |
|
Eastern Cement |
167.00 |
36.60 |
(78%) |
|
Maadaniyah |
88.96 |
19.92 |
(78%) |
|
Wafrah |
193.45 |
44.80 |
(77%) |
P/E over the period:
The market traded at a P/E ratio of over 57x in February 2006, even after excluding those companies that had not launched their operations then (Yansab, Mobily and Bank Albilad). The market currently trades at a P/E of 18.62x, and 18.56x after adding exceptions.
As many as 39 companies in February 2006 traded at a higher P/E compared to the market, led by Nama Chemicals (2398x), while nine companies traded at a negative P/E.
Ten companies, which were listed in February 2006, currently trade at a P/E of over 50x, vs. 21 companies with a negative P/E.
|
P/E |
||||
|
Company |
Feb 25, 2006 |
Feb 25, 2024 |
||
|
Stock Price (SAR) |
P/E |
Stock Price (SAR) |
P/E |
|
|
Anaam |
21.10 |
-ve |
1.11 |
-ve |
|
Amiantit |
413.96 |
-ve |
29.25 |
-ve |
|
Shams |
2.09 |
-ve |
0.73 |
-ve |
|
Al-Baha |
1.78 |
-ve |
0.14 |
-ve |
|
Saudi Fisheries |
164.69 |
-ve |
24.96 |
-ve |
|
SIDC |
117.25 |
-ve |
12.10 |
-ve |
|
AYYAN |
101.50 |
52 |
25.10 |
-ve |
|
Zamil |
110.75 |
62 |
29.40 |
-ve |
|
SAPTCO |
65.25 |
65 |
20.50 |
-ve |
|
Sinad Holding |
247.75 |
126 |
14.20 |
-ve |
|
TADCO |
108.01 |
127 |
19.20 |
-ve |
|
Maadaniyah |
88.96 |
141 |
19.92 |
-ve |
|
Tihama |
135.98 |
147 |
15.46 |
-ve |
|
Batic |
4.39 |
153 |
2.39 |
-ve |
|
SPIMACO |
167.17 |
208 |
40.55 |
-ve |
|
Fitaihi |
10.30 |
239 |
3.45 |
-ve |
|
Ash-Sharqiyah |
82.27 |
154 |
19.40 |
-ve |
|
Nama Chemicals |
498.63 |
2398 |
35.80 |
-ve |
|
National Gypsum |
199.25 |
48 |
25.80 |
-ve |
|
GACO |
212.50 |
89 |
19.90 |
-ve |
|
Al Akaria |
43.18 |
86 |
20.90 |
-ve |
|
Alujain |
108.00 |
2265 |
43.00 |
50+ |
|
SABIC |
243.75 |
38 |
79.80 |
50+ |
|
Saudi Ceramics |
61.29 |
59 |
31.20 |
50+ |
|
JAZADCO |
113.50 |
82 |
16.64 |
50+ |
|
SASCO |
74.63 |
27 |
86.00 |
50+ |
|
SIIG |
84.50 |
92 |
21.24 |
50+ |
|
Wafrah |
193.45 |
-ve |
44.80 |
50+ |
|
SARCO |
352.00 |
1483 |
93.90 |
50+ |
|
FIPCO |
224.75 |
266 |
55.70 |
50+ |
|
Sadirat |
171.46 |
73 |
31.20 |
50+ |
|
Makkah Construction |
226.00 |
200 |
85.90 |
46.92 |
|
Zoujaj |
123.00 |
28 |
41.60 |
41.02 |
|
Savola |
151.50 |
67 |
55.50 |
39.77 |
|
Qassim Cement |
203.00 |
65 |
59.00 |
38.13 |
|
Taiba |
71.25 |
86 |
31.80 |
37.98 |
|
Saudi Chemical |
6.91 |
56 |
5.17 |
37.48 |
|
SISCO |
79.17 |
496 |
32.20 |
34.40 |
|
Tawuniya |
69.17 |
10 |
154.00 |
32.90 |
|
NADEC |
28.78 |
108 |
34.40 |
32.31 |
|
Tabuk Cement |
113.75 |
66 |
13.52 |
32.28 |
|
Al-Jouf Agricultural |
88.00 |
213 |
54.50 |
31.71 |
|
Southern Cement |
148.50 |
34 |
40.20 |
30.67 |
|
Yanbu Cement |
100.50 |
35 |
31.20 |
30.52 |
|
Almarai |
28.50 |
68 |
59.80 |
29.18 |
|
SADAFCO |
111.25 |
-ve |
384.00 |
28.68 |
|
Yamama Cement |
141.75 |
57 |
35.60 |
28.54 |
|
GASCO |
154.00 |
66 |
82.60 |
27.15 |
|
Riyadh Development |
68.35 |
197 |
23.98 |
25.80 |
|
Tasnee |
76.25 |
139 |
13.00 |
25.17 |
|
Arabian Cement |
136.50 |
41 |
33.05 |
23.28 |
|
Bank Albilad |
50.63 |
0 |
50.40 |
21.28 |
|
Al Rajhi Bank |
92.70 |
66 |
89.80 |
21.61 |
|
Jarir |
4.88 |
33 |
15.30 |
18.87 |
|
Mobily |
103.75 |
-ve |
54.10 |
18.66 |
|
STC |
69.90 |
28 |
41.95 |
18.47 |
|
Saudi Cement |
101.75 |
32 |
47.00 |
17.00 |
|
Arabian Pipes |
602.76 |
78 |
174.80 |
16.21 |
|
Bank AlJazira |
53.39 |
35 |
19.72 |
16.16 |
|
Saudi Electricity |
50.75 |
143 |
19.96 |
15.80 |
|
Bahri |
46.29 |
78 |
27.40 |
15.49 |
|
SAIC |
132.07 |
2319 |
32.70 |
14.97 |
|
Eastern Cement |
167.00 |
48 |
36.60 |
14.07 |
|
SABIC AN |
139.00 |
53 |
128.00 |
12.57 |
|
SAB |
53.17 |
32 |
38.95 |
11.43 |
|
Riyad Bank |
39.63 |
51 |
30.60 |
11.41 |
|
Banque Saudi Fransi |
52.13 |
28 |
37.90 |
10.82 |
|
SAIB |
35.88 |
36 |
17.12 |
9.72 |
|
ANB |
34.01 |
28 |
27.00 |
9.56 |
The market traded at a P/B of 11x in February 2006, compared to 3.82x currently—a drop of 65%.
Saudi Electricity Co. (SEC) reported the lowest P/B in February 2006 of 4.58x. Al-Baha traded at the highest P/B of 109.81x.
For the companies listed in February 2006, SEC, and Tasnee reported the lowest P/B of 0.9x while Jarir reported the highest of 10.36x.
|
P/B |
||||
|
Company |
Feb 25, 2006 |
Feb 25, 2024 |
||
|
Stock Price (SAR) |
P/B |
Stock Price (SAR) |
P/B |
|
|
Jarir |
4.88 |
11.48 |
15.30 |
10.36 |
|
Arabian Pipes |
602.76 |
13.68 |
174.80 |
8.47 |
|
Amiantit |
413.56 |
9.05 |
29.25 |
7.77 |
|
SADAFCO |
111.25 |
7.97 |
384.00 |
6.56 |
|
Tawuniya |
69.17 |
4.93 |
154.00 |
6.50 |
|
SASCO |
74.63 |
9.03 |
86.00 |
5.87 |
|
Saudi Fisheries |
164.69 |
34.94 |
24.96 |
5.29 |
|
FIPCO |
224.75 |
34.34 |
55.70 |
4.68 |
|
Wafrah |
193.45 |
37.99 |
44.80 |
4.38 |
|
Al Rajhi Bank |
92.70 |
27.51 |
89.80 |
3.98 |
|
Sadirat |
171.46 |
17.67 |
27.35 |
3.57 |
|
Savola |
151.50 |
27.11 |
55.50 |
3.51 |
|
Saudi Cement |
101.75 |
7.9 |
47.00 |
3.47 |
|
Makkah Construction |
226.00 |
17.08 |
85.90 |
3.44 |
|
AYYAN |
101.50 |
11.02 |
25.10 |
3.42 |
|
GASCO |
154.00 |
9.57 |
82.60 |
3.38 |
|
Qassim Cement |
203.00 |
15.38 |
59.00 |
3.36 |
|
Almarai |
28.50 |
18.49 |
59.80 |
3.36 |
|
Zamil |
110.75 |
11.31 |
29.40 |
3.33 |
|
Bank Albilad |
67.44 |
17.46 |
50.40 |
3.30 |
|
SIDC |
117.25 |
22.91 |
12.10 |
3.23 |
|
SPIMACO |
167.17 |
9.77 |
40.55 |
3.14 |
|
Batic |
4.39 |
7.3 |
2.39 |
3.13 |
|
SARCO |
352.00 |
10.93 |
93.90 |
3.11 |
|
Nama Chemicals |
498.63 |
103.92 |
35.80 |
2.89 |
|
NADEC |
28.78 |
7.15 |
34.40 |
2.89 |
|
STC |
69.90 |
10.64 |
41.95 |
2.66 |
|
Tihama |
135.98 |
9.33 |
15.46 |
2.65 |
|
SAPTCO |
65.25 |
7.35 |
20.50 |
2.61 |
|
Saudi Chemical |
6.91 |
8.79 |
5.17 |
2.49 |
|
Anaam |
21.13 |
16.45 |
1.11 |
2.49 |
|
Maadaniyah |
88.96 |
18.54 |
19.92 |
2.37 |
|
Mobily |
103.75 |
20.15 |
54.10 |
2.36 |
|
TADCO |
108.01 |
14.09 |
19.20 |
2.13 |
|
Taiba |
71.25 |
9.83 |
31.80 |
2.11 |
|
Fitaihi |
10.30 |
5.29 |
3.45 |
2.05 |
|
SAIC |
132.07 |
79.43 |
32.70 |
2.04 |
|
GACO |
212.50 |
13.74 |
19.90 |
1.98 |
|
Zoujaj |
123.00 |
9.52 |
41.60 |
1.96 |
|
Al-Baha |
1.67 |
109.81 |
0.14 |
1.95 |
|
Riyadh Development |
68.35 |
9.03 |
23.98 |
1.91 |
|
National Gypsum |
199.25 |
17.41 |
25.80 |
1.90 |
|
Yanbu Cement |
100.50 |
8.15 |
31.20 |
1.86 |
|
Southern Cement |
148.50 |
10.54 |
40.20 |
1.75 |
|
Al Akaria |
43.18 |
8.54 |
20.90 |
1.72 |
|
SISCO |
79.17 |
14.11 |
32.20 |
1.72 |
|
Riyad Bank |
39.63 |
10.9 |
30.60 |
1.71 |
|
Bahri |
46.29 |
13.14 |
27.40 |
1.71 |
|
Ash-Sharqiyah |
82.27 |
14.3 |
19.40 |
1.62 |
|
Sinad Holding |
247.75 |
15.9 |
14.20 |
1.60 |
|
SIIG |
84.50 |
16.34 |
21.24 |
1.60 |
|
Shams |
2.08 |
17.5 |
0.73 |
1.52 |
|
Yamama Cement |
141.75 |
18.21 |
35.60 |
1.52 |
|
JAZADCO |
113.50 |
13.45 |
16.64 |
1.47 |
|
SAB |
53.17 |
10.63 |
38.95 |
1.38 |
|
SABIC |
243.75 |
11.72 |
79.80 |
1.38 |
|
Eastern Cement |
167.00 |
8.48 |
36.60 |
1.34 |
|
Arabian Cement |
136.50 |
8.39 |
33.05 |
1.30 |
|
Bank AlJazira |
53.39 |
11.34 |
19.72 |
1.29 |
|
Banque Saudi Fransi |
52.13 |
8.77 |
37.90 |
1.26 |
|
SAIB |
35.88 |
7.31 |
17.12 |
1.18 |
|
ANB |
34.01 |
8.03 |
27.00 |
1.15 |
|
Alujain |
108.00 |
10.82 |
43.00 |
1.11 |
|
Tabuk Cement |
113.75 |
12.41 |
13.52 |
0.93 |
|
Tasnee |
76.25 |
24.66 |
13.00 |
0.90 |
|
Saudi Electricity |
50.75 |
4.58 |
19.96 |
0.89 |
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