10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Thursday.

1) The Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 55.7 in July as output and new orders increased at a faster rate compared with June.

2) Abdullah Al Othaim Markets Co. reported a net profit of SAR 71.2 million for the second quarter of 2017, a 43 percent year-on-year (YoY) increase due to higher sales and improved gross margins.

3) Wataniya Insurance Co. posted a net profit of SAR 7.7 million for the second quarter of 2017, an 81 percent year-on-year (YoY) jump due to increase in the net earned premium.

4) Alandalus Property Co. on Aug. 2 signed a SAR 1.35 billion assets sale agreement of a Real Estate Investment Traded Fund (REIT) with NCB Capital.

5) Al Sorayai Trading and Industrial Group incurred a net loss of SAR 29.5 million in Q2 2017 versus net profit of SAR 107,000 last year, due to lower sales and decreased utilization rate.

6) Umm Al-Qura Cement Co. reported a net profit of SAR 8.46 million for the second quarter compared to a net loss of SAR 4.35 million in the same quarter last year.

7) Al Hammadi Company for Development and Investment has agreed to start non-binding talks with National Medical Care Co. over a potential merger.

8) Northern Region Cement Co.’s net profit in Q2 2017 stood at SAR 8.3 million, dropping 83 percent YoY.

9) The Saudi Arabian Monetary Authority (SAMA) has approved United Cooperative Assurance Co.’s request to cut its capital to SAR 400 million.

10) Oil prices edged lower on Thursday. Brent crude was last down 0.4 percent at $52.16/bbl and WTI crude fell 0.4 percent to $49.41/bbl.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com