9 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) Saudi Kayan Petrochemical Co. reported a net profit of SAR 381 million for Q3 2017, increasing from SAR 158 million in the same period last year due to higher production and sales quantities, higher average selling prices and improvement in operating performance.

2) Saudi Automotive Services Co.(SASCO) posted a net profit of SAR 9.11 million for Q3 2107, up 36.7 percent year-on-year (YoY) attributed to higher operating revenue, along with lower general and administrative expenses.

3) Riyad Bank reported a net profit of SAR 1.07 billion for Q3 2017, an increase of 47.7 percent YoY due to higher operating income.

4) Aldrees Petroleum and Transport Services (Aldrees) said its third-quarter net profit edged up 0.6 percent YoY to SAR 18.2 million, backed by a decline in selling, general and administrative expenses as well as lower Zakat expenses.

5) Oman’s Telecommunications Regulatory Authority (TRA) has cancelled the award process for the Sultanate’s third mobile license, Saudi Telecom Co. said in a bourse statement.

6) Saudi Industrial Investment Group (SIIG) has completed the sale of its 50 percent stake in Petrochemical Conversion Co. Ltd. for SAR 31 million, the company said.

7) L'Azurde Company for Jewelry said it has signed a strategic partnership with United Arab Emirates-based Pure Gold Jewelers to enhance its customer reach.

8) Public Investment Fund (PIF) has established the National Energy Efficiency Services Co. with a capital of SAR 1.9 billion, according to a statement on Saudi Press Agency.

9) Oil prices were slightly lower on Thursday, with Brent crude down 0.1 percent at $58.12/bbl while WTI crude fell 0.1 percent to $51.98/bbl. The US Energy Information Administration on Wednesday said US crude inventories fell by 5.7 million barrels to 456.5 million barrels, in the week ending Oct. 13.

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