10 things you need to know on Tadawul today

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

1) Saudi Arabia’s wide-scale economic reforms, including its plan to build a $500 billion megacity (NEOM) are a step towards the right direction, Jihad Azour, the International Monetary Fund’s (IMF) Middle East and North Africa director told Argaam.

2) Saudi Arabia plans to start issuing tourist visas soon to boost the Kingdom’s tourism industry, said Prince Sultan bin Salman bin Abdul Aziz, head of Saudi Commission for Tourism and National Heritage.

3) Alawwal Bank posted a net profit of SAR 363 million for Q3 2017, up 38.1 percent YoY due to a decrease in total operating expenses.

4) Knowledge Economic City (KEC) reported a net loss of SAR 11.7 million for Q3 2017, widening from a loss of SAR 9.1 million in the same period last year.

5) National Petrochemical Co. (Petrochem) said its net profit in Q3 2017 rose nearly 3 percent YoY to SAR 197 million on higher sales, lower selling and distribution costs and a decrease in the cost of finance.

6) Saudi Advanced Industries Co. said its net profit in Q3 2017 almost quadrupled YoY to SAR 9.9 million on an increase in earned dividends and lower cost of finance.

7) Abdullah Al Othaim Markets Co. reported a net profit of SAR 150.6 million in Q3 2017, a four-fold increase as compared to the same period last year mainly due to non-recurring gains from the sale of a shopping mall in Hail city.

8) Al Jouf Agricultural Development Co. (Al Jouf) said its net profit in Q3 2017 plunged 65 percent YoY to SAR 11.5 million on a decrease in sales and an increase in the cost of sales.

9) Herfy Food Services Co. reported a net profit of SAR 56 million for Q3 2017, a 5.5 percent YoY decline due to lower sales and an increase in finance costs.

10) Oil prices climbed higher on Wednesday, with Brent crude rising 0.3 percent to $61.15/bbl, while WTI crude rose 0.5 percent to $54.65/bbl. The IMF, which launched its latest Regional Economic Outlook report on Tuesday, maintained its medium-term estimates on oil prices at $53 a barrel.

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