8 things to consider as Tadawul starts trading

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

1) United Electronics Company (eXtra) reported a net profit of SAR 57.6 million for the fourth quarter of 2017, more than double from SAR 26.3 million in the same period last year.

2) Bahri Dry Bulk Company, 60 percent-owned by National Shipping Company of Saudi Arabia (Bahri), has signed a SAR 360 million Islamic facility with Bank Albilad. The facility will be used to finance 80 percent of the cost of building four bulk carriers by Hyundai Heavy Industries.

3) Abdullah Al Othaim Markets Co. has opened two new stores in Saudi Arabia, bringing its total branches in the Kingdom to 189, the company said in a statement.

4) Rabigh Refining and Petrochemical Co. (Petro Rabigh) has launched production at 10 out of 12 units at Phase II Rabigh project. Production at the remaining two units will start in the first quarter 2018.

5) Tabuk Agricultural Development Co. has signed a memorandum of understanding (MoU) with Al-Khalijia Investment for Foods to acquire its food business and set up a new entity under the planned deal.

6) Retail properties will make up over half of the estimated SAR2.6 billion ($715 million) asset base of Dar Al-Arkan Properties that is expected to be listed on Tadawul this year, according to Dar Al-Arkan Real Estate Development CEO Ziad El Chaar. 

7) The special allowance for state employees and military personnel announced by Saudi Arabia’s King Salman on Friday will cost about SAR 50 billion ($13.3 billion) this year, Saudi-owned Al Sharq Al Awsat newspaper reported, citing the country’s information minister.

8) Oil prices closed edged higher on Monday, against the backdrop of declining US rig count. Brent crude was last trading up 0.2 percent at $67.75/bbl, while WTI crude rose 0.3 percent to $61.60/bbl.

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