Saudi company Tibbiyah sees profits fall 14% due to falling sales

RIYADH: In line with the fall in the oil market, Saudi Arabia’s main stock index TASI fell 0.88% in the previous trading session, ending the week with a drop of more than 1%.

Oil prices, which hit record highs following the Russia-Ukraine conflict, halted their recovery amid growing market volatility and eased supply concerns.

Brent crude lost nearly $20 on the week, hitting $112.67 a barrel on Friday, and U.S. West Texas Intermediate fell to near $109.

Elsewhere in the GCC, equity markets were mixed at their close on Thursday, with the Abu Dhabi and Oman indices adding 0.9 and 1.7% respectively.

Bahrain’s BAX fell 0.7%, while stock exchanges in Dubai, Qatar and Kuwait ended flat.

Stock market news

Saudi digital security firm Elm Co. reported an 85% increase in profits to SR567 million ($154 million) in 2021 in its first post-listing results.

Arabian International Healthcare Golding Co., known as Tibbiyah, has reached an agreement to acquire a majority stake in Innovative Care Co.

The company recorded a 14% drop in net profit to SR 82 million in 2021.

Saudi Arabia’s Dur Hospitality Co. and Taiba Investment Co. have decided to suspend merger talks announced in mid-2021.

Malath Cooperative Insurance Co. posted pre-Zakat losses of SR 72.9 million, compared to profits of SR 22.7 million a year earlier.

Abo Moati for Bookstores Co. has renewed a Shariah-compliant credit facility agreement worth SR60 million to fund working capital.

Maharah Human Resources Co. will distribute cash dividends of SR2 per share for the second half of 2021, despite an 18% drop in annual profit to SR145 million.

Profits of Alandalus Property Co. in Saudi Arabia jumped 374% year-on-year to SR68 million in 2021 due to increased sales.

The cumulative losses of Saudi Arabian Amiantit Co. have been reduced to 0.15% of the capital. The company’s board of directors recommended a capital increase of SR346.5 million by offering rights issue shares.

Nama Chemicals Co. reported profits of SR 27 million in 2021, after erasing losses of SR 45 million from a year ago.

Canadian Medical Center Co. will pay semi-annual dividends of SR 1.5 per share, despite recording a 12.9% drop in net profit to SR 14 million in 2021.

A unit of Maharah Human Resources Co. has signed an initial agreement to acquire 41.37% of Care Shield Holding Co.

Sumou Real Estate Co. reported a 13% increase in profit to SR 81 million in 2021, with revenue up 6%.

Saudi insurer Tawuniya saw a drop of more than 30% in pre-Zakat profits in 2021 to SR 350 million.

Saudi oil giant Aramco will participate in a major integrated refining and petrochemicals complex in northeast China.


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