Saudi Stock Market Report: Tadawul All Share Index Gains, Nomu Surges, and Financial Results Revealed

The Saudi Arabian stock market saw a positive trend on Wednesday, with the Tadawul All Share Index and MSCI Tadawul Index both showing gains. The trading turnover was also significant, with several stocks performing well throughout the day.

One notable highlight was Modern Mills for Food Products Co., which saw its share price surge by 30 percent during its first trading session on the main Saudi stock market. Other top performers included Saudi Advanced Industries Co. and Saudi Cable Co., with their share prices increasing by nearly 10 percent each.

On the flip side, Alkhaleej Training and Education Co. saw a significant drop in its share price, making it the worst performer of the day.

In terms of financial results, Taiba Investments Co. and BinDawood Holding Co. disclosed their annual figures for 2023, showcasing growth in revenues and net profits. Taiba Investments Co. attributed its increase in revenues to the acquisition of Dur Hospitality Co., while BinDawood Holding Co. saw a surge in net profit largely due to an increase in revenue and gross margin.

MBC Group Co. also released its financials, reporting revenues of SR1.7 million and a net profit of SR17,555. However, it should be noted that the reporting period for MBC Group Co. only spans from its incorporation date in April 2023 until the end of the year.

Overall, the stock market in Saudi Arabia showcased positive movements, with several companies posting strong financial results and stock performance. The ongoing momentum is a positive sign for investors in the region.