Saudi Arabia, other OPEC+ producers announce voluntary oil output cuts

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its upward movement for the seventh day in a row on Sunday, as it inched up 46.52 points or 0.44 percent to 10,636.62, led by elevated investors’ confidence. 

On Sunday, parallel market Nomu also advanced 95.16 points or 0.48 percent to close at 19,987.19, while the MSCI Tadawul 30 Index rose 0.46 percent to 1,442.14. 

The total trading turnover of the benchmark index was SR5.09 billion ($1.36 billion). 

At the end of the trading session, the top gainer was Filing and Packing Materials Manufacturing Co., whose share prices increased 10 percent to SR42.90. 

Other top gainers of the day include Takween Advanced Industries Co. and Arabian Internet and Communications Services Co., whose share prices surged by 9.84 percent and 8.2 percent, respectively. 

The worst performer on Sunday was Arabian Drilling Co. The company’s share prices dropped 4.84 percent to SR145.40. 

Meanwhile, Tadawul suspended the trading of five companies, namely, the Mediterranean and Gulf Insurance and Reinsurance Co., Anaam International Holding Group, Alkhaleej Training and Education Co., Saudi Industrial Development Co. and Red Sea International Co., as they failed to publish their financial statements for the year ended on Dec. 31. 

The suspension was confined to Sunday, and trading will resume on Monday. These companies have been now asked to disclose their financial statements before May 7. 

According to Tadawul, if any of these companies fails to comply, the suspension will resume starting on May 8, and will continue until the day the firms announce the financial statements. 

On the announcements front, Cenomi Centers’ board of directors decided to distribute a 10 percent of the capital or SR475 million special cash dividend, equaling SR1 per share, for the third quarter, which ended on Dec. 31, 2022. 

According to a press statement, the eligibility and distribution dates for the dividends will be on April 4 and 25. 

The special dividend is attributed to Cenomi Centers’ incredible business results, outstanding achievements in expanding operations, and the company’s proceeds from its successful program for selling non-core assets. 

On March 30, Cenomi Centers reported a net profit of SR837 million in the short fiscal year from April 1 to Dec. 31, 2022, an increase of 45 percent from SR578.4 million a year earlier. 

Driven by the rise in profits and dividend announcements, share prices of Cenomi Centers rose by 7.36 percent to SR21.88. 


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