RIYADH: Saudi Arabia's Tadawul All Share Index declined on Monday, losing 54.03 points or 0.44 percent to close at 12,121.40.
Total trading turnover of the benchmark index was SR6.90 billion (US$1.84 billion), with 69 of the listed stocks rising while 150 declined.
The MSCI Tadawul Index fell 5.19 points or 0.34 percent to close at 1,519.30.
The kingdom's parallel market Nomu rose 10.08 points, or 0.04 percent, to close at 26,513.06. This came after 28 of the listed stocks gained while 31 declined.
The best performing stock of the day was Kingdom Holding Co., whose price rose 9.50 percent to SR 9.80.
Other top performers include Saudi Automotive Services Co. and Tanmiah Food Co., whose share prices rose 6.14 percent and 3.43 percent, respectively, to SR62.20 and SR132.80, respectively.
Other top winners included National Co. for Glass Industries and Al-Rajhi Co. for Cooperative Insurance.
The worst performer was Bawan Co., whose share price fell by 4.25 percent to SR 47.30.
Other notable losers included Buruj Cooperative Insurance Co. and City Cement Co., whose share prices fell 3.87 percent and 3.68 percent to SR20.86 and SR18.84, respectively.
Share prices of Saudi Manpower Solutions Co. and Al Sagr Cooperative Insurance Co. also fell.
In terms of announcements, Arabian Cement Co. reported a 7.8 percent decline in revenue, falling to SR402.8 million in the first half of 2024 compared to the same period last year.
In a statement to Tadawul, the company attributed the decline to lower sales volumes due to lower demand, even though the parent company's average selling price had increased.
However, net profit increased by 7.6 percent in the first six months of this year, reaching SR 83.1 million compared to SR 77.2 million in the same period last year.
The increase is mainly due to a reduction in the Group's selling expenses, an increase in the parent company's average selling price and lower selling and distribution expenses.
Arabian Pipes Co.'s revenue increased by 22.3 percent to SR 651.8 million during the same period. Net profit also rose sharply, reaching SR 111.8 million, an increase of 96.3 percent over the same period in 2023.
The company attributed the increase in revenue to higher sales volume, with net profit increasing from SR99.4 million in the same period last year to SR180.5 million in fiscal 2024 due to the increase in gross profit. This growth is largely due to improved production efficiency and supply chain management, as well as ongoing efforts to reduce production costs.
