Cement News

Saudi-listed Yanbu Cement’s profits down 25% on lower sales


RIYADH: Stocks rose at the end of Tuesday’s trading session, as oil prices returned to the uptrend, and investor sentiment improved on the eve of earnings announcements.

TASI closed 0.76 percent higher at 11,964, while the parallel market, Nomu, finished 1.17 percent lower at 20,791.

Saudi oil giant Aramco was up 0.52 percent, while Saudi National Bank, one of the Kingdom’s biggest lenders, added 1.02 percent.

Saudi British Bank gained 1.45 percent, while the Kingdom’s largest valued bank, Al Rajhi, gained 0.34 percent.

Development Works Food Co. rose 10 percent, leading the gainers since the opening, while United Cooperative Assurance Co. dropped 10 percent, continuing its downward trend.

BinDawood Holding Co. rose 0.12 percent, following its acquisition of 62 percent of International Applications Trading Co.

Saudi health provider Tibbiyah was down 0.78 percent, after it formed a joint venture with European Unilabs to offer diagnostic imaging services.

Yamama Cement Co. added 2.33 percent, after it reported a profit decline of 9 percent, to SR120 million ($32 million) in the first half of 2022.

Saudi petrochemicals maker Sipchem, climbed 2.77 percent, following an 89 percent jump in profits to SR2.34 billion in the first half of 2022.

Brent crude increased to $106.96 a barrel, while US West Texas Intermediate hit $98.60 a barrel, as of 3:15 p.m. Saudi time.

 



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