Saudi Equity Movers: Almarai, Arabian Cement, Jarir, Taiba

The Tadawul All Share Index (SASEIDX) advanced 0.2 percent to 6,628.30 at the 3:30 p.m. close in Riyadh.

The following stocks rose or fell in Saudi Arabia’s market.

Almarai Co. (ALMARAI AB) dropped 0.3 percent to 96.50 riyals. Saudi Arabia’s largest food producer by market value posted a 1.8 percent increase in second-quarter profit to 349.2 million riyals ($93 million), missing analysts’ estimates, as the cost of production materials increased.

Arabian Cement (ARCCO) Co rose 2 percent, the largest gain in a month, to 45 riyals. The Saudi maker of building materials said it started a study for the construction of a new production line at its plant in Rabigh with an envisaged capacity of 7,000 tons a day.

Arriyadh Development Co. (ADCO) gained 0.7 percent to 15 riyals. The Saudi Arabian real estate company said its second- quarter profit rose 24 percent to 32.8 million riyals as rental income increased.

Jarir Marketing Co. (JARIR) rose 1 percent to 175 riyals. Saudi Arabia’s largest stationery and bookseller by market value had its price estimate raised to 190 riyals from 173 riyals at Beltone Financial.

National Gypsum (NGCO) Co fell 2.3 percent, the biggest drop in five weeks, to 30.10 riyals after the Saudi Arabian maker of building materials said second-quarter net income fell 39 percent to 10 million riyals on lower sales.

Taiba Holding Co. (TIRECO) rose 0.3 percent to 16.95 riyals. The Saudi Arabian property developer said its unit Al Aqeeq Real Estate Development Co. got government approval to cut its capital to 1.9 billion riyals from 3 billion riyals.

To contact the reporters on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net.

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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