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Saudi Equity Movers: Rabigh, Dar Al Arkan, Saudi Electricity

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April 23 (Bloomberg) -- The Tadawul All Share Index advanced 0.2 percent to 6,590.64 at 3:30 p.m. in Riyadh. The following stocks rose or fell in Saudi Arabia’s market.

Dar Al Arkan Real Estate Development Co. (ALARKAN AB) tumbled 3.3 percent, the largest loss since March 15, to 8.90 riyals. Saudi Arabia’s biggest developer by assets said first-quarter profit dropped to 273.1 million riyals ($72.8 million) from 398.6 million riyals a year earlier as sales declined.

Etihad Atheeb Telecommunications Co. (EAT AB) dropped 4.3 percent to 6.70 riyals, the lowest since March 27. The board of Saudi Arabia’s smallest phone company recommended a 60 percent capital cut to 400 million riyals from 1 billion riyals to write off losses from previous years.

Rabigh Refining & Petrochemical Co. (PETROR AB) rallied 9.7 percent, the most since March 5, to a nine-month high of 26.6 riyals. The company said first-quarter profit rose to 698.5 million riyals from 271.5 million riyals.

Saudi Electricity Co. (SECO AB) climbed 1.6 percent, the biggest jump in a month, to 13.05 riyals. The state-controlled power producer said it will pay a 2010 dividend of 0.70 riyals a share.

Saudi Fisheries Co. (SFICO AB) rose 1.3 percent, the biggest gain in a week, to 48.6 riyals. The fish processing company appointed Hassan al-Sahtot as chief executive officer after Abdul Latif al-Mubarak resigned.

Saudi Dairy & Foodstuff Co. (SADAFCO AB) dropped 0.9 percent after the food company said fourth-quarter profit declined to 32.7 million riyals from 118.2 million a year earlier.

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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