Sabic, Saudi Cement, Vodafone Qatar, Sahara: Gulf Equity Preview
The following stocks may rise or fall in Persian Gulf markets. Stock symbols are in parentheses and prices are from the last close.
National Bank of Oman (NBOB OM): Oman’s second-largest lender by market value said first-quarter profit rose to 17.1 million rials ($44.4 million) from 14.6 million rials a year earlier. The shares advanced 0.3 percent to 0.329 rial.
Ras Al Khaimah Cement (RAKCC UH): The producer of cement in the United Arab Emirates said its first-half loss widened to 4.9 million dirhams ($1.3 million) from 1.3 million dirhams. The shares dropped 2.1 percent to 0.93 dirham.
Sahara Petrochemical Co. (SPC) : The Jubail-based manufacturer of chemicals said the polypropylene plant of its unit Al Waha Petrochemicals stopped production due to a technical fault. The shares rose 1.2 percent to 26.10 riyals.
Saudi Basic Industries Corp. (SABIC) : The world’s largest petrochemicals company posted a 61 percent increase in second-quarter profit to 8.1 billion riyals ($2.16 billion). The company plans to pay a first-half dividend of 2 riyals a share. The shares rose 0.2 percent to 104 riyals.
Saudi Cement (SACCO) Co: Saudi Arabia’s second-largest cement producer by market value posted a 12 percent gain in second-quarter profit to 213.7 million riyals as local demand for the building materials increased. The shares were unchanged at 61 riyals.
Saudi Real Estate Co. (SRECO) : The property developer posted a 10-fold increase in second-quarter profit to 25.1 million riyals and said it adjusted the profit of the year-ago period to 2.5 million riyals to reflect a decline in the value of investments. The shares fell 1.4 percent to 24.75 riyals.
Vodafone Qatar (VFQS) : The venture between Vodafone Group LLC and state-controlled Qatar Foundation said the first- quarter loss narrowed to 122.3 million rials ($33.6 million) from 148.1 million riyals as it added customers.
Separately, the company appointed Richard Daly as chief executive officer and Steve Walters as chief financial officer. Daly will take over from John Tombleson, while Walters replaces Wade Kirkland. The shares rose 0.4 percent to 7.85 riyals.
To contact the editor responsible for this story: Shaji Mathew at email@example.com