Saudi Equity Movers: Alhokair, Safco, Saudi Investment Bank
The following stocks rose or fell in Saudi Arabia’s market.
Fawaz Abdulaziz Alhokair & Co. (ALHOKAIR AB) gained 2.7 percent, the most since Dec. 28, to 66 riyals. The Saudi Arabian clothing retailer’s profit in the quarter that ended Dec. 31 surged 126 percent to 76.5 million riyals ($20.4 million) on higher sales. The company also recommended a nine-month dividend of 2 riyals a share.
Saudi Arabian Fertilizer Co. (SAFCO) climbed 0.1 percent to 175.50 riyals, its highest level in two weeks. The unit of Saudi Basic Industries Corp. (SABIC) said fourth-quarter profit rose 25 percent to 1.28 billion riyals on higher product prices, matching analysts’ estimates.
Saudi Automotive Services Co. (SASCO) (SACO AB) rose 1.1 percent to 18.40 riyals, its highest level since June 2008. The company that operates service stations and restaurants sold part of its stake in Industrialization & Energy Services Co. for 38 million riyals, gaining 18 million riyals in profit.
Saudi Investment Bank (SIBC) dropped 1.2 percent, the most since Dec. 27, to 16 riyals after the Saudi lender said fourth-quarter profit plunged 38 percent to 147 million riyals as operating expenses rose.
Tabuk Agricultural Development Co. (TAACO) lost 3.3 percent, the most in a month, to 32.20 riyals. The Saudi Arabian company that trades in fruits and vegetables said it had a loss of 3.1 million riyals in the fourth quarter, compared with a profit of 7.4 million riyals a year earlier.
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