Public-private sector collaboration will boost tourism investment in Saudi Arabia, says deputy minister  

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up 48.89 factors, or0.43 %, to 11,305.28 on Tuesday, pushed by favorable market circumstances barely offset by declining power costs.   

Whereas the parallel market Nomu misplaced simply 2.97 factors to 21,055.56, the MSCI Tadawul Index inched up 0.36 % to 1,520.18.  

The whole buying and selling turnover of the benchmark index on Tuesday was SR6.11 billion ($1.63 billion).   

The Brent crude worth was down 60 cents, or 0.78 %, at $76.41 at 4:10 p.m. Saudi time, whereas US West Texas Intermediate crude fell 60 cents, or 0.82 %, to commerce at $72.56.  

Insurance coverage companies led the gainers on Tuesday, and the highest performer was United Cooperative Assurance Co, whose share worth went up by 10 % to SR9.90.   

Different high performers of the day have been Saudi Enaya Cooperative Insurance coverage Co. and Al Sagr Cooperative Insurance coverage Co., whose share costs elevated by 9.97 % and 9.96 %, respectively.   

Tihama Promoting and Public Relations Co. was the worst performer of the day, dropping its share worth by 9.96 % to SR18.80.   

On the bulletins entrance, Saudi Arabian Oil Co reported a internet revenue of SR119.54 billion within the first quarter of 2023, up 3.75 % from SR115.22 billion recorded within the earlier quarter. The rise noticed the corporate’s share worth climb 3.23 % to SR33.60.  

In the meantime, Superior Petrochemical Co. reported a 73.78 % droop in its internet revenue to SR43 million within the first quarter of 2023, in comparison with SR164 million in the identical interval of the earlier yr.  

In an announcement to Tadawul, the corporate attributed the year-on-year revenue decline to a 27 % lower in gross sales costs and a 6 % fall in gross sales volumes.   

Cellular Telecommunication Co. Saudi Arabia, also called Zain KSA, reported a 595.06 % rise in internet revenue to SR563 million within the first quarter of this yr, from SR80.5 million in the identical interval a yr in the past.   

In the meantime, the online revenue of Leejam Sports activities Co. additionally rose 36.3 % year-on-year within the first quarter to SR62.7 million, in comparison with SR46 million within the year-ago interval.  

Herfy Meals Companies Co. turned in a lack of SR12.81 million within the first quarter of 2023, in comparison with a internet revenue of SR26.71 million in the identical interval a yr in the past.