Property firms lead Tadawul trading surge

Leading the pack was Red Sea International Co., which was trading 1,452% above its average

  
A Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020.

A Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020.

REUTERS/Ahmed Yosri
RIYADH: A total of 88 listed firms on the Saudi Stock Exchange (Tadawul) were trading above their three-month average when trading ended on Thursday, according to data compiled by financial information website Argaam.

Leading the pack was Red Sea International Co., which was trading 1,452 percent above its average.

The surge comes as the company reported last week that it had won a SR52.9 million ($14.1 million) contract to design and build a housing complex in AlUla, northwest Saudi Arabia.

In second place, but much further behind, was fellow property firm Saudi Real Estate Co. (Al Akaria), which on Thursday was trading at 893 percent above its three-month average. This was despite the fact that it reported a net loss after zakat and tax of SR4.6 million for the first quarter of 2021, up from a similar loss of SR2.9 million in the same period the previous year.

Retailer BinDawood Holding Co. reported a 50.8 percent decline in net profit after zakat and tax to SR62.1 million for the first quarter of this year, as revenue declined 20.4 percent. However, it was still third on the list, with a 583 percent surge in trading on Thursday.

Earlier this month, the company announced it plans to hold a general meeting on June 28 and shareholders will be asked to vote on contracts valued at SR135.96 million. With the two brands, BinDawood and Danube, BinDawood Holding Co. currently has a network of 74 stores in 15 cities throughout Saudi Arabia. In 2019, it announced plans to reach 100 stores by 2024, meaning an average of five to six stores per year.

Fourth on the list, trading 331 percent above its three-month average, was Saudi Re for Cooperative Reinsurance Co., which last month reported a net profit of SR16.2 million for the first three months of 2021, up from SR7.4 million the year before.

Rounding out the Top-5 and trading 309 percent higher was Saudi Cable Co., which a month ago reported a net loss after zakat and tax SR35.9 million for the first quarter 2021, 17 percent better than the SR43.2 million loss in the same quarter last year.

Among the other big Tadawul hitters, Saudi National Bank was trading 248 percent above its average, while energy giant Saudi Aramco was performing 149 percent higher.

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