2023-11-08 11:10:00
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Investing.com – The general index declined during these moments of trading, today, Tuesday, after ending yesterday’s session on a decline as well, as this comes after 7 sessions of continuous rise for the index.
The main index, the TASI, is now recording a decline of 0.26% to 10,917 points, at 13:37 Saudi time.
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While the parallel market index rose by a maximum of 0.4% to 22,395 points.
The general market index, TASI, closed yesterday, Tuesday, down by about 0.03%, to 10,945 points. While the parallel market index ended down by 1.37%, to the level of 22,306 points.
Zain profits
The shares of the Saudi Mobile Telecommunications Company (TADAWUL:) “Zain Saudi Arabia” jumped by 5.22%, recording 14.52 riyals. And that happened.
Zain Saudi Arabia witnessed a significant increase in its net profits amounting to 235.29% during the third quarter of 2023, reaching about 285 million riyals after zakat and tax, compared to a net profit of about 85 million riyals in the same period of the year 2022.
Regarding the quarterly period, Zain Saudi Arabia witnessed a 129.8% increase in its net profits during the third quarter of 2023 compared to the second quarter of the same year, reaching about 124 million riyals.
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According to a statement published on Saudi Tadawul, the company achieved historic quarterly revenues amounting to 2.5 billion riyals, an increase of 239 million riyals, i.e. a 10% increase over the revenues of the third quarter of the year 2022. This increase is due to revenue growth in the fifth generation sectors. And digital services and the business sector, in addition to wholesale sales, in addition to “Tamam Finance” Company.
Thus, Zain Saudi Arabia’s net profits increased by 224.75% in the first nine months of 2023, reaching about 971 million riyals after zakat and tax, compared to a net profit of about 299 million riyals in the same period of the year 2022.
Meanwhile, Investing Pro data indicates that the stock has room to rise by 18.8%, as its fair value is 17.24 riyals.
Addis earnings
Addis Holding Company (TADAWUL:) shares declined during these moments of today’s trading, as the stock is now falling by 1.1%, recording 19.28 riyals.
Addis witnessed a noticeable increase in its net profits by 283.3%, reaching 87.4 million riyals in the third quarter of the current year, compared to 22.8 million riyals in the same period last year.
The company reported that its revenues increased by 82.88% during the third quarter of this year, reaching about 1.08 billion riyals, compared to 590 million riyals in the same period of 2022.
The company attributed this significant increase in net profit during the third quarter of 2023 to the significant growth in revenues and the expansion of its operations, especially in the offshore drilling sector. This growth was evident in the increase in the number of drilling rigs that were operating during the third quarter compared to the same period last year.
Regarding the first nine months of this year, the company’s net profits increased by 60.8% to reach 283 million riyals, compared to 176 million riyals in the same period last year.
The company’s revenues increased by 83.23% during the first nine months of this year, reaching 3.06 billion riyals, compared to 1.67 billion riyals in the same period in 2022.
Meanwhile, Investing Pro data indicate that the stock has room to fall by 25.4%, as its fair value is 14.38 riyals.
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