Investment in green energy exceeds $1 billion and matches fossil fuels Gulf Business News

Investment in green energy exceeds $1 billion and matches fossil fuels

RIYADH: Saudi Arabia’s Tadawul All Share Index fell 17.83 points – or 0.16% – to close at 10,792.85 on Tuesday.

The MSCI Tadawul 30 index and parallel market Nomu fell flat to close at 1,488.36 and 19,140.41, respectively.

TASI’s total trading turnover from the benchmark on Tuesday was SR4.59 billion ($1.22 billion), with 97 of the 224 stocks listed up and 114 down.

Allied Cooperative Insurance Group was the day’s biggest gainer, rising 8.77% to SR 12.40.

Other big winners are Gulf General Cooperative Insurance Co., Wataniya Insurance Co., Saudi Enaya Cooperative Insurance Co. and Arabia Insurance Cooperative Co.

Tuesday’s worst performer was Middle East Paper Co., which fell 4.73% to SR 30.20.

Other stocks that performed poorly included Abdulmohsen Alhokair Group for Tourism and Development, Fawaz Abdulaziz Alhokair Co., National Industrialization Co. and Al-Baha Investment and Development Co.

Among the sector indices, 12 of the 21 publicly traded indices fell, while one remained stable and the others rose.

On the announcements front, Jarir Marketing Co., also known as Jarir Bookstores, reported that its net profit, after zakat and taxes, decreased by 2.23% to SR 969.80 million in 2022, compared to SR 991.90 million a year earlier.

The company recorded a 3.34 percent annual increase in revenue to SR 9.39 billion in 2022 from SR 9.08 billion the previous year, according to the statement to Tadawul.

Earnings per share fell to SR8.08 in the January-December 2022 period from SR8.27 in 2021. Its share price rose 0.27% on Tuesday to SR150.40.

Nomu-listed Edarat Communications and Information Technology Co. also reported net profit of SR 12.6 million in 2022, up 95% from SR 6.5 million the previous year, thanks to a 58% increase in revenue year over year. . Gross profit also jumped 83% during the period under review.

On Tuesday, National Agricultural Development Co. also informed the stock exchange that it had entered into a memorandum of understanding with Saudi Investment Recycling Co. to recycle bio-waste to help protect the environment.

In a statement to Tadawul, the two sides intend to recycle around 400,000 tons of organic waste per year and turn it into high-yielding organic fertilizers.

The company also announced its 2023-2027 strategy to strengthen its local and regional leadership by expanding current business operations, developing new markets, expanding its product line and engaging in new ventures.

NADEC aims to become a vertically integrated food company, aiming for sales of SR6 billion by 2027. Its share price gained 1.04% to SR23.24.

Meanwhile, the Saudi Investment Bank on January 31 began offering the second tranche of its Saudi Riyal-denominated Tier 1 sukuk with a minimum subscription value of SR 1 million. The offer ends on February 5, 2023. SIB’s share price added 1.35% to SR 17.98.

Alqemam for Computer System Co. debuted on the Nomu-Parallel market on January 31 as its first direct listing with ticker symbol 9558 at SR80 per share. Unfortunately, its share price crashed 9.37% on its opening day to end at SR 72.50.

On the dividend front, Alkhabeer Capital announced the payment of an allocation of 1.05%, or SR 0.105 per unit, to unitholders of the Alkhabeer REIT fund for the period from October 1 to December 31, 2022, for a total of SR 14.81 million.

Investment in green energy exceeds $1 billion and matches fossil fuels

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