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Riyadh – Mubasher: The preliminary financial results of the Saudi Tadawul Group Holding Company “Tadawul Group” revealed that it recorded a decline in its net profits during the second quarter of 2023 by 23.6%, on an annual basis, while its net profits increased on a quarterly basis by 16%.

The company stated, according to a statement issued today, Sunday, on “Tadawul” that the net profit after zakat and tax amounted to about 105.2 million riyals, compared to 137.7 million riyals in the comparative quarter of last year, while it recorded a net profit in the first quarter of this year of about 91 million riyals.

The company said that the reason for the decrease in net profit is due to the decrease in operating revenues by 15.5% on an annual basis, to reach 252.0 million riyals during the second quarter of the year 2023 AD, compared to 298.1 million riyals in the same quarter of the previous year, and this is mainly due to the decrease in trading revenues and revenues from post-trading services due to a decrease in trading value by 28.4%.

Operating expenses also increased by 5.2% on an annual basis, to reach 168.1 million riyals during the second quarter of the year 2023 AD, compared to 159.8 million riyals in the same quarter of the previous year, and this is mainly due to the consolidation of the financial statements of Mubasher Financial Network Company as of May 7, 2023 AD, after acquiring 51% of the issued capital.

Profits from non-operating activities increased by 113.8% on an annual basis, to reach 33.4 million riyals during the second quarter of 2023, compared to 15.6 million riyals in the same quarter of the previous year, due to the increase in investment income.

As for the company’s profits in the first half, it declined by 29.6%, to reach 196 million riyals, compared to 278.3 million riyals for the comparative half of 2022.

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2023-07-23 05:17:40
#profits #Tadawul #Group #decreased #million #riyals #quarter

Mostafa Reda – Mubasher: Oil futures expanded their gains during trading today, Thursday, following expectations that global demand for crude would record a record level during the current year.

And by 3:39 pm GMT, the price of futures contracts for “Nymex” crude for August delivery increased by 1.1 percent, to record a level of $ 76.6 a barrel.

At the same time, the benchmark Brent crude futures price increased by 1.3 percent, at $81.17 a barrel.

Today, the International Energy Agency expected oil demand to rise to a record level this year with limited supply, but in light of adverse economic conditions and raising interest rates, the increase will be slightly less than expected.

The agency predicted an increase in demand growth next year more than expected, although the increase will be less than half of this year’s increase.

In its monthly report on oil, it stated that the global demand for oil is under pressure from the difficult economic environment resulting from reasons including monetary tightening in particular in many developed and developing countries.

Despite expectations of demand reaching 102.1 million bpd, the agency cut its growth forecast for the first time this year by 220,000 bpd to 2.2 million bpd.

The agency expected a lack of supply in the oil market, with the volume of demand exceeding supplies for the rest of 2023.

The agency said that it expects more than two-thirds of demand growth this year to come from China, as the pace of economic recovery is set to increase after the pandemic, especially later this year, but China’s recovery is proceeding at a slow pace so far, adding that the expected reopening is on a large scale. widespread in China failed to extend to sectors other than travel and services; The economic recovery is losing momentum after picking up earlier in the year.

She indicated that demand in developed countries, especially Europe, is still weak with the decline in manufacturing activity, and developed countries that are members of the Organization for Economic Cooperation and Development tend to record a contraction in demand for four consecutive quarters until the last quarter of 2023.

And the agency added that the growth in oil demand tends to decline by the next half of the year to 1.1 million barrels per day, which reflects the tendency to manufacture electric cars and rationalize energy, although the agency raised its estimates with an increase of 860 thousand barrels per day, which it expected last month.

The agency said that the strong outlook for the global economy in the coming year and an expected increase in the use of gas oil in China helped to raise expectations.

Yesterday, government data showed that consumer prices in the United States rose slightly in June and recorded their lowest annual increase in more than two years, as inflation continued to decline.

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2023-07-13 15:10:26
#Expectations #record #level #demand #push #Brent #crude

Malik Salameh – directThe net purchase of foreign shares in the UAE financial markets during the first week of July 2023 amounted to 287 million dirhams, equivalent to 78 million dollars.

After examining the market data, it becomes clear to us that foreign investors carried out purchases on Dubai and Abu Dhabi shares with a value that exceeded 2.624 billion dirhams, or about $715 million, compared to sales amounting to 2.337 million dirhams, equivalent to $637 million, with a net purchase of 287 million dirhams.

Abu Dhabi Securities Market

The value of foreign purchases of stocks during the past week on the Abu Dhabi Stock Exchange amounted to about 1.139 billion dirhams, compared to sales amounting to 1.077 billion dirhams, with a net purchase of 62 million dirhams.

nationalities

Arab, Gulf and foreign investors tended to buy with a net investment of 277.854 million dirhams, distributed at 35.060 million dirhams for Arabs, 180.503 million dirhams for the Gulf, and 62.291 million dirhams for foreign investors.

Foreign investors carried out a net sale amounting to 277.856 million dirhams.

Dubai Financial Market

The Dubai Stock Exchange witnessed foreign purchases of shares worth 1.485 billion dirhams, compared to sales of about 1.260 billion dirhams, with a net purchase of 225.592 million dirhams.

nationalities

Arab investors and Emirati citizens tended to sell with a net investment of 265.002 million dirhams, distributed as 39.410 million dirhams for Arabs, and 225.592 million dirhams for citizens of the UAE.

While Gulf and foreign investors tended to buy with a net investment amounting to 265.002 million dirhams, it was distributed to Gulf investors by about 40.342 million dirhams, and by 224.660 million dirhams for foreign investors.

Perform week sessions

The Dubai market index jumped during a week by 4.49 percent to the level of 3962.42 points, supported by the gains of real estate, banking, industry and utilities stocks.

The Abu Dhabi Securities Market index recorded a weekly increase of 0.5 percent at the level of 9604.15 points, supported by stock gains in the financial, real estate, energy and industry sectors.

May sessions performance

The UAE financial market indices varied during the end of trading in May 2023, with the Dubai market index ending its transactions higher with the support of real estate stocks, while the Abu Dhabi market index decreased due to the pressure of real estate, money and telecom stocks.

The Abu Dhabi Stock Exchange recorded market losses of 113 billion dirhams, equivalent to 30.8 billion dollars.

April sessions performance

UAE financial market indices recorded remarkable increases during the end of trading in the fourth month (April) of 2023, amid the issuance of some economic data contrary to expectations, and prediction of variable calculations of federal interest pricing at the next meeting.

The Dubai Financial Market recorded gains of about 26.36 million dirhams, and the Abu Dhabi Stock Exchange achieved 50 billion dirhams, with a total profit of 76.36 billion dirhams, equivalent to 20.8 billion dollars.

It is noteworthy that the UAE financial market indices jumped during the year 2022 amid the invasion launched by Russia on Ukraine, in addition to the Federal Reserve’s decisions to raise the interest rate since mid-March.

The Dubai Financial Market recorded market gains amounting to 170.715 billion dirhams, and the Abu Dhabi Stock Exchange achieved market profits amounting to 984 billion dirhams, with a total gain of 1.154 trillion dirhams, equivalent to 314 billion dollars.

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2023-07-09 07:17:47
#Foreign #investors #buy #million #dollars #worth #Emirati #shares #week

Malik Salameh – directThe net purchase of foreigners from stocks in the UAE financial markets during trading today, Thursday, amounted to 19.16 million dirhams, equivalent to 5.22 million dollars.

Foreign investors carried out purchases on Dubai and Abu Dhabi shares at a value of more than 382.172 million dirhams, equivalent to 103 million dollars, compared to sales of 363.014 million dirhams, equivalent to 99 million dollars, with a net purchase of 19.16 million dirhams, according to UAE financial markets data.

The value of foreign purchases of shares in the Abu Dhabi Securities Market amounted to about 197.510 million dirhams, compared to sales of about 222.462 million dirhams.

The value of foreign purchases on the Dubai Stock Exchange amounted to about 184.662 million dirhams, compared to sales of about 140.552 million dirhams.

The net sale of foreign shares in the Abu Dhabi market amounted to 24.951 million dirhams, compared to a net purchase in the Dubai market of 44.109 million dirhams.

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2023-07-06 11:52:01
#Foreign #investors #buying #UAE #shares #million #Thursdays #session

Mubasher: The Barakah First Company, affiliated to the joint venture between the Emirates Nuclear Energy Corporation and the Korean Electric Power Company (KEPCO), announced the completion of the refinancing of the Barakah Nuclear Power Plants, in cooperation with UAE financial institutions.

The Barakah One Company, which is responsible for the financial and commercial aspects of the Barakah plants, refinanced the entire outstanding balance under the loan facility of the Export-Import Bank of Korea, which is the export credit agency of the Republic of Korea, which was committed in 2016 and which pertains to the construction and development of the Barakah plants.

The process of refinancing the Korean Bank loan facilities was carried out through new loan facilities financed by Abu Dhabi Commercial Bank and First Abu Dhabi Bank, which highlights the great confidence in the Barakah stations project, as well as the returns of the new economic stations for the UAE, in addition to the returns achieved for the development of the series Local supply and provide thousands of jobs for the citizens of the state.

The refinancing process highlights the continuous progress in the process of developing the Barakah stations through the commercial operation of three of the Barakah stations, which produce environmentally friendly electricity for the country on a commercial basis around the clock, while the fourth station has recently started the stage of operational preparations.

Mohamed Ibrahim Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation, said: “The success of the Barakah One Company in completing the financing of the Barakah power plants is an important step in the process of developing this project, which has become a fundamental pillar of sustainable development in the UAE, in addition to being a new reference model for the world.” With regard to the development of nuclear energy projects, which highlights that new nuclear energy projects such as the Barakah plants are bankable and can be completed in a timely manner, while continuing to adhere to the highest standards of safety and quality.”

Al Hammadi added, “We are proud of the participation of two of the largest banks in the UAE in providing financing for the UAE peaceful nuclear program, which confirms the long-term returns of Barakah plants in promoting sustainable economic growth in the country.”

For his part, Nasser Al Naseri, CEO of Barakah One Company, said: “We appreciate the role played by the Export-Import Bank of Korea during the development phase of Barakah stations, and as we move now to the next stage and full operation, we are proud of the confidence enjoyed by Barakah stations, which is evident in this investment.” New from Abu Dhabi Commercial Bank and First Abu Dhabi Bank, and we look forward to the next sixty years during which the Barakah stations will continue to produce environmentally friendly electricity for the UAE.

Barakah stations play a leading role in achieving the goals of the country’s strategic initiative for climate neutrality 2050, as it produces environmentally friendly electricity around the clock, while reducing millions of tons of carbon emissions.

The Corporation is currently focusing on promoting innovation in new nuclear energy technologies, including mini-modular reactors, synthetic fuels and carbon-free hydrogen, in order to support the transition to environmentally friendly energy sources in the country.

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2023-07-04 18:38:00
#Barakah #AlOula #refinances #Barakah #stations #relying #Emirati #banks