Advanced Petrochemical"s earnings rose by 57 percent in 9 months amounting to SR654 million Riyadh: Saudi Arabia’s main market, Tadawul, traded 0.04 percent down on Monday morning, at 11.561.96 points. On its first day, ACWA Power"s shares rose to 72.80 Saudi riyals ($19.41) in early trading, compared with the price at its initial public offering (IPO) of 56 riyals a share. Here’s a wrap of market movements as of 10:30 a.m. Riyadh time: Saudi Arabian Cooperative Insurance Co. (SAICO) signed a bancassurance agreement with Al Rajhi Bank. Advanced Petrochemical"s earnings rose by 57 percent in 9 months amounting to SR654 million, according to their filing. The Saudi-based petrochemicals provider saw its earnings increase due to the rise of prices in 2021, affected by a global economic improvement post pandemic, said Khalifa Al-Mulhim, chairman of Advanced Petrochemical Company, in an interview with CNBC Arabia. The decline in prices last year was put down to the global restrictions related to the pandemic. “The pandemic didn’t affect our production, it was performing at its maximum capacity, but the prices went down” he said. Etihad Atheeb Co. plans to reduce the company’s capital by 60.62 percent from SR228.53m to SR89.99m United Electronics Co. (Extra), a Saudi seller of electronics, reported a net profit increase of 52 percent to SR270.8m in the first nine months of 2021