RIYADH: Saudi Arabia’s Tadawul All Share Index picked up 52.97 points — or 0.51 percent — to close at 10,463.18 on Thursday, as all large-cap indices except the materials sector had their heads above water. While MSCI Tadawul 30 Index inched up 0.34 percent to 1,423.28, the parallel market Nomu closed slightly higher at 19,004.67. The total trading turnover of the benchmark index was SR3.94 billion ($1.05 billion) as 140 stocks of the listed 224 advanced and 63 retreated. Thimar Development Holding Co. was the day’s best performer as its share price surged 9.95 percent to SR30.40. The stock rose 60 percent in the last six sessions. Tadawul, however, put a disclaimer that the company had accumulated losses reaching 50 percent or more of its capital. Etihad Atheeb Telecommunication Co. also rose 5.52 percent to SR61.20. On Wednesday, the company’s shareholders disapproved of increasing capital through an SR250 million rights issue recommended by the board in October 2022. National Co. for Learning and Education was the worst performer of the day as its share price plunged 3.92 percent to SR103. On the announcements front, The National Co. for Glass Industries, also known as Zoujaj, reported a net profit of SR104.3 million in 2022 compared to SR51.1 million in 2021. Revenues increased 29.23 percent to SR112.3 million in 2022 from SR86.9 million in 2021. Earnings per share increased to SR3.17 in 2022 from SR1.55 in 2021. In a statement to the stock exchange, the company said that the profit growth was spurred by an increase in its profit share from the joint ventures operating in the float glass sector, backed by their better financial performance. However, the fourth-quarter 2022 net profit fell 5 percent to SR11.64 million from SR12.22 million during the same period last year. The company’s share price fell 1.06 percent to SR32.80. The Co. for Cooperative Insurance, also known as Tawuniya, reported a 47 percent increase in net profit to SR391.3 million in 2022 from SR266.6 million in the year-ago period. The profit rise was attributed to higher net underwriting income and investment profits. However, this was offset by an increase in other operating expenses and policyholders’ share of insurance operations surplus. In the fourth quarter of 2022, the insurer swung to a net profit of SR68.9 million against a net loss of SR0.61 million in the prior-year period. Its share price slightly increased to SR95.60. Buruj Cooperative Insurance Co. reported a net loss before zakat of SR32.64 million in the year ended Dec. 31, 2033, against a net profit of SR15.77 million in the year-ago period. According to a statement to Tadawul, losses were mainly due to the decrease in net underwriting surplus by SR38.57 million, led by a 260.7 percent increase in net incurred claims. However, net written premiums rose 27 percent to SR322.35 million in 2022 from SR253.71 million in 2021. The fourth-quarter net profit dropped 46 percent to SR7.5 million from SR13.9 million during the same period last year. The insurer’s share price fell 1.03 percent to SR17.22. Al Kathiri Holding Co. set the coupon yield of the first series of its Saudi riyal-denominated sukuk at 8.50 percent, payable semi-annually. The coupon rate was determined in line with the average of the best bid and offered on the Saudi Exchange by the close of trading on March 8 for the Saudi riyal-denominated government sukuk. Its share price slumped 3.4 percent to SR49.65. Meanwhile, SNB Capital informed the exchange that its client AlAhli REIT Fund 1 announced the distribution of cash dividends to unitholders at SR0.3 per unit or 3 percent of the initial price per unit for the second half of 2022.