RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Thursday, as it shed just 12.62 points or 0.1 percent to close at 12,161.56. The index posted a trading value of SR7.22 billion ($1.93 billion) with 121 stocks advancing and 95 declining. The Kingdom’s parallel market, Nomu, surged by 1.15 percent to 25,248.70. However, the MSCI Tadawul Index slipped by 0.15 percent to close at 1,583.18. The best-performing stock of the day on the main index was Arabian Pipes Co. The company’s share price surged by 5.75 percent to SR132.40. Al Mawarid Manpower Co. and Gulf Insurance Group, also emerged as top performers as their share prices soared by 3.72 percent and 3.65 percent respectively. The worst performer of the day was media giant MBC Group, as its share price dipped by 9.88 percent to SR58.40. On the announcements front, Almunajem Foods Co. revealed that its net profit for the fourth quarter of 2023 surged to SR81.6 million, up 382.84 percent compared to the same period in 2022. However, the company’s overall net profit for 2023 dipped slightly by 3.02 percent to SR282.2 million, compared to the previous year. Meanwhile, Saudi Electricity Co. announced that it has fully redeemed its international sukuk listed on the Irish Stock Exchange, issued on Sept. 27, 2018. In another statement to Tadawul, SEC said that it has also completed the redemption of its local sukuk listed on the Saudi bourse. The company added that its 4,000 international sukuk are due on Jan. 27. The nominal value of each sukuk upon redemption is SR750,000, while the total value is SR3 billion. On the other hand, the company’s 4,500 local sukuk are due on Jan. 30. The nominal value per sukuk upon redemption is SR1 million, while the total value stands at SR4.5 billion. Avalon Pharma, a Saudi-based pharmaceutical company, which is gearing up for its initial public offering announced the completion of the book-building process for participating parties and the final offer price for the IPO, the firm’s financial adviser and book-runner Aldukheil Financial Group said. The final offer price for the offering has been set at SR82 per share, implying a market capitalization of SR1.64 billion. The retail subscription period will last for three days, which will commence on Jan.30 and will end on Feb.1. Albilad Capital announced that the IPO of Albilad MSCI Saudi Growth exchange-traded funds closed on Jan. 24. In a Tadawul statement, it noted that the fund raised SR19 million and will start operations on Jan. 31.