RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 45.82 points or 0.37 percent to close at 12,484.59. The total trading turnover of the benchmark index was SR10.34 billion ($2.75 billion) as 168 stocks advanced while 49 retreated. On the other hand, the parallel market, Nomu, dropped 491.29 points, or 1.91 percent, to close at 25,204.53. This comes as 28 stocks advanced while as many as 29 retreated. Meanwhile, the MSCI Tadawul Index rose 5.55 points, or 0.35 percent, to close at 1,609.82. The best-performing stock of the day was Saudi Industrial Development Co. The company’s share price surged 9.98 percent to SR11.90. Americana Restaurants International PLC as well as AYYAN Investment Co. also fared well. The worst performer was CHUBB Arabia Cooperative Insurance Co. whose share price dropped by 5.2 percent to SR32.80. Takween Advanced Industries Co. as well as Lumi Rental Co. performed poorly. On the announcements front, Americana Restaurants International PLC announced its annual financial results for the period ending Dec.31. According to a Tadawul statement, the firm’s net profit reached SR973 million in 2023, reflecting a 0.09 percent rise when compared to 2022 figures. The increase in net profit was mainly driven by operational efficiencies and gross margin improvements. Advanced Petrochemical Co. also announced its financial results for 2023. A bourse filing revealed that the company’s net profit reached SR171 million in the period ending Dec.31, reflecting a 42.03 percent drop when compared to the same corresponding period a year earlier. The reason of the decrease in the net profit was a reduction in the net sales price and volumes by 15 percent and 5 percent respectively. In another development, the price range for one share in the offering of the Modern Mills Food Products Co. has been set at between SR44 and SR48. According to a Tadawul statement, the process of building the order book for the institutional segment will end next Wednesday. Additionally, the Saudi Exchange Co. announced the launch of Single Stock Options contracts on the Saudi National Bank. A bourse filing indicated that SSOs will be available from Feb.18 and will be cleared by the Securities Clearing Center Co., or Muqassa. SSOs will enable local and international investors to effectively hedge and manage portfolio risks as well as diversify products available for trading in the market. Moreover, Al Hassan Ghazi Ibrahim Shaker Co., Saudi Arabia’s leading importer, manufacturer and distributor of air conditioners and home appliances, announced the signing of a non-binding memorandum of understanding with LG Electronics and the Kingdom’s Ministry of Investment to locally manufacture air conditioners compressors. Meanwhile, procedures of transferring the subsidiary’s ownership to Alinma Bank’s investment fund were completed. According to a Tadawul statement, the company was relieved of all its obligations toward Alinma Bank, amounting to SR572.7 million, which constitutes about 50 percent of the total obligations due from the company to banks.