RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 138.69 points, or 1.13 percent, to close at 12,120.91. The total trading turnover of the benchmark index was SR7.31 billion ($1.94 billion) as 30 stocks advanced, while 200 retreated. Similarly, the MSCI Tadawul Index decreased by 16.46 points, or 1.07 percent, to close at 1,519.37. Also, the Kingdom’s parallel market, Nomu, slipped by 200.31 points, or 0.75 percent, to close at 26,659.06. This comes as 17 stocks advanced, while as many as 41 retreated. The best-performing stock of the day was Al-Jouf Agricultural Development Co., whose share price surged by 7.58 percent to SR66.70. Other top performers included Basic Chemical Industries Co. and Al-Babtain Power and Telecommunication Co., whose share prices soared by 5.36 percent and 3.91 percent, to stand at SR36.35 and SR46.50 respectively. In addition to this, SAL Saudi Logistics Services Co. and Jadwa REIT Saudi Fund also fared well. The worst performer was Saudi Public Transport Co. whose share price dropped by 9.92 percent to SR18.16. On the announcements front, Hail Cement Co. announced its interim financial results for the period ending March 31, with revenues amounting to SR73.7 million, up from SR61.8 million in the corresponding period in 2023. The company attributed the 19.2 percent growth to the increase in quantity of sales and average selling price. On the contrary, net profits decreased to SR15 million in the first three months of 2024 from SR18.5 million in the same period in 2023, due to an increase in the cost of sales, zakat expense and selling and distribution expenses. Taiba Investments Co. also announced its financial results for the same period with revenues amounting to SR332.07 million, up from SR110.96 million in the first three months of 2023. In a statement on Tadawul, the company announced record revenue growth during the first quarter, attributed to Taiba Investment Co.’s acquisition of Dur Hospitality Co., which contributed to the rise in operational revenues. It added that quarterly operating revenues rose up by SR221.1 million representing a 199.3 percent increase in comparison to the same quarter of the previous year. Net profits also rose in this period reaching SR110.5 million, marking a 78 percent year-on-year increase. This was attributed to higher hospitality revenues that were helped by the growth in the number of pilgrims and visitors, rising demand from the institutional sector, and the occurrence of numerous events and conferences in Riyadh during this period. Rabigh Refining and Petrochemical Co.’s revenues in this period dipped by 27.2 percent to SR7.9 billion compared to SR10.9 billion in the first quarter of 2023. This fall was attributed to lower sales volumes, due to the unplanned shutdown of the High Olefins Fluid Catalytic Cracker units for necessary repairs and maintenance work. The company’s net loss surged to SR1.3 billion compared to SR964 million in the corresponding period last year. The Saudi Public Transport Co.’s revenues slightly increased by 0.2 percent to SR308.5 million in the first quarter this year, compared to SR307.6 million in the corresponding period in 2023. The increase in revenues in the current quarter compared to the same quarter of last year is attributed to increased operations during Ramadan, the company said in a statement. Its net loss surged by 2.5 percent to reach SR48.6 million due to the recognition of loss in the joint venture, as well as the recording of a higher amount of impairment on trade receivables, and an increase in cost of finance. Revenues of Emaar, The Economic City decreased sharply in the first three months of 2024 to SR75 million, down from SR157 million in the same period last year. This 52 percent decline was mainly attributable to the decline in operational revenues, due to lower lease revenues resulting from the termination of certain leases. The company’s net loss increased by 105.8 percent to reach SR352 million this year up from SR171 million in the first quarter of 2023. It attributed this surge to a revenue decline, increased operational expenses, higher finance costs, and updated zakat expenses, with the latter being a one-time adjustment.