Saudi Firms Reveal Third Quarter Fiscal Results

Saudi Firms Reveal Third Quarter Fiscal Results

Saturday, 21 October, 2017 - 08:30
A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. Image for illustrative purpose. REUTERS/Faisal Al Nasser
Riyadh - Shujah Baqmi
Saudi firms started announcing fiscal results of third quarter of the current year, amid positive indicators that affirm enhancement of listed companies' results. The outcome revealed an initial progress of 13.8 percent during the past nine months. Up till now, 13 companies disclosed their fiscal results.

In a related matter, the Saudi stock exchange index started to rise back last week after weeks of drops. The index closed last week above 7,000 points (7,011 specifically) compared to 6,988 points the week before.

The number of listed Saudi firms that announced their fiscal results for the third quarter of 2017 reached 13 firms this week. During upcoming weeks, more firms’ fiscal results are anticipated.

Major firms that declared results last week are: Alinma Bank, Riyad Bank, Saudi Kayan Petrochemical Company and Yamama Cement Co.

Current monetary liquidity dropped last week to SAR12.8 billion (USD3.42 billion) compared to SAR16.6 billion (USD4.4 billion) the week before.

These developments coincide with the decision of Capital Market Authority (CMA) to adopt the updated Merger and Acquisition Regulations, which became effective on Thursday.

CMA revealed in a statement that this updated list reinforced the importance of disclosure in acquisitions and mergers – the list aims at settling concepts of justice, equality and equal opportunities among securities’ owners subject to merger and acquisition.

It also included organizing the submission of exchange offers for acquisition or merger under conditions to gain the approval of shareholder general assemblies and permitting offers of partial acquisition of the listed company shares, a thing that wasn’t found in the previous list.

Other additions are an organizational framework for private purchase and sell deals and a clarification of the listed companies boards of directors role .

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