RIYADH: Saudi Arabia’s Tadawul All Share Index fell 0.61 points to close at 12,372.50 on Monday.
The benchmark index’s total trading turnover was SR7.36 billion ($1.96 billion), as 116 stocks advanced, while 110 retreated.
Similarly, MSCI Tadawul Index fell by 2.63 points or 0.17 percent and closed at 1,549.13.
On the other hand, parallel market Nomu closed at 26,791 with a gain of 0.85 points. This happened when 20 stocks rose while 39 stocks declined.
The best performing stock for Co-operative Insurance Company was Bupa Arabia as its share price rose 10 per cent to SR275.
Other top performers included Mediterranean and Gulf Insurance and Reinsurance Company and Al-Rajhi Company for Cooperative Insurance, whose share prices rose 9.97 percent and 9.93 percent to SR33.10 and SR148.40, respectively.
The worst performer was Arabian Internet and Communications Services Company, whose share price fell 4.46 percent to SR334.4.
Saudi Cable Company and Gulf Insurance Group did not fare well as their share prices fell 3.55 per cent and 3.01 per cent to SR76 and SR33.85 respectively.
On the announcements front, Bupa Arabia for Cooperative Insurance Company’s profit increased to SR359 million during the first quarter of 2024, up 91 per cent from SR189 million in the same quarter last year.
According to Al-Ekhbariya, net investment income reached SR158 million in the first quarter compared to SR102 million in the same quarter last year, an increase of 54 percent.
Insurance revenue in the current quarter stood at SR4.37 million, compared to SR3.75 million in the same quarter last year, showing a significant growth of 16.63 percent.
As reported by the channel, this growth is mainly due to operational expansion and increase in the number of insured persons.
Al-Rajhi Company for Cooperative Insurance also announced its interim financial results for the period ending March 31, with revenue rising to SR865,298 million from SR1.4 million during the same quarter last year.
According to a statement from Tadawul, this increased by 50.6 percent, which was attributed to the increase in overall trading volume.
Similarly, net profit after zakat attributable to shareholders for the current quarter came to SR111,376 as compared to SR61,282 during the same quarter last year, an increase of 81.7 per cent.
According to the company, the improvement was due to an increase in net insurance service results, which increased to SR113,229 from SR97,616 last year, an increase of 16 per cent due to business growth.