The Tadawul All Shares Index(TASI.SA) failed to hold the critical 12,320 level yesterday, breaking below it and continuing to decline towards the EMA50 moving average, where it found temporary support. Today, the index opened slightly higher and has been trading in a narrow range. Moving forward, it will be crucial to observe whether the index can stabilize above the EMA50 and consolidate, with the ability to reclaim the key 12,320 level being a critical factor for further upward momentum.

Notable News

Zain KSA's Financial Results and Dividend Announcement Propel Stock Surge

Mobile Telecommunication Company Saudi Arabia(7030.SA) (Zain KSA) saw a nearly 7% rise in its stock price following the release of two key announcements today.

Annual Financial Results for FY 2024

• Revenue: SAR 10.365 billion, a 4.88% increase from the previous year.
• Net Profit: SAR 596 million, down 52.96% compared to the SAR 1.267 billion profit in 2023, which included a one-time gain from a tower sale.
• Gross Profit: SAR 6.471 billion, an increase of 10.48% from the previous year.
• EBITDA: SAR 3.323 billion, up 11.6%.
• Capital Expenditure: SAR 1.5 billion invested in improving customer experience and service quality.

Dividend Distribution for FY 2024
The Board of Directors recommended a cash dividend distribution of SAR 449.365 million, equating to SAR 0.5 per share, representing a 5% dividend yield based on the share's par value. The distribution date will be announced after General Assembly approval.

These developments follow a series of investments and operational improvements, including a major 5G network expansion, which have positively impacted the company's operational performance despite the drop in net profit.

First Milling Co. Posts Strong Financial Growth for FY 2024, Stock Up 2.28%

First Milling Co.(2283.SA) saw its stock rise by 2.28% today following the release of its estimated financial results for the fiscal year ending 31 December 2024.

Key Highlights:

• Revenue: SAR 1,048.9 million, an 8.77% increase from the previous year.
• Net Profit: SAR 250.9 million, a 13.94% growth from the previous year.
• Gross Profit: SAR 456.1 million, up 10.41% year-on-year.
• Operational Profit: SAR 318.5 million, reflecting a 10.98% increase.
• EPS: SAR 4.52, compared to SAR 3.97 last year.

The growth was primarily driven by strong performance in Feed sales (up 16.7%), as well as improved product mixes and pricing strategies. Bran sales also showed growth despite a slight decline in volume. The company's efforts to maintain cost leadership and optimize cash management contributed significantly to the profit increase.

Additionally, the company’s gross and net profit margins remained solid at 43.5% and 23.9%, respectively. The company expects these positive trends to continue, backed by improved operational efficiency and strategic investments in new products.

Significant Volume Surge after 10:30 am 

New 52-Week High as of 10:45 am

Sector Performance as of 10:50 am

• Media & Entertainment: +1.11%
• Banks: +1.06%
• Pharma, Biotech & Life Science: +0.76%

Top Gainers as of 10:50 am

The top-performing stocks at this point include:

Top Losers as of 10:50 am

- Reporting by Zaid, Sahm News team