Bulls are back in Riyadh, Saudi Arabia Refineries surge on FY results
- Saudi Arabia: Saturday, January 19 - 2013 at 20:06
All eyes were on new earnings figures at the Tadawul bourse which closed Saturday trading 0.20% higher at 7,050.38 points. Inflation figures and forecasts for the kingdom, the largest oil supplier, supported the positive momentum. Dec. inflation was unchanged at 3.9% year-on-year, said Jadwa Investment's senior economist Fahad Alturki. Due to declining food prices and government measures to spur construction of housing "we expect inflation in 2013 will reach 4.3% year-on-year down from 4.5% last year," said Alturki. SABIC shares fell 0.53% to SR93.25. Saudi Arabia Refineries Co. ended up 1.23% to close at SR61.50. In 2012, the company generated a net income of SR16.74m, an increase of 59% year-on-year. However, the Q4 net profit fell 83% year-on-year, "because the net profit of the company's share in affiliated companies fell by 49%," said Saudi Refineries. Regarding the FY net profit increase, the firm said it "received a distributed profit from Saudi Industrial Investment Group Company (Investee Company) which amounted to SR15.19m due for the year 2011, which was included in the income statement for this year."
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