Energy sector’s dependence on legacy systems makes it vulnerable to cyberattacks: Aramco CEO


RIYADH: Saudi Arabia’s main index declined on Wednesday on the back of poor earnings results from listed companies. 

The Tadawul All Share Index declined 0.69 percent to end at 11,407 while the parallel market Nomu dropped 0.11 percent to finish at 19,229. 

Saudi oil giant Aramco ended the session 1.72 percent lower, a week after announcing that its profit had surged 39 percent in the third quarter of 2022, surpassing the average of analysts’ forecasts. 

Profits at Aramco hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion. 

Jazan Energy and Development Co. gained 0.30 percent, following 123 percent profit surge to SR27 million in the first nine months of the year. 

Almasane Alkobra Mining Co. gained 0.53 percent, following the announcement that it has received a gold and silver exploration license from the Ministry of Industry and Mineral Resources. 

Jarir Marketing Co. gained 0.49 percent, after it declared a third-quarter dividend of SR2.25 per share to shareholders. 

Al-Jouf Agricultural Development Co. increased 4.77 percent, with profits soaring 295 percent during the first nine months of 2022 to SR42 million. 

Alamar Foods Co. gained 1.16 percent, as it reported a slight increase in profits to SR86 million during the first nine months of the year. 

National Gas and Industrialization Co. fell 0.58 percent, despite having increased its net profit to SR159 million during the first nine months of 2022. 

Red Sea International Co. declined 4.15 percent, as its losses widened to SR124 million during the first nine months, compared to losses of SR95 million last year. 

Sadr Logistics Co. fell 3.38 percent, after it turned into losses of SR5.4 million in the first nine months of 2022. 

Raydan Food Co. stock climbed 7.14 percent, on the news that it narrowed its losses by 32 percent to SR21 million during the first nine months of the year. 

Al Abdullatif Industrial Investment Co. decreased 3.05 percent, as the company increased its losses by 213 percent to SR31 million, despite witnessing 7 percent revenue growth during the first nine months of the year. 

Saudi Fisheries Co. dropped 1.75 percent, after losses widened by 32 percent to SR50 million, despite a jump in sales during the first nine months of 2022. 

The Saudi Industrial Exports Co. fell 2.37 percent, after losses widened by 203 percent to SR18 million during the first nine months of 2022. 

Saudi National Bank, the Kingdom’s largest lender, slipped 1.04 percent, while the Kingdom’s most valuable bank, Al Rajhi, fell 0.12 percent.



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