• Loading stock data...
 Revenues of Tadawul-listed companies cross $613 billion in 2021


Revenues of Tadawul-listed companies cross $613 billion in 2021

Saudi companies listed on the Saudi Stock Exchange (Tadawul) recorded a 56.3% increase in their business, reaching total revenue of $613.3 billion by the end of 2021.

According to Al-Jazira Capital, these Saudi companies earned $613.3 billion in revenues, compared to $392 billion in 2020, while the listed Saudi companies recorded a 57.7% increase in total revenues during the fourth quarter of 2021.

Listed Saudi companies recorded $176 billion in revenues during Q4 of 2021 compared with $111.4 billion in 2020. These companies increased their revenues by 9% during the fourth quarter of 2021 compared with their gains in the previous quarter.

Meanwhile, the National Agricultural Development Co (NADEC), one of the largest dairy and food companies in Saudi Arabia received a letter from the Public Investment Fund (PIF)-owned Saudi Agricultural and Livestock Investment (SALIC), to acquire 12.66 million shares, representing 12.46% of NADEC’s total outstanding shares. PIF is the Saudi Arabia’s Sovereign Wealth Fund.

SALIC looks forward to supplying larger quantities of essential foreign commodities and increasing the operational efficiency of existing investments. The company also wants to develop relations with leading international companies in grain and food processing and expand its local and global investments following its strategy.

SALIC will include new agricultural technologies to rationalize water use, raise production efficiency, and preserve the environment.

Earlier, SALIC announcing that it has acquired 35.43% of Olam Agri Holdings for $1.24 billion, provided that the transaction is expected to be completed in 2022 after obtaining the required approvals from the relevant international authorities.

PIF’s Investment Arm

SALIC CEO Sulaiman Al Rumaih said that the deal will develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector. “SALIC has extensive experience in the food and agriculture sector, which contributes to food security in the country, and the partnership with Olam will enrich its role in delivering food security,” he said.

He explained that Olam Agri’s commercial success, expertise, and scale in critical commodity sourcing and processing would add significantly to SALIC’s international portfolio and will continue integrating both existing and future investments.

The main Saudi stock index closed up 162.89 points, at 13,646.12 points, with transactions worth $3.1 billion at the close of the day on Wednesday.

The volume of traded shares reached 240 million shares, divided by more than 470,000 deals, in which the shares of 77 companies recorded an increase in their value, while the shares of 129 companies closed lower.

The Saudi Parallel Shares Index (Nomu) closed up 221.52 points, at 24,268.83 points, with transactions worth $6.9 million, and the volume of traded shares reached more than 200,000 shares divided by 1,532 deals.

Global Business Magazine

Global Business Magazine

Related post

Leave a Reply

Your email address will not be published. Required fields are marked *