TASI falls on mixed earnings: Closing bell

TASI falls on mixed earnings: Closing bell

RIYADH: Saudi Arabia’s main index declined today, dragged down by mixed earnings announcements and a decline at Aramco’s shares, the largest market player, despite strong quarterly performance. The Tadawul All Share Index slipped 1.18 percent, to end at 11,530, while the parallel market, Nomu, gained 0.49 percent to finish at 19,600. Saudi oil giant Aramco ended Tuesday's session 0.14 percent lower, following the announcement that its profit had surged 39 percent in the third quarter of 2022, surpassing the average of analysts’ forecasts. Profits at the most profitable oil company in the world hit SR159 billion ($42 billion) after revenue soared 51 percent to SR544 billion. The oil giant was expected to post SR152 billion in net income, according to Bloomberg data, versus Al Rajhi Capital's projection of SR154 billion. Saudi Arabian Mining Co., or Ma’aden, slumped 9.92 percent, despite its profit nearly trebling to SR8.3 billion during the first nine months of 2022. Ma’aden’s profit rose 165 percent from SR3.1 billion in the same period a year ago. This was coupled with a 69 percent revenue jump to SR31 billion, compared to SR18 billion last year. AlMasane Al Kobra Mining Co. declined 5.31 percent, after it recorded a 22