A flurry of earnings news

ACWA POWER-

ACWA Power’s net income rose 8% y-o-y to SAR 1.7 bn in 2023, while revenues were up 15.5% y-o-y to SAR 6.1 bn, it said in a disclosure to Tadawul. The BoD of the energy giant has proposed a dividend payout of SAR 329 mn for 2023 at SAR 0.45 per share, it said in a separate disclosure. The board has also recommended the issuance of bonus shares by way of capitalizing SAR 14.6 mn from retained earnings, granting shareholders one share for every 500 shares owned, it said in a further disclosure.

NAQI WATER-

Naqi Water’s net income fell 11.8% y-o-y to SAR 43 mn in 2023, while revenues declined 16% y-o-y to SAR 239 mn over the same period, it said in a disclosure to Tadawul.

UMM AL-QURA CEMENT-

Umm Al-Qura Cement’s net income fell 83% y-o-y to SAR 4 mn in 2023, while revenues were down 23.6% y-o-y to SAR 169 mn, it said in a disclosure to Tadawul. The cement manufacturer’s BoD has decided not to distribute dividends for 2023 as it looks to consolidate its financial position, it said in a separate disclosure.

AL-RAJHI TAKAFUL-

Al-Rajhi Company for Cooperative Ins. net income increased 4.5x y-o-y to SAR 328 mn in 2023, while revenues were up 44% y-o-y to SAR 4.2 bn over the same period, it said in a disclosure to Tadawul.

ALSAIF GALLERY-

AlSaif Stores for Development and Investment’s net income fell 24% y-o-y to SAR 98.2 mn in 2023, while revenues were down 2.6% y-o-y to SAR 720 mn, it said in a disclosure to Tadawul.

OASIS-

Zahrat Al Waha for Trading’s net income rose 2x y-o-y to SAR 34 mn in 2023, while revenues were down 8% y-o-y to SAR 572.5 mn, it said in a disclosure to Tadawul. The plastic manufacturer’s BoD has proposed a dividend payout of SAR 30.4 mn for 2023 at SAR 1.35 per share, it said in a separate disclosure.

ASTRA INDUSTRIAL-

Astra Industrial Group’s net income remained basically unchanged at SAR 475 mn in 2023, despite a 10% increase in revenues to SAR 2.9 bn, it said in a disclosure to Tadawul.