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Two Nomu-listed companies are planning to move to Tadawul’s main market.
#1- Nomu-listed state-owned Natural Gas Distribution (NGDC) said in a filing to Tadawul yesterday that its board had signed off on the move, but didn’t provide any other details.
About NGDC: Established in 2000, the state-owned natural gas distribution player is one of the largest in its segment, second only to Aramco, according to its website. NGDC supplies natural gas to factories in Riyadh’s second industrial city, with 66 factories currently linked to its supplies.
NGDC will have to make some changes to make the cut: To earn regulatory approval, it will need to boost its market cap, which currently stands at SAR 215 mn, according to market data. Companies must have a market cap of SAR 300 mn to upgrade to the main market.
REMEMBER- Issuers on main market Tadawul are also required to have at least 200 public shareholders at the time of listing and a minimum of three years worth of audited financial statements.
How NGDC fared in 2023: The company’s net income rose 14.4% y-o-y to SAR 3.8 mn last year, and revenues inched up 1.6% y-o-y to SAR 92.5 mn, it said in a previous disclosure.
Market reax: The company’s share price remained unchanged at SAR 43.00 at yesterday’s close.
AL DAWLIAH-
#2- Recruitment and HR agency the International Company for Human Resources — better known as Al Dawliah — has appointed Yaqeen Capital as a financial advisor on its potential transfer to the main market Tadawul, it said in a statement to the exchange.
About Al Dawliah: The company has been in business for more than 15 years, with six branches split between the Kingdom, the UAE, Jordan, and Egypt, according to its website. Al Dawliah has served north of 1.6 mn users, with clients including FedEx Express, Saudi Airlines, Dr Sulaiman Al Habib Medical Group, Al Rajhi Bank, and several ministries.
The financials: Al Dawliah reported SAR 2.8 mn in net income in 2023, down 34.1% y-o-y. The lower bottom line comes despite the company’s revenues rising 45% y-o-y to SAR 112.1 mn during the year, which Al Dawliah said was because it “formed an allowance for credit losses” worth SAR 1.3 mn, while zakat expenses rose 74% y-o-y in 2023. The company’s market capitalization currently stands at SAR 209.0 mn, according to market data.
Market reax: The company’s share price remained rose 0.2% to SAR 4.20 at yesterday’s close.
