ACWA Power launches first overseas Innovation Center in China 

RIYADH: Saudi Arabia’s economy grew 1.3 percent in 2024, supported by an expansion in non-oil activities despite a decline in the oil sector, according to data from the General Authority for Statistics.

Growth accelerated in the fourth quarter of 2024, with gross domestic product expanding 4.5 percent year on year — the highest quarterly increase in two years — supported by a 4.7 percent rise in non-oil activities and a 3.4 percent uptick in oil activities. 

However, oil sector’s output declined 1.5 percent compared to the third quarter.

These figures align with GASTAT’s January real GDP projections, which estimated 4.4 percent annual growth in the fourth quarter of 2024. Flash estimates at the time indicated that the Kingdom’s non-oil activities grew 4.6 percent year on year in the three months leading up to December, reflecting ongoing economic diversification efforts.

The wholesale and retail trade, restaurants, and hotels sector led annual growth among economic activities, rising 6.4 percent, followed by financial services, insurance, and business services at 5.7 percent. 

Electricity, gas, and water activities increased 4.9 percent, while transport, storage, and communication, along with other mining and quarrying activities, grew 4.5 percent. Crude oil and natural gas activities declined 6.4 percent.

At current prices, Saudi Arabia’s GDP reached SR4.07 trillion ($1.09 trillion) in 2024, with crude oil and natural gas contributing 22.3 percent, government activities 16.2 percent, and wholesale and retail trade, restaurants, and hotels accounting for 10.3 percent. 

Manufacturing, excluding petroleum refining, made up 9.1 percent, while real estate activities comprised 6.5 percent.

In the fourth quarter, petroleum refining saw the highest growth among economic activities, surging 15.3 percent year on year, despite a 2.2 percent quarter-over-quarter decline. Electricity, gas, and water activities grew 7.4 percent annually and 2.7 percent quarterly, while other mining and quarrying activities expanded 7 percent year on year and 3.4 percent quarter on quarter.

By expenditure components, private final consumption rose 3.9 percent annually and 0.3 percent quarterly. However, gross fixed capital formation declined 2.2 percent year on year and 4.6 percent quarter over quarter, while government final consumption expenditure dropped 6.6 percent and 6.4 percent, respectively. 

Exports increased 5.2 percent annually and 6.9 percent quarterly, while imports rose 11.5 percent and 7.8 percent.

At current prices, Saudi Arabia’s GDP for the fourth quarter stood at SR1.025 trillion, with crude oil and natural gas activities contributing 19.7 percent, government activities 16.7 percent, and wholesale and retail trade, restaurants, and hotels 10.6 percent. 

Manufacturing, excluding petroleum refining, accounted for 9.2 percent.

Saudi Arabia’s economic performance underscores its ongoing diversification push, with non-oil sectors playing a key role in mitigating the impact of oil sector volatility.

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 25.41 points, or 0.22 percent, to close at 11,836.52.

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), with 46 stocks advancing and 182 retreating.

The Kingdom’s parallel market, Nomu, also gained 35.09 points, or 0.11 percent, to close at 31,331.82, as 18 stocks advanced while 40 retreated.

The MSCI Tadawul Index also gained 4.40 points, or 0.30 percent, to close at 1,494.48.

The best-performing stock of the day was Dar Alarkan Real Estate Development Co., whose share price rose 7.48 percent to SR18.40.

Other top performers included Dallah Healthcare Co., whose share price rose 6.83 percent to SR131.40, and Bupa Arabia for Cooperative Insurance Co., whose share price surged 4.78 percent to SR171.

Kingdom Holding Co. recorded the most significant drop, falling 9.94 percent to SR7.70.

Arabian Shield Cooperative Insurance Co. also saw its stock prices fall 7.48 percent to SR17.82.

Batic Investments and Logistics Co. saw its stock prices decline by 7 percent to SR2.79.

On the announcements front, the Saudi Exchange announced the listing and trading of shares of Derayah Financial Co. on the main market starting March 10, with +/- 30 percent daily price fluctuation limits and +/- 10 percent static price fluctuation limits.

According to a Tadawul statement, these fluctuation limits will apply during the first three days of listing, and from the fourth trading day onwards, the daily price fluctuation limits will revert to +/- 10 percent, while the static price fluctuation limits will no longer apply.

The statement further revealed that Derayah Financial Co. will have the symbol 4084 and ISIN Code SA1690F1VQ15.

Lazurde Company for Jewelry announced its annual financial results for the year ended Dec. 31. A bourse filing revealed that the firm reported a net profit of SR11.7 million in 2024, reflecting a 62.01 percent drop compared to 2023.

This decrease in net profit is primarily attributed to one-off expenses totaling SR10.2 million related to the cost of changing the company’s distributor in the Gulf Cooperation Council and a provision for a legal dispute. In 2023, there was a one-off gain of SR10.1 million from the sales of an administrative office in the UAE.

The company ended the session at SR13.08, down 3.63 percent.

Fourth Milling Co. also announced its annual financial results for the year ended Dec. 31. According to a Tadawul statement, the company reported a net profit of SR170 million in 2024, reflecting a 19.68 percent surge compared to 2023. This jump is linked to a 12.7 percent rise in revenue and enhanced operational and production efficiency, which improved profit margins.

Fourth Milling Co. ended the session at SR4.05, up 0.25 percent.