RIYADH:  Saudi Arabia’s Tadawul All Share Index edged lower on Wednesday, dropping by 24.55 points, or 0.20 percent, to close at 12,088.74. The benchmark index saw a trading turnover of SR7 billion ($1.86 billion), with 127 stocks advancing and 112 declining.

The Kingdom’s parallel market, Nomu, also experienced a slight decline, falling by 32.97 points, or 0.11 percent, to settle at 30,776.15. Of the stocks listed on Nomu, 41 advanced while 42 retreated.

The MSCI Tadawul Index dropped 7.53 points, or 0.50 percent, to close at 1,506.86.

Among the top performers of the day was Nice One Beauty Digital Marketing Co., which made its debut on the main market on Jan. 8. The company’s share price surged by 30 percent, reaching SR45.50.

Other notable gainers included Al-Mawarid Manpower Co., which saw its stock rise 7.82 percent to SR135.20, and Al-Baha Investment and Development Co., which saw its share price climb 6.98 percent.

On the downside, National Co. for Learning and Education recorded the largest drop, falling 4.24 percent to SR185.20. Almoosa Health Co. also saw a decline of 3.84 percent, ending the session at SR140.40, while Alinma Retail REIT Fund Yanbu saw a 3.45 percent drop to SR4.76.

On the announcements front, Nice One Beauty Digital Marketing Co. revealed it is offering 34.65 million shares at SR35 each. SNB Capital is serving as the lead manager for the offering.

United Electronics Co. announced its estimated financial results for the year ending Dec. 31, 2024. The company reported a net profit of SR534.53 million, marking a 36.8 percent increase compared to 2023. The growth was driven by higher revenues and improved gross profits, thanks to a better sales mix and expansion in the consumer finance sector, despite an increase in selling, distribution, and administrative expenses. Extra’s stock ended the day at SR95.60, up 2.13 percent.

United International Holding Co. also posted its financial results for the period ending Dec. 31, 2024. The company recorded a net profit of SR222.38 million, a 4.8 percent increase over the previous year. This growth was attributed to higher credit loss provisions and increased selling, general, and administrative expenses. The company’s shares closed at SR187.80, down 2.60 percent.

Meanwhile, the Kingdom’s Capital Market Authority announced that Rawasi Albina Investment Co. is planning to issue up to SR500 million in debt instruments. The company's stock finished the session at SR4.35, down 1.15 percent.

RIYADH: UAE’s ADNOC Logistics and Services has boosted its global position by acquiring an 80 percent stake in Navig8 TopCo. Holdings Inc. for $1.04 billion, strengthening its status as a prominent player in energy maritime transportation. 

The transaction includes a contractual commitment to acquire the remaining 20 percent by mid-2027, positioning ADNOC L&S for expanded global operations and increased shareholder value. 

Navig8, a prominent international shipping pool operator and commercial management company, brings a modern-owned fleet of 32 tankers and an established presence in 15 cities across five continents. 

The firm has investments in technical management services, is a marine fuels provider operating in over 1,000 ports globally, and has additional ventures within the marine sector. 

“The completion of this landmark acquisition is a significant milestone in our transformational growth strategy,” said Abdulkareem Al-Masabi, CEO of ADNOC L&S. 

“By integrating Navig8’s extensive fleet and global presence, we can enhance our service offerings, generating substantial value for customers and shareholders. This strategic move unlocks new opportunities for commercial growth and expansion into new markets, reinforcing our position as a leading global energy maritime logistics company,” Al-Masabi added.

The acquisition aligns with ADNOC L&S’ growth strategy, complementing its integration with Zakher Marine International in 2022 and reinforcing its ambition to expand its global reach and service portfolio. 

ZMI, an Abu Dhabi-based owner and operator of offshore support vessels, brought with it the world’s largest fleet of self-propelled jack-up barges. 

ZMI’s acquisition expanded ADNOC L&S’s fleet to over 300 vessels, reinforcing its position as the region’s largest integrated logistics provider and enabling the company to offer its customers a broader range of services. 

ADNOC L&S, a subsidiary of Abu Dhabi National Oil Co., will benefit from Navig8’s acquisition through expanded services, including commercial pooling, bunkering, technical management, and environmental, social, and governance-focused industrial and digital solutions. 

The acquisition is structured to ensure economic ownership of Navig8 starting from Jan. 1, 2024. 

The remaining 20 percent will be acquired in 2027 for deferred consideration ranging from $335 million to $450 million, depending on earnings before interest, taxes, depreciation, and amortization performance during the interim. 

Nicolas Busch, CEO of Navig8, expressed enthusiasm for the deal, saying: “We are excited to join forces with ADNOC L&S and the wider ADNOC Group. This achievement highlights the exceptional efforts of the Navig8 team over the past two decades, setting the stage for this next phase.” 

The acquisition is expected to deliver immediate financial benefits, with ADNOC L&S projecting a 20 percent increase in earnings per share by this year compared to the previous year. 

The company’s share price saw a 5.23 percent increase as of Jan. 8, 1:00 p.m. Saudi time.

It anticipates annual synergies of at least $20 million by 2026, underscoring the value-accretive nature of the transaction.