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TASI Mid-Market Update — May 7, 2026

The Saudi Arabian benchmark index Tadawul All Shares Index(TASI.SA) trades higher during early trading on Thursday, advancing 0.65%. Market sentiment was supported by a combination of positive corporate earnings and regional geopolitical developments.

• Elm Co(7203.SA): Shares surged 10% following the release of first-quarter financial results, which showed a sharp rise in profits.
• ACWA POWER Co.(2082.SA): The stock recorded a gain of 9.9%, contributing significantly to the index's upward momentum.

Broader Gulf markets were influenced by optimism regarding a potential peace proposal between the U.S. and Iran. While the proposal aims to formalize an end to the conflict, key variables remains under review, including the status of Tehran’s nuclear program and the reopening of the Strait of Hormuz. Despite these lingering uncertainties, the prospect of de-escalation provided a supportive backdrop for regional equities during the session.

In the large-cap sector, Al Rajhi Bank(1120.SA) is posting a gain of 0.68%. The Saudi National Bank(1180.SA) is advancing 1.14%. Saudi Arabian Mining Co.(1211.SA) is holding steady. Saudi Basic Industries Corp.(2010.SA) is down by 0.15%. Saudi Arabian Oil Co.(2222.SA) is posting a gain of 0.52%.

Notable News

Saudi PIF Issues Bonds Securing Funding

Saudi Arabia's Public Investment Fund is issuing three-part benchmark bonds, offering initial guidance of 130 to 170 basis points over U.S. Treasuries. The debt sale aims to finance the kingdom's Vision 2030 economic diversification away from oil. This issuance follows the National Debt Management Center fulfilling its 217 billion riyal borrowing plan.

Elm Trading Shares Surge Ten Percent

Elm Co(7203.SA) reported Q1 2026 net profit of SAR 656 million and revenue of SAR 2.47 billion, reflecting year-over-year increases of 32.5% and 31.7%, respectively. Growth was primarily driven by higher business process outsourcing volumes and a SAR 59 million non-recurring fair value gain from an associate acquisition. Following the financial disclosure, company shares surged 9.95% during market trading.

Bawan Net Profit Plunges 65%

Bawan Co.(1302.SA) reported a 65% drop in first-quarter net profit to SAR 51.9 million, while revenue climbed 13.3% to SAR 1.03 billion. The profit decline was primarily driven by the absence of a SAR 126 million non-cash bargain purchase gain recorded last year. Moving forward, the company is actively monitoring evolving geopolitical dynamics to manage supply chain risks.

SAPTCO First Quarter Profit Soars Significantly

Saudi Public Transport Co.(4040.SA) reported a first-quarter net profit of SAR 5.3 million, marking a turnaround from a SAR 24.3 million loss in the previous year. Revenue reached SAR 396.3 million, growing 16.1% YoY. The improvement stems from expanded public transport operations, reduced administrative expenses, and impairment reversals. Consequently, accumulated losses narrowed to 21.4% of capital, though seasonal variations caused revenue to decline sequentially.

Saudi Steel Pipe Cash Flow Plunges

Saudi Steel Pipe Co.(1320.SA) reported a Q1 2026 net profit of SAR 52 million, rising 4% year-over-year, despite revenue plunging 15% to SAR 385 million. The profit growth was driven by lower marketing expenses and reduced borrowing costs, offsetting lower sales volumes. Consequently, free cash flow plummeted to SAR 1 million amid higher capital expenditures.

Key Dividend Events

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