China's Planning Commission announced, in a statement on Thursday, an increase in retail prices for fuel needed for transportation in the local market, while setting a ceiling for these increases with the aim of alleviating the impact of the rise in oil prices resulting from the Iran war.
The National Development and Reform Commission said that retail prices for gasoline will rise by 345 yuan ($51.76) per ton, and diesel by 335 yuan per metric ton, effective October 30.
The statement indicated that according to the pricing mechanism adopted in China, the price of gasoline was supposed to rise by 440 yuan and the price of diesel by 420 yuan.
The main Saudi market (TASI) declined in early trading on Thursday, after opening the session at 10,053 points, before the index turned lower by about 0.9 percent to 9,961 points, losing the level of 10,000 points, after 3 days of successive gains during which its increases reached about 6.2 percent.
“Gulf General” stock topped the list of stocks that rose the most, with gains amounting to 9.97 percent to 3.42 riyals, followed by “Saudi Group” stock, rising by 6.4 percent to 12.81 riyals.
“Banan” shares also rose by 4 percent to 3.12 riyals, “Al-Lujain” shares rose by 3.6 percent to 25.92 riyals, while “Al-Rumz” shares increased by 3.51 percent to 54.60 riyals.
In the leading stocks, “Saudi Aramco” shares declined by 0.3 percent to 25.98 riyals.
On the other hand, “Printing and Packaging” shares fell by 4.18 percent to 48.82 riyals, while “AFG Retail” shares fell by 3.42 percent to 12.43 riyals, and “Al-Babtain” shares fell by 3.34 percent to 44.56 riyals.
The Saudi Industrial Investment Group recorded a net profit of 90 million riyals ($24 million) during the third quarter of 2026, compared to 8 million riyals ($2.1 million) in the same period of the previous year, an increase of 1,025 percent.
In a statement published on the Saudi Stock Exchange (Tadawul) website, the company attributed the growth in net profit mainly to an increase in its share in the net profits of joint projects, driven by an improvement in the average selling prices of some products and a decrease in consumption expenses in those projects, following the re-evaluation of the estimated productive lives at the beginning of 2026.
The company explained that these results came despite the increase in the cost of feedstock for some materials, the decrease in the quantities sold for some products as a result of the impact of supply chains, in addition to the increase in zakat expenses to 3 million riyals, compared to 1 million riyals in the same quarter of the previous year, and the decrease in financing income from Murabaha deposits as a result of the decline in the average cash invested.
On a quarterly basis, the company turned profitable compared to a net loss of 58 million riyals in the second quarter of the current year, and attributed this mainly to the increase in its share in the profits of joint projects as a result of lower feedstock costs and higher quantities sold despite the challenges of supply chains, in addition to the decrease in general and administrative expenses.
During the first nine months of 2026, the company’s net profit increased to 282 million riyals ($75.2 million), compared to 46 million riyals ($12.3 million) in the corresponding period of the previous year, an increase of 513 percent.
The company attributed the growth in profits during the period to the increase in the average selling prices of some products and the decrease in consumption expenses in joint projects after re-evaluating the estimated productive lives, in addition to the decrease in zakat expense to 8 million riyals, compared to 15 million riyals in the similar period of the previous year.
On the other hand, the results were affected by a decrease in the quantities sold as a result of supply chain challenges and high feedstock costs, in addition to a decline in financing income from Murabaha deposits.
Earnings per share during the period amounted to 0.43 riyals, compared to 0.06 riyals in the similar period of the previous year, while the equity attributable to the company’s shareholders recorded 8.86 billion riyals at the end of the period, compared to 8.93 billion riyals in the similar period of the previous year.
The company indicated that its revenues and gross profit do not appear in the statement of profit or loss, due to it following the equity method in accounting for its investments in joint projects.
