MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma’aden helps Saudi – Reuters

DUBAI, Aug 1 (Reuters) – Shares of Qatar’s oil drilling service provider slumped early on Tuesday after it barely broke even in the second quarter while Saudi’s only listed mining firm helped drive gains in that market, having doubled quarterly net profit.

Gulf International Services dropped 6.6 percent after posting net profit of 700,000 Qatari riyals, according to Reuters’ calculations, well below QNB Financial Services’ estimate of 47.51 million riyals.

“The impact on the profitability was due to significant revenue reduction in drilling, catering and insurance segments,” GIS said in a statement.

The Doha index was down 0.5 percent.

The only listed miner in the region, Saudi Arabian Mining Co (Ma’aden), climbed 1.8 percent after reporting net profit of 356.47 million riyals ($95.07 million), broadly matching the average forecast of three analysts polled by Reuters.

The company cited higher sales volume in gold, ammonia and fertiliser, and control over costs.

Saudi plastics manufacturer Takween Advanced Industries dropped 3.2 percent after it swung to a net loss of 12.7 million riyals in the second quarter from a net profit of 12.5 million a year earlier. The company attributed the bad result to weak sales.

The Riyadh index was up 0.2 percent after 10 minutes of trade.

In Dubai, shares of contractor Arabtec rose 2.4 percent after the company said it had been awarded a 628 million dirhams ($171 million) contract from DAMAC Properties . DAMAC was down 0.5 percent.

Abu Dhabi’s index was up 0.1 percent. (Reporting by Celine Aswad; Editing by John Stonestreet)

MIDEAST STOCKS-GIS drags Qatar down after poor Q2, Ma’aden helps Saudi – Reuters}