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RIYADH: Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September.

The state-owned energy giant raised the Arab Light price by $1 per barrel from August to a premium of $3.20 over the average of Oman and Dubai crude benchmarks, according to an official statement issued on Wednesday. Prices for Arab Extra Light rose by $1.20 per barrel, while Arab Heavy gained $0.70.

In North America, Aramco set the September OSP for Arab Light at $4.20 per barrel above the Argus Sour Crude Index. The company prices its crude across five density-based grades: Super Light (above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).

Aramco’s monthly pricing decisions influence around 9 million barrels per day of crude exports to Asia and act as a benchmark for other major producers, including Iran, Kuwait, and Iraq. The adjustments are based on feedback from refiners and an assessment of crude value changes, product prices, and yields.

The price revisions come as the OPEC+ alliance agreed earlier this week to increase collective oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals.

This move concludes the phased reversal of 2.2 million bpd in voluntary cuts introduced by eight members in 2023 to stabilize prices amid economic uncertainty.

The group reaffirmed its commitment to full compliance with the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee continuing oversight.

The September hike will raise ��������’s output to 9.97 million bpd. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Output targets for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000, and 801,000 bpd, respectively.

RIYADH: ��������’s Tadawul All Share Index edged up on Wednesday, gaining 24.89 points, or 0.23 percent, to close at 10,946.74. 

The total trading turnover of the benchmark index stood at SR4.80 billion ($1.27 billion), with 169 listed stocks advancing and 78 declining. 

However, the Kingdom’s parallel market Nomu declined by 143.18 points to close at 26,709.64 

The MSCI Tadawul Index also recorded a modest gain, rising 0.12 percent to reach 1,410.12. 

The top performer on the main market was Shatirah House Restaurant Co., whose share price rose 10 percent to SR16.83. 

The company reported a 19.3 percent year-on-year increase in revenue for the first half of 2025, reaching SR83.81 million, up from SR70.26 million in the same period last year.

However, operating profit dropped nearly 30 percent to SR1.41 million, while net profit declined by 24.6 percent to SR1.07 million. 

The share price of Abdullah Saad Mohammed Abo Moati for Bookstores Co. also rose 10 percent to SR41.80. 

Jadwa REIT Al Haramain Fund saw its stock price increase by 5.62 percent to SR5.83. 

On the other hand, Riyadh Cement Co. witnessed a drop in its share price by 2.79 percent to SR31.40. 

In corporate announcements, Dr. Soliman Abdel Kader Fakeeh Hospital Co., known as Fakeeh Care, reported a 24.1 percent year-on-year rise in revenue for the second quarter of 2025, reaching SR811.84 million, compared to SR654.04 million in the corresponding period last year. 

In a statement on Tadawul, the company also announced that its net profit jumped 59 percent year on year in the second quarter to SR68.2 million, driven by strong underlying business growth across segments, lower finance costs, and higher finance income. 

Fakeeh Care’s share price climbed 2.35 percent to SR40.98. 

Herfy Food Services Co. reported revenue of SR284.56 million in the second quarter of 2025, marking a 5.5 percent decline compared to SR301.12 million in the same period of 2024. 

Despite the drop in sales, the company recorded a net profit of SR899,934 in the second quarter, reversing a net loss of SR23.7 million a year earlier.

The improvement was attributed to lower general and administrative expenses, reduced finance and zakat costs, despite increased selling and marketing expenses. 

Herfy’s share price rose 3.55 percent to SR23.65. 

Edarat Communication and Information Technology Co., also known as Edarat, posted a 31.6 percent year-on-year increase in net profit for the first half of 2025, reaching SR15.24 million, up from SR11.58 million a year earlier. 

The growth was driven by a 35.4 percent rise in gross profit, which reached SR27.9 million in the first half of 2025. 

Improved cost efficiency also played a role, with administrative expenses as a percentage of revenue declining from 17.56 percent in the first half of 2024 to 13.8 percent in the same period this year. 

Edarat’s share price fell 3.42 percent to SR240. 

Arabian Centers Co., known as Cenomi Centers, recorded a 34.2 percent year-on-year increase in net profit for the second quarter of 2025, reaching SR474.7 million, compared to SR353.8 million in the same period last year.

The rise in earnings was attributed to a 7.7 percent reduction in cost of revenue due to operational cost optimization, as well as a boost in other operating income, which reached SR14.2 million following the sale of land in Al Kharj. 

Cenomi Centers’ share price advanced 5.38 percent to SR21.56.