By Majid Al Shabib:

Riyadh-Mubasher: Tadawul-listed companies have completed on Wednesday the reporting of their financial results for the fiscal year 2014.

Some companies reported profit rise, others saw profit decrease, while some companies shrank loss while others deepened losses.

Weqaya Insurance was the only company that has not posted its financial results yet.

168 listed companies posted SAR 19.14 billion combined net profit for the fourth quarter of 2014, with a decline by 27.18% from SAR 26.29 billion in the same period a year earlier.

Accordingly, combined earnings for the fiscal year 2014 amounted to SAR 113.327 billion, a rise by 2.98% from SAR 110.05 billion in 2013 (excluding companies with different financial years).

Statistics compiled by Mubasher showed that, out of the 168 companies, 45 companies posted profit drop, while 89 others reported profit rise and 33 logged loss for FY14.

As regards the performance of sectors in 2014, six sectors posted profit fall, while nine others recorded profit growth.

The banks sector took the lion’s share in terms of profitability with 40% of total earnings, followed by petrochemical industries (33%), while the other sectors controlled 27% of total earnings.

The market’s biggest ten companies in terms of profitability accounted for 72% of total corporate earnings for FY14.

Saudi Basic Industries Corp. (SABIC) dominated 23.2% of the market’s total earnings.

Meanwhile, Mobily was not among the top ten companies after it posted a 96.29% plunge in FY14 profit to SAR 220 million.

Translated by Sayed Abdel Rahman

Photo Credit: Arabianeye-Reuters