By: Elsayed Gamal

Riyadh – Mubasher: Ten biggest companies acquiring 52% of the Saudi Stock Exchange’s (Tadawul) relative weight achieved SAR 2.65 billion ($706.93 million) or a 16.2% year-on-year growth in profits during the third quarter of 2018.

Profits of these ten firms reached SAR 18.99 billion during the three-month period ended September, up from SAR 16.35 billion during Q3-17. Saudi Basic Industries Corporation’s (SABIC) profit grew 5.4% to SAR 6.1 billion, according to Mubasher’s statistics which based the companies’ statements to Tadawul.

SABIC dominated 32.1% of profits, followed by the Saudi Telecom Company (STC) with 13.9%, and Al Rajhi Bank with 13.5%.

Tadawul’s biggest 10 companies’ profit hit SAR 56 billion in the first nine months of this year.

The Saudi bourse’s largest ten firms logged a 17.1% or SAR 8.16 billion increase in profits from January to September, reaching SAR 55.99 billion, compared to SAR 47.83 billion in the year-ago period.