By: Thabet Shehata

Riyadh – Mubasher: Consolidated profits of the companies listed on the Saudi Stock Exchange (Tadawul) retreated 16% year-on-year in the third quarter of 2018.

Net profits amounted to SAR 33.2 billion ($8.85 billion) during the three-month period ended September, down from SAR 39.45 billion ($10.52 billion) in Q3-17, according to Mubasher’s statistics based on the firms’ earnings statement to Tadawul.

On the other hand, the companies’ profits rose 1.2% to SAR 104.8 billion from January to September, compared to SAR 103.6 billion in the year-ago period.

 The deadline for announcing financial results for Tadawul’s firms ended on Sunday, 11 November.

About 165 companies revealed their results, excluding Saudi Indian Company for Cooperative Insurance (Wafa Insurance), National Agriculture Marketing Co (Thimar), and Abdullah Abdul Mohsen Al Khodari Sons Company.

On Monday, 12 November, Tadawul suspended trading activities on Wafa Insurance and Thimar.

Saudi Basic Industries Corporation (SABIC) led major firm’s profits with SAR 6.1 billion, followed by Saudi Electricity Company (SEC) with SAR 4.92 billion, Saudi Telecom Company (STC) with SAR 2.64 billion, and Al Rajhi Bank with SAR 2.57 billion by the end of Q3-18.

On the flipside, Al Tayyar Travel Group led the loser companies with SAR 355 million, followed by Emaar The Economic City with SAR 150 million.

Translated by: Mohammad Hesham Azab