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Savola tops Tadawul-listed firms turning profitable in Q3

Savola tops Tadawul-listed firms turning profitable in Q3
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TAWUNIYA
8010
2.19% 70.00 1.50
MAADEN
1211
-1.20% 41.35 -0.50
SAVOLA GROUP
2050
-0.65% 30.65 -0.20

By: Thabet Shehata

Riyadh – Mubasher: The financial statements for the third quarter (Q3) of 2019 showed that 25 companies listed on the Saudi Stock Exchange (Tadawul) turned to profits between June and September, achieving SAR 711 million, against losses of SAR 791.2 million in Q3-18.

Meanwhile, 22 companies turned to losses during Q3-19, registering a total of SAR 413.3 million, versus net profits of SAR 1.03 billion in Q3-18, as shown by a recent Mubasher survey.

A total of 165 companies have reported their financial results for Q3-19, while four companies failed to disclose their quarterly financial results during the specified period, ended 11 November.

Consolidated profits of listed companies decreased by 23% year-on-year (YoY) to SAR 23.86 billion during the three-month period, down from SAR 30.95 billion for the same period last year.

Savola group was the biggest company to turn profitable in Q3-19, reporting a net profit of SAR 221.8 million, against SAR 50.7 of net losses in the same period a year ago.

Tawuniya followed as it logged SAR 109.1 million profits in Q3-19, against SAR 22.9 million losses in Q3-18.

On the other hand, Ma'aden saw the worst turn in financial results, recording net losses of SAR 92 million in Q3-19, versus net profits of SAR 415 million in Q3-18, followed by Jabal Omar Development, which posted SAR 80.6 million losses, against profits of SAR 469.6 million in the corresponding period last year.