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Profits of Saudi companies fall to SAR 168bn in 9M

Profits of Saudi companies fall to SAR 168bn in 9M
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ALRAJHI
1120
0.27% 73.70 0.20
NCB
1180
0.56% 44.80 0.25
PETRO RABIGH
2380
-0.42% 14.12 -0.06

SAUDI ELECTRICITY
5110
0.62% 22.86 0.14
RIBL
1010
0.85% 21.30 0.18
KINGDOM
4280
0.13% 7.68 0.01

STC
7010
1.27% 111.60 1.40
SABB
1060
0.19% 27.05 0.05
SAUDI ARAMCO
2222
-0.57% 34.75 -0.20

SABIC
2010
-0.19% 102.40 -0.20

Riyadh – Mubasher: Profits of companies listed within Tadawul’s main index plunged by 47.38% yearly, equivalent to SAR 151.2 billion, during the first nine months of the year.

Net earnings of 172 listed companies amounted to SAR 167.95 billion in the January-September period, compared with SAR 319.16 billion in the year-ago period, according to data collected by Mubasher based on the companies’ earnings releases.

The results were affected by the 48.6% drop in Saudi Aramco’s profits to SAR 131.31 billion during the period under review.

A total of 12 listed companies achieved billions of profits during the nine-month period of the year, with profits of five of these companies growing, whereas earnings of seven others have dipped.

Aramco topped the list, followed by Saudi Telecom Company (stc), whose earnings levelled up by 0.7% annually to SAR 8.402 billion.

The National Commercial Bank (NCB) took the third spot with 0.8% annual higher profits at SAR 8.080 billion.

In the meantime, Al Rajhi Bank registered profits of SAR 7.47 billion, posting a 4.7% annual fall, while Riyad Bank saw a 14.6% yearly decrease in net profits to SAR 3.84 billion.

On the other hand, five listed companies moved to more than a billion loss during the period from January to September of 2020.

Saudi British Bank (SABB) incurred the highest losses of SAR 4.8 billion during the nine-month period, against a net profit of SAR 2.1 billion in the corresponding period a year earlier.

Moreover, Rabigh Refining and Petrochemical Company (Petro Rabigh) came next with a net loss of SAR 3.8 billion, while Saudi Basic Industries Corporation (SABIC) suffered SAR 2.18 billion worth of losses.

Meanwhile, Kingdom Holding Company and Saudi Electricity Company (SEC) reported losses of SAR 1.37 billion and SAR 1.1 billion, respectively.