The Saudi market … 152.3 billion riyals of corporate earnings for the third quarter of 2021

The profits of companies listed on the Saudi stock exchange “Tadawul” doubled in the third quarter of questyear, supported by the continued recovery of the energy and petrochemical sectors, as well as by the broad growth of the banking sector.

Listed companies made profits of 152.3 billion riyals, up from about 65 billion riyals in the same quarter last year, an increase of more than 130 percent, or 87.3 billion riyals, according to the newspaper. Al-Eqtisadiah “.

On a quarterly basis, corporate earnings grew for the fifth consecutive quarter, It recorded growth of approximately 13% compared to the second quarter.

These figures include the earnings of companies announced through the end of November 11, with the exception of companies whose fiscal year varies as well as traded real estate funds, or who were unable to announce in the period, knowing that the insurance industry earnings are profits. before paying the zakat.

Saudi Aramco, the largest oil company in the world, has achieved the highest quarterly profits from its inclusion in the market, supported by the increase in crude oil prices and quantities sold and by the high margins of refining and chemicals. in how much the company made profits of 114.09 billion riyals, up 158% year-on-year.

The numbers were positively influenced by the results of the petrochemical companies, which reached 10.03 billion riyals, compared to a profit of 1.17 billion riyals, which means a profit growth of 759%. in a context of improvement in the average selling prices of products, which clearly benefited from the improvement in economic activity and the increase in oil prices.

As for the banking sector, it recorded a profit growth of over 24% to reach a net profit of 13.25 billion riyals, compared to 10.65 billion riyals for the same period. in how much the decline in provisions has sustained the performance of banks, in addition to the growth of the loan portfolio of over 20%.

As for the performance of the sectors, the profits of nine sectors grow on an annual basis: the sector was the highest in terms of percentage of the commodities sector prime whose profits increased by over 335%, then public utility services by 166% and the high energy sector 160%.

While three sectors have turned to profitability, which are investment and finance, consumer services and commercial and professional services.

Five sectors saw a decline in their profits for the period, while three sectors saw a decline in their consolidated net losses, which are the transportation and materials sector. prime for the long term, as well as the management and development of the real estate sector.

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