26 listed Saudi companies turning to profit as pandemic eases

26 listed Saudi companies turning to profit as pandemic eases

CAIRO/RIYADH: The earning season for the third quarter is over with SABIC and Petrochem leading some 26 enlisted companies in the Saudi Stock Exchange (Tadawul) that rebounded from a nine-month 2020 net loss to profit this year, according to data compiled by Arab News from Tadawul. The findings give indications of a positive recovery from the pandemic’s adverse effects on the economy last year. While SABIC boosted its profits to be the highest this year in terms of value, Petrochem was leading when it comes to the rise in percentage. The National Petrochemical Company (Petrochem) recorded the most significant change in profit, growing by a staggering 5,400 percent to reach a profit of SR1.2 billion ($320 billion) for the nine-month period ending on 30 September 2021. This was driven by higher product prices and drops in the Zakat provision. var width=document.documentElement.clientWidth;if(width>=320&&width<728){}; googletag.cmd.push(function(){try{var d=document.documentElement.clientWidth;var a;var c="/21857811890/en.zcom/";var b;if(d>=320&&d<728){a=[300,250];b=["mobile_mr_story"]}else{a=[300,250];b=["MR_Story"]}var h="MR_Story";var g=googletag.defineSlot("/21857811890/en.zcom/",a,"div-gpt-ad-MR_Story").setTargeting("type",b).addService(googletag.pubads());gptAdSlots.push(g);if(h!="MR_Story"){googletag.pubads().collapseEmptyDivs(true,true)}googletag.pubads().enableSingleRequest();googletag.enableServices();if((h=="PSB_Left")||(h=="mobile_psb_left")||(h=="PSB_Top")||(h=="mobile_psb_top")||(h=="PSB_Bottom")||(h=="mobile_psb_bottom")||(h=="PSB_Middle")||(h=="mobile_psb_middle")||(h=="leaderboard_home")||(h=="leaderboard_bottom_home")||(h=="mobile_leaderboard_home")||(h=="mobile_leaderboard_bottom_home")){setInterval(function(){googletag.pubads().refresh([g])},240000)}}catch(f){console.log("Error loading Ad banner "+h)}}); try{googletag.cmd.push(function(){googletag.display("div-gpt-ad-MR_Story")})}catch(e){console.log("Error displaying Ad banner "+bannerName)}; It was followed by Takween Advanced Industries which earned SR50.4 million ($13.4 billion) for 9M 2021, leaping by over 2,000 percent compared to the same period last year. The shift to profits was attributed to increases in revenues and a decline in general