Saudi-listed companies’ total profits tumble by 17%

Saudi-listed companies’ total profits tumble by 17%

The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found. The drop has been attributed to the country’s economic contraction as oil production cuts continue.  But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting […]

$33.8bn total in Q4 2023

Some non-oil sectors improve

Banks and insurance lead way

The total profits of Saudi-listed companies fell 17 percent year on year to SAR126.8 billion ($33.8 billion) in the fourth quarter of 2023, research has found.

The drop has been attributed to the country’s economic contraction as oil production cuts continue. 

But sectors such as banks, insurance, transport and pharmaceuticals showed improvement in Q4, reflecting the growing importance of non-oil activity. The Saudi government says that in 2023, the non-oil economy accounted for 50 percent of real GDP for the first time. 

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Banking – the second-largest sector, accounting for 14 percent of the total profits – rose 8 percent in the fourth quarter of 2023 to SAR17 billion. This was boosted by rising interest rates – which have surged to two-decade highs from near zero about two