‎Aggregate profit of Saudi-listed companies, exc. Aramco, reaches SAR 28.13 bln in Q4 2022

‎Aggregate profit of Saudi-listed companies, exc. Aramco, reaches SAR 28.13 bln in Q4 2022

Tadawul-listed companies reported a SAR 153.47 billion aggregate net profit for the fourth quarter of 2022, a rise of 3% from SAR 148.65 billion in the year-ago period.

Excluding Saudi Aramco, Q4 2022 aggregate net earnings declined 12% to SAR 28.13 billion, compared with SAR 32.01 billion a year before, due to the fall in earnings of petrochemical companies, led by SABIC whose earnings dropped 94% year-on-year (YoY). Meanwhile, 59 companies operating in different sectors incurred losses, led by Petro Rabigh whose losses reached SAR 1.8 billion in Q4 2022. Saudi Kayan and Emaar EC reported losses of SAR 791 million and SAR 530 million, respectively.

On the other hand, a total of 133 companies reported earnings in Q4 2022, of which 22 firms turned profitable, 75 logged profit growth, while 36 recorded a profit drop when compared to Q4 2021. Meanwhile, 59 companies incurred losses in Q4 2022, of which 32 swung to losses, 13 deepened losses, while 14 trimmed their losses compared to Q4 2021.

The aggregate profit growth in the fourth quarter was driven by improved performance of the energy, banks and telecommunication services sectors, as well as the utilities sector that turned to profit in Q4 2022.

*Excluding Electrical Industries,