‎Profits of Saudi-listed companies exc. Aramco dip to SAR 33.87 bln in Q2

‎Profits of Saudi-listed companies exc. Aramco dip to SAR 33.87 bln in Q2

Tadawul-listed companies reported a SAR 142.75 billion aggregate net profit for the second quarter of 2023, a drop of 36% from SAR 221.81 billion in the year-ago period, hurt by an over 37% decline in Saudi Aramco’s earnings and the weak performance of the petrochemical sector.

Excluding Saudi Aramco Oil Co. (Saudi Aramco), Q2 2023 aggregate net earnings declined 29% to SAR 33.87 billion, due to a fall in the earnings of petrochemical companies, led by Saudi Basic Industries Corp. (SABIC) whose earnings tumbled 85% year-on-year (YoY). Saudi Arabian Mining Co. (Maaden) posted a 91% slump in the second-quarter earnings.