Saudi listed firms’ net profit soars 32% as energy, banking sectors shine

Saudi listed firms’ net profit soars 32% as energy, banking sectors shine

RIYADH: Energy firms and banks helped fuel a 32 percent year-on-year rise in aggregate profits for listed companies in Saudi Arabia in the third quarter of 2022, according to a report released by Kamco Invest. The analysis noted that net profits hit $51.9 billion in the three months to the end of September — up from $39.3 billion in the same period of 2021. The report, however, noted that the aggregate profit of Saudi Arabian firms in the third quarter reported a decline of $7.4 billion compared to the previous quarter this year, where the total net profit stood at $59.3 billion. Across the Gulf Cooperation Council region, listed firms witnessed a quarter-on-quarter decline of 8 percent at $76.9 billion, due to the fall in the earnings for energy and material companies. “In terms of regions, only UAE-listed companies showed higher profits during the quarter, whereas aggregates for the rest of the GCC countries showed a quarter-on-quarter decline during the third quarter of 2022,” wrote Kamco in the report. Companies operating in the Kingdom’s energy sector witnessed the maximum profit during the third quarter at $41.2 billion, driven by crude oil prices and volumes sold. The report further noted that