special report


Saudi Basic Industries Corporation (SABIC) always comes in the forefront of major companies in terms of the highest profits over the various periods.

SABIC, or what they call the Saudi petrochemical giant, announces net profits that may exceed, sometimes the profits of whole sector companies such as the insurance sector in the Saudi market, which includes 33 companies. p>

SABIC's earnings sometimes outweigh the combined profits of all listed companies in some small markets in the region.

The company announced a net profit of 3.24 billion riyals in the fourth quarter of 2018, compared to about 3.7 billion riyals for the same period in 2017, a decline of about 12%.

The company's profits rose to 21.54 billion riyals in 2018, compared to 18.43 billion riyals in 2017, an increase of about 17%.

The company said that the decrease in net profits in the fourth quarter of 2018 is due to the decrease in average selling prices of products and a decrease in the company's share in the results of associate companies.

Despite the decline in the company's net profits in the fourth quarter, it remained at the top of the list of the largest company in the Saudi market in terms of the highest profits, whether at the level of annual or quarterly profits.

SABIC accounts for 28% of adult profits

SABIC alone accounted for about 28% of the profits of the top 10 Saudi companies in 2018

Saudi Telecom Company ranked second in terms of the highest profits, after the company announced that its net profit rose 7.7% in 2018 to 10.8 billion riyals.

Telecom profits increased by about 22% in the fourth quarter of 2018 to reach 3.12 billion riyals.

The profit growth came as a result of increased revenue and lower cost, as a result of the reversal of the amount of 579 million riyals related to the mechanism of calculating the financial consideration for providing services commercially.

Commenting on the results, CEO of Saudi Telecom Group Nasser Al-Nasser said that the company is working on expanding the volume of business and providing a diversified portfolio of services.

The National Commercial Bank increased net profits by about 9% in 2018, to reach profits of 10.7 billion riyals, which came third in terms of the highest profits. Al-Rajhi Bank was in the leading positions among adults, after the largest net profit recorded 10.3 billion riyals, in 2018, an increase of 13%.

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