According to a monitoring conducted by Al-Eqtisadiah newspaper, based on companies' data via the Saudi Stock Exchange website, Tadawul, the growth came mainly as a result of the increase in the profits of the energy sector, as well as the return of the materials sector. Basic profits after the significant improvement in the profits of petrochemical companies, in addition to the growth in the profits of the banking sector.
Corporate profits were affected by the economic shutdowns, which were caused by the global pandemic during the second quarter of last year.
On a quarterly basis, corporate profits grew for the fourth consecutive quarter, recording an increase of 21.5%, compared to the first quarter of this year, in a scene that reflects the end of the impact of Covid -19 on corporate profits.
The report includes the profits of companies announced until the end of August 22, with the exception of companies whose fiscal year varies, as well as real estate traded funds, or that were unable to announce during the period, In addition, the profits of the insurance sector are profits before zakat.
The Big 10
Saudi Aramco topped the ten largest companies in terms of profitability in the market during the second quarter of this year, with a value of 95.5 billion riyals, accounting for 71.2% of the combined market profits.
While SABIC came second with 7.6 billion riyals (5.7% of the total market profits), and thirdly, Saudi Electricity, with profits of 5.8 billion riyals, representing 4.3% of the total market profits. Market profits, then Al Rajhi Bank with 3.6 billion riyals, accounting for 2.7%.
The Saudi Telecom Company, STC, came in fifth, with profits of 2.8 billion riyals (2.1% of the total market profits), and then the National Bank of Saudi Arabia, with profits of 2.1 billion riyals.
Riyadh Bank came in seventh place, with profits of 1.51 billion riyals, then Ma'aden Company with profits of 1.1 billion riyals, then the Saudi British Bank, with profits of 919 million riyals, while SABIC came in Agricultural nutrients ranked tenth, with profits of 836 million riyals.
