Special Report - (Namazone):

The results of Saudi companies in 2019 and the fourth quarter revealed several surprises by some major companies, which announced results contrary to the expectations of analysts.

The annual announcement of the companies listed in the Saudi market began at the beginning of January 2020, and continued for 3 months, ending at the end of last March.

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165 companies announced their financial results for the year 2019, during the statutory deadline of a total of 172 companies, their fiscal year ends at the end of December of the Gregorian year.

<7 style = "direction: rtl; text-align: right;"> 7 companies failed to publish their financial results within the deadline, either because of the auditors' delay in auditing the financial statements, or because the results of earlier periods were not announced.

A statistic prepared by Namazon revealed that the combined profits of Saudi companies declined by 19% in 2019 to 106 billion riyals, compared to 503.8 billion riyals in 2018. p>

The total net profit for these companies fell in the fourth quarter of 2019 to 85.8 billion riyals, compared to about 108 billion riyals during the fourth quarter of 2018, with profits falling 20.5%. < / p>

112 companies reported net profits during 2019, and the winning companies during the fourth quarter of the same year were limited to 102 companies.

<60 style = "direction: rtl; text-align: right;"> 60 profitable companies recorded net profit growth in 2019 compared to the previous year, compared to 35 companies that posted net profit decline.

At the level of the results of the fourth quarter of 2019, the profits of 49 companies increased compared to the same period of the previous year, compared to the decline in net profits of 26 companies.

newcomer

The Saudi oil giant, Aramco, dominated the list of adults in terms of the highest profits, during 2019 and the fourth quarter, in its first year after the listing.

Saudi Aramco announced a net profit of 330.7 billion riyals, representing about 81% of the total Saudi companies announcing their financial results for the year 2019.

Aramco's profits amounted to about 75 million riyals during the fourth quarter of 2019, amounting to about 87% of the consolidated profits of the companies for the fourth quarter.

He was the second highest in terms of the highest profits for the National Commercial Bank, which announced a net profit of 11.4 billion riyals during 2019, compared to 9.6 billion riyals for the previous year, an increase of 19%.