Special Report - (Namazone):
The financial statements of 50 Saudi companies that announced their results for the first quarter of 2020, by the end of last week, revealed several surprises, at the level of some major companies.
>A statistic for the Namazon website, based on company disclosures, showed that the results of the companies announced were negative, after a number of companies announced significant losses for the first quarter.
>The regulatory deadline for companies listed in the Saudi market began to disclose the results of the first quarter of 2020, with the beginning of last April, and will continue until June 22 next.
top ten
The Saudi Telecom Company topped the companies with the highest profits, with a net profit of 2.9 billion riyals, compared to 2.75 billion riyals for the first quarter of 2019, an increase of 5.93%.The company explained that the increase in net profits is mainly due to the increase in revenues, in addition to recording gains resulting from the sale of the direct stake in Karim.
The National Shipping Company ranked second in terms of profits, at the level of announced companies, after jumping with its net profit 133.8% to 419 million riyals, compared to 179.3 million Real for the comparison period. Al-Bahri attributed the increase in net profits to the higher returns from the crude oil transport sector, due to the increase in transportation prices, in addition to the decrease in financing expenses and the recording of profits from investments in associate companies. p>Almarai came in third place, with net profit of about 383 million riyals for the first quarter of 2020, compared to 336 million riyals for the same quarter of 2019, an increase of about 14%. < / p>
The company mentioned several factors for the growth of net profits, which included increasing revenues in the milk sector, and the food and poultry sectors, in all countries except the Sultanate of Oman, in addition to the decrease in other expenses.
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losing companies
On the other hand, 10 companies within the declared companies recorded net losses for the first quarter of 2020, led by SABIC, Saudi Electricity and Petro Rabigh.
The highest losses were for the Saudi Electricity Company, which raised its net losses to about 2.4 billion riyals in the first quarter of this year, compared to a net loss of 1.5 billion riyals for the same period of the year The past.The company attributed the increase in net losses to the increase in the expense ...
