Riyadh – Saudi listed companies reported a 1.65% year-on-year growth in profits for the full-year 2018.
Net profits of 146 firms out of the total 168 Saudi listed companies amounted to SAR 105 billion ($28 billion) last year, compared to SAR 103.4 billion ($27.57 billion) in 2017, according to statistics conducted by Mubasher.
Saudi Basic Industries Corp (SABIC) topped Saudi firms with net profits of SAR 21.52 billion, representing about 20.5% of the total profits.
Saudi Telecom Company (STC) came in at the second place with net profits of SAR 10.78 billion, followed by the National Commercial Bank (NCB) and Al Rajhi Bank with SAR 10.7 billion and SAR 10.3 billion, respectively.
On the other hand, 49 companies reported SAR 4.2 billion in net losses in 2018, mainly pressured by the SAR 520.4 million net losses recorded by Savola Group, accounting for 12.3% of the total losses.
Saudi Arabian Amiantit and Saudi Ceramic Company ranked the second and third in terms of the largest losses by SAR 230.3 million and SAR 220.6 million, respectively last year.
Highest net profit growth
Total net profits of 48 Saudi companies grew 17.7% to SAR 94.3 billion in 2018 from SAR 80.2 billion a year earlier.
Mobile Telecommunication Company Saudi Arabia (Zain) posted the highest net profit growth with 2666.67% year-on-year to SAR 332 million during the 12-month period ended December 2018, compared to SAR 12 million in 2017.
Meanwhile, net profits of Fitaihi Holding Group and Saudi Arabian Mining grew 1006.98% to SAR 7.8 billion and 158% to SAR 1.84 billion, respectively in 2018.
Largest profit drop
On the other hand, 58 Saudi listed firms reported a 39% profit decline to SAR 14.7 billion last year from SAR 24.25 billion in 2017.
Al Sagr Cooperative Insurance registered the largest net profit retreat after falling by 96.07% year-on-year to SAR 800,000 in 2018.
Net profits of the Saudi Electricity Company (SEC) also plunged 74.6% to SAR 1.76 billion in 2018, compared to SAR 6.9 billion in the prior year.
A total of nine Saudi firms turned to a profit with SAR 326.8 million in 2018, against SAR 801 million in losses in the previous year.
Jabal Omar Development came in at the first place with SAR 195 million in net profits last year, versus SAR 601 million in losses in 2017.