Saudi listed firms' profit up 7pc
Riyadh, January 23, 2014
Saudi Arabia’s listed companies recorded a profit increase of seven per cent to hit SR103 billion ($27.5 billion) last year, as compared to SR96.6 billion in 2012, said a report.
The kingdom’s telecom sector took over 55 per cent of the overall profit growth of these companies, said the Arab News report.
The sector's profits increased 31 per cent to SR14.8 billion in 2013, as compared to SR11.3 billion in 2012, with Saudi Telecom at the forefront of the sector’s profits, it said.
The construction sector in Saudi Arabia was the second major contributor to the overall profit growth at 20 per cent, have realised profits of SR1.2 billion last year, compared to SR144 million in losses in 2012, said the report.
Coming third was the banking sector, contributing to the profits at 18 per cent. Its profits stood at SR29.8 billion last year as compared to 2012, up four per cent.
The petrochemical industry shared 14 percent to the whole profit growth, having grown by three per cent during the year.
The agriculture, energy, industrial investment, and transport sectors contributed to the profit growth of listed companies at eight per cent, seven per cent, seven per cent, and six per cent, respectively, the report said.
Meanwhile, the insurance, real estate development, and media and publishing sectors contributed negatively to the profit growth, having incurred losses during the year.