Riyadh – Mohammed Jamos

Companies listed on the Saudi stock market reported second-quarter profits of 230.4 billion riyals during the period, compared to approximately 135.8 billion riyals in the same period last year, an increase of 94.6 billion riyals (an increase of 70%), according to economic reports.

The ten largest companies on the Saudi stock market posted profits of 216.8 billion riyals during the second quarter, representing approximately 94.11% of total corporate profits on the main market.

This growth was primarily driven by rising profits in the energy sector, thanks to Saudi Aramco, as well as the banking sector, which recorded record profits, and growth in the basic materials sector, supported by petrochemical companies.

The real estate management and development sector, however, topped the list of companies whose profits declined during the second quarter of 2022; with profits falling to 50 million riyals compared to approximately 400 million during the same period last year.

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Basic Materials Sector

Profits: Approximately 18.2 billion riyals.

Growth: 25.41% year-over-year.

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Banks

Profits: 15.1 billion riyals.

Growth: 34.11% YoY.

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Telecommunications

Profit: 3.3 billion riyals.

Growth: 7.61% YoY.

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Food Production and Retail

Profit: 1.444 billion riyals.

Growth: 22%.

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Aramco Leads Corporate Profits

Profits: 181.6 billion riyals

Growth: 90.31%

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Real Estate Management and Development Sector Profits

Second-quarter 2022 earnings of approximately 50 million riyals.

Second-quarter 2021 earnings of approximately 400 million riyals.