NCB leads six companies to account for 74% of third-quarter profits

Riyadh – Mubasher: A total of 72 Saudi companies have announced their third-quarter (Q3) financial results so far out of a total of 174 firms.

Consolidated profits of those 72 firms amounted to SAR 17.8 billion in Q3-20, a decline of 3.7% when compared to SAR 18.5 billion in the same quarter in 2019, according to data collected by Mubasher based on official figures.

A total of 62 companies achieved net profits in Q3-20, with six firms logging more than a billion in profits. On the contrary, 10 companies incurred net losses.

NCB heads the winners

The National Commercial Bank’s (NCB) third-quarter net earnings hit SAR 3.2 billion, up by 23.8% yearly, leading six major companies to account for 74% of announced profits.

Saudi Telecom Company (stc) took the second spot with SAR 2.8 billion in net profits, up by 0.7% on a year-on-year (YoY) basis.

Al Rajhi Bank registered the third place with SAR 2.658 billion worth of profits, down by around 3% YoY, followed by Saudi Basic Industries Corporation (SABIC), which posted 47.3% higher annual earnings at SAR 1.09 billion.

Petro Rabigh leads the losers

Rabigh Refining and Petrochemical Company (Petro Rabigh) came on top of the losing companies after it had swung to quarterly net losses of SAR 610 million, versus net profits of SAR 394 million a year earlier.

Seera Group and Abdulmohsen Alhokair Group for Tourism and Development Company followed with losses of SAR 180 million and SAR 109.32 million, respectively.

Saudi Aramco to disclose financial results this Tuesday 

The Saudi bourse is awaiting the announcement of the third-quarter financial results and dividends of the Saudi Arabian Oil Company (Saudi Aramco) on Tuesday, 3 November 2020.

In the second quarter, the oil giant gained SAR 24.62 billion in net profits, 73.41% less than SAR 92.59 billion in the corresponding quarter a year earlier.

Meanwhile, Aramco announced a cash dividend distribution of SAR 70.32 billion ($18.75 billion) to shareholders for Q2 of the year, equivalent to SAR 0.3518 per share.

Mubasher Contribution Time: 02-Nov-2020 12:38 (GMT)
Mubasher Last Update Time: 02-Nov-2020 12:39 (GMT)