By: Elsayed Gamal
Riyadh – Mubasher: The energy companies listed on the Saudi Stock Exchange (Tadawul) registered a 45.6% year-on-year decrease in profits after calculating Zakat and Tax during the full-year 2018.
The sector’s net profits reached SAR 1.25 billion from January to December 2018, down from SAR 2.29 billion a year earlier, Mubasher reported, citing data from the firms’ financial statements on Tadawul.
The large decrease was attributed to a 53% decline in the earnings of Rabigh Refining and Petrochemical (Petro Rabigh) and a 40% drop in the National Shipping Company of Saudi Arabia’s (Bahri) profit.
Tadawul’s energy sector comprises of four companies; namely, Petro Rabigh, Bahri, Aldrees Petroleum and Transport Services Company, and Saudi Arabia Refineries (SARCO).
Profit slump in Q4-18
Profits of Tadawul’s energy sector levelled down 97.9% to SAR 17.78 million from October to December 2018, compared to SAR 867.28 million during Q4-17, according to Mubasher’s statistics.
The fourth-quarter profit decline was ascribed to Petro Rabigh’s losses after incurring SAR 105 in losses in Q4-18, against SAR 641 million in net profits in Q4-17.
Higher revenues
Revenues went up 19.8% to SAR 52.32 billion from January to December 2018, against SAR 43.68 million in the year before.
By 2:14 pm Saudi time, the stocks of SARCO and Bahri rose 0.71% to SAR 42.70, and 0.16% to SAR 30.50, respectively, while the shares of Petro Rabigh and Aldrees Petroleum remained unchanged at SAR 20.30 and SAR 28.40, consecutively.
Translated by: Mohammad Hesham Azab
