The aggregate net profit of Tadawul-listed companies jumped 38 percent, or SAR 8.37 billion year-on-year (YoY) to SAR 30.56 billion in Q1 2017, reversing its nine-quarter downward trend, data compiled by Argaam showed.
Adjusting for Saudi Electricity Co.’s (SEC) exceptional earnings of SAR 6.10 billion, the market’s aggregate net profit growth would have been a more modest 10 percent YoY to SAR 24.46 billion in the same period.
|
Quarterly aggregate earnings since 2015 |
||
|
Growth(y/y) |
Aggregate earnings (SAR billion) |
Period |
|
2015 |
||
|
(17%) |
22.44 |
Q1 |
|
(8%) |
30.98 |
Q2 |
|
(14%) |
28.15 |
Q3 |
|
(14%) |
17.13 |
Q4 |
|
2016 |
||
|
(1%) |
22.19 |
Q1 |
|
(11%) |
27.59 |
Q2 |
|
(2%) |
27.54 |
Q3 |
|
(8%) |
15.81 |
Q4 |
|
2017 |
||
|
10% |
*24.46 |
Q1 |
Banks and materials sectors contributed the largest share to the total market profit, accounting for 38 percent and 28 percent, respectively.
Utilities followed, contributing 16 percent to total earnings.
|
Aggregate earnings for the largest sectors-SAR mln |
||||
|
Sector contribution (%) |
Variation |
Q1-2017 |
Q1-2016 |
Sector |
|
38% |
(1%) |
11,645.7 |
11,719.4 |
Banks |
|
28% |
+49% |
8,578.8 |
5,756.3 |
Materials |
|
16% |
+769% |
5,001.0 |
(747.7) |
Utilities |
|
8% |
+13% |
2,387.3 |
2,104.1 |
Telecommunication Services |
|
1% |
(31%) |
434.7 |
632.2 |
Food & Beverages |
|
1% |
+11% |
402.4 |
631.4 |
Insurance |
|
1% |
+76% |
334.6 |
190.6 |
Retailing |
|
1% |
+12% |
317.9 |
284.3 |
Healthcare |
|
1% |
(32%) |
227.6 |
333.8 |
Consumer Services |
|
1% |
(27%) |
210.4 |
289.6 |
Transportation |
|
3% |
(20%) |
1,017.4 |
1,264.3 |
Others |
|
-- |
+38% |
30,557.8 |
22,188.3 |
Total |
Combined earnings of the top 10 companies, in terms of market capitalization, accounted for 75 percent of total profit in Q1-2017.
Seven companies reported top profit growth in the first quarter, led by state-owned utility SEC with a 719 percent YoY surge. Saudi Basic Industries Corp (SABIC) came second with an 80 percent YoY leap.
Riyad Bank and The Saudi British Bank (SABB) were the biggest losers, seeing their earnings down by 11 percent and 9 percent YoY, respectively.
|
Top 10 companies in terms of profits for Q1-17 (SAR mln) |
||||||||
|
Variation (%) |
Q1-2017 |
Q1-2016 |
|
Company |
||||
|
+80% |
5,234.5 |
|
2,909.9 |
SABIC |
||||
|
+719% |
4,936.0 |
|
(798.0) |
Saudi Electricity |
||||
|
+3% |
2,703.0 |
|
2,631.0 |
NCB |
||||
|
+5% |
2,527.0 |
|
2,397.0 |
Saudi Telecom |
||||
|
+10% |
2,221.0 |
2,017.0 |
Al Rajhi Bank |
|||||
|
(2%) |
1,231.4 |
1,260.2 |
Samba |
|||||
|
+2% |
1,104.0 |
1,078.0 |
Banque Saudi Fransi |
|||||
|
(11%) |
1,047.0 |
1,174.0 |
Riyad Bank |
|||||
|
(9%) |
1,036.0 |
1,142.0 |
SABB |
|||||
|
+3% |
768.0 |
749.2 |
ANB |
|||||
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