Energy firms and banks helped fuel a 32 percent year-on-year rise in aggregate profits for listed companies in Saudi Arabia in the third quarter of 2022. Companies operating in the Kingdom’s energy sector witnessed the maximum profit during the third quarter at $41.2 billion, driven by crude oil prices and volumes sold. UAE-listed companies were the only others in the region to record higher profits for the quarter. GCC companies net profits continued to show growth in the third quarter of 2022 and were up by almost a quarter to reach $70.7 billion as compared to $57.2 billion during the same period in the previous year. These reports further establish the strength of GCC states economically and especially in the energy sector.
- Saudi listed firms’ net profit soars 32% as energy, banking sectors shine