TASI’s 28 Listed Firms Profits Hit as much as SR63.6bln

Profits of as many as 28 companies listed on the Saudi stock exchange Tadawul jumped to SR63.6 billion, by the end of the Year 2021, an increase of 138.5% over the profits of the same companies, in the Year 2020, which was at SR26.7 billion.

On the other hand, the profits of these 28 companies, announcing their financial results, experienced a rise to SR16.1 billion, at the end of the 4th quarter of the Year 2021, at a rate of 79.1% over their profits in the same quarter of the Year 2020, which was about SR9 billion.

14 of the 28 companies achieved an increase in their profits, compared to the 4th quarter of 2020, led by SABIC Agricultural Nutrients company, whose profits jumped to SR2.8 billion, or 1083% of the profits of the 4th quarter of the Year 2020, which amounted to SR233.6 billion, according to the quarterly results.

The reason for the increase in net profit during that quarter compared to the same quarter of the previous year, was due to the increase in the average selling prices of the company’s products, although the impact of this rise was limited by an increase in general and administrative expenses, and an increase in the provision for zakat.

On the other hand, the profits of 10 companies, led by Qassim Cement company, decreased by 70.1%, achieving SR33.8 million, by the end of the 4th quarter of 2021, after recording SR113.1 million in the same quarter of 2020.

On the other hand, Bank Al-Jazira, Fitness Time and Chemanol companies succeeded in converting their losses in the 4th quarter of 2020 into profits by the end of the 4th quarter of the Year 2021, while Savola company turned to recording losses compared to profits achieved, in the same quarter of the year 2020.