14.8 Bln Profits for 11 Companies Listed on TASI during 2021, 4Q Jumps 140%

The profits of 11 companies listed on the Saudi stock exchange index (TASI) jumped to SR14.8 billion by the end of the year 2021, a rate of 221.7% over the profits of the same companies in the year 2020 at SR4.6 billion.

On the other hand, the profits of the same companies rose to SR4.6 billion at the end of the fourth quarter of 2021, a 140 percent increase over their profits in the same quarter of 2020 that were SR1.9 billion.

According to the quarterly results, 6 of the 11 companies achieved an increase in their profits, compared to the fourth quarter of 2020, led by the SABIC Agri-Nutrients Company, whose profits jumped to SR2.8 billion, or 1083% of the profits of the fourth quarter of the year 2020, which amounted to SR233.6 billion.

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

While, the profits of 5 companies, led by United Wire Factories Company – ASLAK, decreased by 53%, and achieved SR7.9 million, by the end of the fourth quarter of the year 2021, after recording SR17 million in the same quarter of the year 2020.