Saudi Market: 22 listed companies reported SR10bln profits in 1Q

22 listed companies on Tadawul reported profit surge of 227.2% to SR 9.96 billion in the first quarter of the current year compared to SR 3.04 billion during the same period of the last year.

According to the quarterly financial statements, thirteen companies of the 22 ones reported profit rise in the 1Q led by Kingdom Holding whose profits soared 6407% to SR 5.9 billion from SR 91.1 million in the same period of 2021.

Meanwhile, 6 other companies reported profit decline in the first quarter of 2022 led by Tanmiyah which recorded a decrease of its profits by 91.8% to SR 1.5 million compared to SR 18.8 million a year ago.

On the other hand, Leejam Sports, Maccah For Construction & Urbanization and FIBCO managed to turn their losses into profits by the end of the first quarter of 2022.