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Tadawul trading screen
Tadawul-listed companies reported SAR 135.83 billion aggregate net profit for the first quarter of 2024, a decline of 8% from SAR 147.62 billion in the year-ago period. The results were negatively impacted by the 12% drop in net profit of Saudi Aramco Oil Co. (Saudi Aramco), coupled with the profit decline for Saudi Basic Industries Corp. (SABIC) and Sahara International Petrochemical Co. (Sipchem) and widening of Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) loss.
Excluding Aramco’s results, the Q1 2024 aggregate net earnings rose 8% year-on-year (YoY) to SAR 32.47 billion, backed mainly by the rise in profit of the banks sector, in addition to the higher profit of stc, Maaden, as well as the swinging to profit by Yansab and SIIG.
A total of 172 firms reported earnings in the three-month period, 18 of which swung to profit, while 106 posted profit growth, 47 others reported lower profit YoY and one company saw its three-month profit stabilizing YoY.
Meanwhile, 38 companies operating in different sectors incurred losses in Q1 2024, including 14 that turned to loss-making, mainly Tasnee and Advanced.
Aggregate Net Profit Since 2022* (SAR bln)
Period
Main market (TASI)
Change (%)
TASI ex- Aramco
Change (%)
2022
Q1**
186.27
+74%
44.26
+56%
Q2
222.00
+71%
48.20
+25%
Q3
194.83
+32%
38.76
+2%
Q4
153.32
+3%
27.98
(12%)
2023
Q1
147.55
(21%)
30.08
(33%)
Q2
143.05
(36%)
34.17
(29%)
Q3***
157.33
(19%)
33.79
(13%)
Q4****
126.83
(17%)
23.96
(14%)
2024
Q1
135.83
(8%)
32.47
+8%
*Excluding Ataa Educational and National Company for Learning and Education (NCLE), which have different fiscal years (FYs).
**Including one-off profit amounting to SAR 5.87 billion for Kingdom Holding, which resulted from the sale of half of its stake in Four Seasons Holding Co.
***Including non-cash losses resulting from the deal to sell Hadid, a subsidiary of SABIC, at a value of SAR (2.93) billion.
****SABIC’s provisions included the removal and restructuring of SAR 1.15 billion and the reversal of deferred income tax entries of SAR 1.02 billion, in addition to a one-time fees of Cinomi Retail at SAR 0.77 billion, which is related to the impact of converting the store portfolio.
Sector-wise, the energy sector contributed the largest portion of aggregate net profit in Q1 2024, with about 75.7% after its profit fell by about 12% to reach SAR 102.86 billion, due to the decline in Saudi Aramco’s Q1 profit by 12%, n addition to the losses recorded by Petro Rabigh.
The banks sector took the second position, with 13.7% of the market’s aggregate profit. The sector’s profit rose 8% YoY to SAR 18.65 billion, amid collective growth in bank profits, driven by the rise in net special commission income and lower credit loss provisions.
The telecommunications sector ranked third, accounting for 2.9% of Tadawul’s aggregate profit, with about SAR 4 billion profit, down 16% hurt by the decline in Zain KSA’s profit by more than 94% as the telco’s results in Q1 2023 included one-off gains of SAR 1.14 billion resulting from the sale of 8,069 towers.
The Basic Materials sector ranked fourth, with a profit rise by 7% to SAR 2.81 billion, driven mainly by the increase in profit of Ma’aden, as well as Yansab and SIIG’s swinging to profit, in addition to a 14% rise in profit of the cement sector.
The Food & Staple Retailing sector also contributed 1% to aggregate profit, backed by a 4% rise in profit. The Healthcare sector came in sixth place, posting record profit at SAR 1.08 billion thanks to the semi-collective rise in profit of the sector companies amid their expansions.
Q1 profit of the consumer goods sector more than doubled to above SAR 1 billion, driven by Amiantit that recorded SAR 639 million one-off gains from waiving the ownership of a subsidiary and settlement of due debts.
Aggregate Net Profit by Sector (SAR mln)*
Rank
Current
Rank
YoY
Segment
Q1
2023
Q1
2024
Change
(%)
Sector’s Contribution
1
1
Energy
117299
102864
(12%)
75.7%
2
2
Banks
17238
18646
+8%
13.7%
3
3
Telecommunications
4740**
3990
(16%)
2.9%
4
4
Materials Sector
2466
2853
+16%
2.1%
5
5
Food & Beverages
1339
1405
+5%
1.0%
6
6
Healthcare
931
1084
+16%
0.8%
7
11
Capital Goods
428
1053***
+146%
0.8%
8
8
Insurance
606
911
+50%
0.7%
9
7
Software & Services
696
794
+14%
0.6%
10
9
Food & Staples Retailing
584
625
+7%
0.5%
11
12
Financial services
346
542
+56%
0.4%
12
10
Real Estate Management
547
364
(33%)
0.3%
13
15
Transport
281
364
+29%
0.3%
14
16
Media and Leisure
158
309
+96%
0.2%
15
14
Consumer Services
303
302
(0.1%)
0.2%
16
13
Retailing
324
207
(36%)
0.2%
17
17
Pharmaceuticals
139
148
+7%
0.1%
18
18
Commercial & Professional Services
100
124
+24%
0.1%
19
19
Consumer Durables & Apparel
24
70
+189%
0.1%
20
20
Public Utilities
(927)
(831)
+10%
(0.6%)
Total
147622
135825
(8%)
*Excluding Ataa Educational and National Company for Learning and Education (NCLE), which have different fiscal years (FYs).
**Including one-off gains worth SAR 1.14 bln, which resulted from selling 8,069 towers owned by Zain KSA.
***Amiantit’s results include SAR 639 million one-off gains resulting from waiving the ownership of a subsidiary and settlement of due debts.
The Saudi market’s top 10 profitable companies accounted for about 92% of the aggregate profit in Q1 2024. A total of nine companies posted higher profit YoY, while Saudi Aramco posted lower profit.
Top 10 Gainers in Q1 2024 (SAR mln)
Company
Q1 2023
Q1 2024
Change (%)
Saudi Aramco
117471
103356
(12%)
SNB
5022
5040
+0.4%
Al Rajhi Bank
4145
4405
+6%
stc
3109
3286
+6%
Riyad Bank
2020
2073
+3%
SAB
1765
2043
+16%
Alinma Bank
970
1315
+36%
ANB
1068
1236
+16%
BSF
1076
1150
+7%
Maaden
419
982
+134%
Petro Rabigh recorded the biggest loss of SAR 1.37 billion in Q1 2024, followed by Saudi Electricity, Saudi Kayan and Emaar EC.
Top 10 Losers in Q1 2024 (SAR mln)
Company
Q1 2023
Q1 2024
Change (%)
Petro Rabigh
(964.1)
(1365.0)
(42%)
Saudi Electricity
(1409.4)
(1291.6)
+8%
Saudi Kayan
(673.3)
(571.9)
+15%
Emaar EC
(171.0)
(352.0)
(106%)
Cenomi Retail
(55.9)
(151.7)
(172%)
Tasnee
82.1
(72.1)
—
Advanced
42.7
(58.0)
—
AYYAN
(46.7)
(55.7)
(19%)
SAPTCO
(44.4)
(48.8)
(10%)
JAZADCO
1.8
(40.9)
—
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