Tadawul trading screen
Tadawul-listed companies reported SAR 184.71 billion aggregate net profit for the first quarter of 2022, a rise of 73%, or SAR 77.88 billion, from SAR 106.83 billion in the year-ago period, extending their positive performance for the fifth straight quarter.
The first quarter's results include SAR 5.87 billion one-off gains generated by Kingdom Holding from the sale of half of its stake in Four Seasons Holding. Excluding Aramco's results and Kingdom Holding's one-off gains, aggregate profit for Q1 2022 rose by more than 30% to SAR 36.82 billion, from SAR 28.24 billion in Q1 2021
A total of 135 companies reported profit in Q1 2022, of which 13 firms turned profitable, 70 logged profit growth, while 52 recorded a profit drop when compared to Q1 2021. On the other hand, 50 companies incurred losses in Q1 2022, of which 16 swung to losses, 21 deepened losses, while 13 trimmed their losses compared to Q1 2021.
The aggregate profit growth in the first quarter was driven by improved performance of most sectors, mainly energy, materials and banks, which rose by 80%, 52% and 22% YoY, respectively.
Moreover, Saudi Aramco reported a 81% profit jump to SAR 142.01 billion in Q1 2022, compared to SAR 78.59 billion a year earlier, on higher crude oil prices, increase in margins from refinery and marketing segments.
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Saudi Companies’ Aggregate Quarterly Profits since 2020* |
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|
Period |
Aggregate Profits (SAR bln) |
Y-o-Y Change |
Profit excluding Aramco (SAR bln) |
Y-o-Y Change |
|
2020 |
||||
|
Q1 |
75.72 |
(26%) |
12.19 |
(35%) |
|
Q2 |
27.69 |
(75%) |
2.32 |
(87%) |
|
Q3 |
65.39 |
(36%) |
21.11 |
(8%) |
|
Q4 |
71.93 |
(18%) |
20.18 |
+ 55 % |
|
2021 |
||||
|
Q1 |
106.83 |
+ 41 % |
28.24 |
+ 132 % |
|
Q2 |
128.17 |
+ 363 % |
37.27 |
+ 1506 % |
|
Q3 |
145.69 |
+ 123 % |
36.61 |
+ 73 % |
|
Q4 |
147.50 |
+ 105 % |
30.86 |
+ 53 % |
|
2022 |
||||
|
Q1 |
184.71 |
+ 73 % |
42.70** |
+ 51 % |
**Kingdom Holding recorded SAR 5.9 billion one-off gains Excluding them, the company's profit rose 30% YoY to SAR 36.8 million.
On sector level, energy firms accounted for 77% of Saudi companies' aggregate profit in Q1 2022, reporting a 80% profit rise YoY to SAR 142.86 billion in the three-month period. The strong performance was fueled by a 81% rise YoY in Saudi Aramco’s net profit on higher crude prices, sold quantities, and higher profit margins of refinery and marketing segments.
Banks took the second place, with 8% of the market’s aggregate profit. The sector’s profit rose 22% YoY to SAR 14.72 billion in Q1 2022. The sector was mainly driven by the higher earnings of listed banks on higher net special commission income and lower credit loss provisions.
Materials moved down to the third position, contributing 8% to the market’s combined earnings in the three-month period. The sector's combined profit rose 52% YoY to SAR 14.21 billion, thanks to the improved results of petrochemical producers, topped by SABIC and SABIC Agri-Nutrients. Maaden also posted profit rise by SAR 1.41 billion.
SABIC accounted for 53% of the petrochemicals sector’s aggregate profit, with SAR 6.47 billion earnings in Q1 2022, a growth of 33% YoY. This was buoyed by the 40% rise in revenues, on continued improvements in average selling prices and sales volume, coupled with a 64% rise in the company's share in complementary joint ventures’ results and 175% rise in its share in non-complementary joint ventures and sister companies.
The investment & financing sector rose to the fourth position, accounting for 3% of the market's aggregate profit. The sector's profit rose by SAR 5.81 billion in Q1 2022, after Kingdom Holding posted SAR 5.87 billion one-off gains from selling half of its stake in Four Seasons Holding.
Telecommunication services came fifth, representing 2% of the market’s combined earnings in the three-month period. The sector posted 7% profit rise in Q1 2022, backed by the collective increase in profit of its listed companies.
|
Aggregate Net Profit by Sector (SAR bln) |
||||
|
Period |
Q1 2021 |
Q1 2022 |
Change |
Sector’s Contribution |
|
Energy |
79322.5 |
142863.4 |
+80% |
77% |
|
Banks |
12028.1 |
14723.3 |
+22% |
8% |
|
Materials Sector |
9354.5 |
14214.9 |
+52% |
8% |
|
Diversified Financials |
343.3 |
6152.8 |
+1692% |
3% |
|
Telecommunications |
3218.8 |
3434.6 |
+7% |
2% |
|
Healthcare |
669.1 |
798.7 |
+19% |
0.4% |
|
Food & Beverages |
640.1 |
786.9 |
+23% |
0.4% |
|
Food & Staples Retailing |
424.7 |
588.3 |
+39% |
0.3% |
|
Software & Services |
383.4 |
534.5 |
+39% |
0.3% |
|
Retailing |
396.0 |
381.6 |
(4%) |
0.2% |
|
Capital Goods |
185.4 |
190.0 |
+2% |
0.1% |
|
Media |
121.2 |
177.4 |
+46% |
0.1% |
|
Other |
(261.5) |
(138.5) |
+47% |
-- |
|
Total |
106825.6 |
184707.9 |
+73% |
100% |
The Saudi market's top 10 companies in terms of profitability accounted for about 94% of the aggregate profit in Q1 2022. These companies’ profits rose collectively YoY.
|
Top 10 Gainers in Q1 2022 (SAR mln) |
|||
|
Period |
Q1 2021 |
Q1 2022 |
Change |
|
Aramco |
78590.0 |
142012.0 |
+81% |
|
SABIC |
4862.4 |
6474.9 |
+33% |
|
Kingdom Holding |
91.1 |
5925.6 * |
+6407% |
|
Saudi National Bank |
3408.5 |
4501.6 |
+32% |
|
Al Rajhi Bank |
3335.5 |
4133.5 |
+24% |
|
stc |
2952.1 |
3035.1 |
+3% |
|
SABIC Agri-Nutrients |
422.6 |
2512.8 |
+495% |
|
Maaden |
761.2 |
2171.9 |
+185% |
|
Riyad Bank |
1353.6 |
1552.6 |
+15% |
|
Sipchem |
411.5 |
1078.8 |
+162% |
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