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Saudi Arabian banknotes
Senior executives in Saudi banks, in addition to United Electronics Co. (eXtra) and Saudi Aramco Oil Co. (Saudi Aramco), received the highest remunerations and salaries during 2022, according to an annual study conducted by Argaam.
In 2022, eXtra, Aramco, and Saudi National Bank (SNB) topped the list of the most generous with their senior executives.
A total of five senior executives at eXtra got SAR 20.5 million, in addition to a SAR 115.6 million bonus shares. Aramco followed at SAR 99.4 million, while a total of six senior executives at SNB got SAR 65.7 million.
Telecom major stc witnessed a rise in remunerations and salaries of senior executives to SAR 57.9 million in 2022 from SAR 47.1 million in 2021, ranking fourth place from the seventh a year ago.
The list also recorded significant year-on-year (YoY) rises in remunerations and salaries of some other companies over the past year, namely eXtra, Alinma Bank, Saudi Research and Media Group (SRMG), Saudi Arabian Mining Co. (Maaden), Saudi Basic Industries Corp. (SABIC), Al-Dawaa Medical Services Co. (DMSCO), Banque Saudi Fransi (BSF), stc, Etihad Etisalat Co. (Mobily), Al Rajhi Bank, Aramco, and Bank Albilad.
On the other hand, some companies witnessed varying YoY declines, including ACWA Power, BinDawood Holding Co., Saudi British Bank (SABB), National Shipping Company of Saudi Arabia (Bahri) and Arabian Centres Co. (Cenomi Centers), as shown in the following table:
|
Top-Paid Executives in 2022 (SAR mln) |
|||||
|
Company |
Senior Executives’ Remunerations & Salaries |
Company Profits |
2021’s Notes |
||
|
2020 |
2021 |
2022 |
2022 |
||
|
eXtra |
19.7 |
21.6 |
20.5 + bonus shares |
440.2 |
5 senior executives Included SAR 115.6 mln worth of bonus shares |
|
Aramco |
92.6 |
89.3 |
99.4 |
597215.0 |
5 senior executives
|
|
SNB |
54.8 |
60.3 |
65.7 |
18580.7 |
6 senior executives
|
|
stc |
45.8 |
47.1 |
57.9 |
12170.5 |
5 senior executives |
|
Kingdom Holding |
26.0 |
57.6 |
57.3 |
6957.9 |
5 senior executives |
|
ANB |
51.9 |
47.6 |
53.0 |
3070.4 |
6 senior executives |
|
Bank Albilad |
40.2 |
41.8 |
50.9 |
2081.7 |
7 senior executives |
|
Al Rajhi Bank |
25.5 |
41.4 |
50.2 |
17150.8 |
5 senior executives |
|
SABIC |
39.5 |
32.7 |
48.2 |
16529.7 |
5 senior executives Included a SAR 22.23 mln variable remuneration and long- and short-term incentive plans for 2021 |
|
BSF |
34.7 |
36.2 |
47.3 |
3575.1 |
5 senior executives Excluding SAR 94.69 million in remunerations of senior executives whose appointment requires SAMA’s approval |
|
Riyad Bank |
37.0 |
37.6 |
45.9 |
7019.3 |
6 senior executives |
|
Alinma Bank |
37.2 |
20.8 |
45.7 |
3599.1 |
6 senior executives |
|
Bupa Arabia |
32.6 |
44.5 |
45.4 |
862.6 |
5 senior executives |
|
Maaden |
21.7 |
23.8 |
41.0 |
9319.0 |
5 senior executives |
|
Sulaiman Al Habib |
31.1 |
29.9 |
39.9 |
1650.7 |
5 senior executives |
|
Jarir |
34.4 |
36.6 |
37.9 |
969.8 |
5 senior executives |
|
SAIB |
38.6 |
36.1 |
37.8 |
1507.9 |
-- |
|
Mobily |
21.0 |
26.1 |
37.4 |
1656.9 |
5 senior executives |
|
Savola |
31.0 |
33.5 |
35.9 |
742.8 |
5 senior executives |
|
SEC |
17.4 |
29.6 |
33.6 |
7473.8 |
5 senior executives |
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