Saudi registered companies net income surges 32 percent as energy, banking industries grows
(MENAFN) Energy companies and banks managed to push fuel to a 32 percent surge on a yearly basis in total incomes for registered firms in Saudi Arabia in the July-September period of this year, as mentioned by a report issued by Kamco Invest.
The analysis pointed out that net profits reached USD51.9 billion in the third quarter— surging from USD39.3 billion in the same time span of last year.
The report, on the other hand, pointed out that the overall income of Saudi Arabian companies in the third quarter reported a decrease of USD7.4 billion in comparison with the second quarter of 2022, where the overall net income reached USD59.3 billion.
Between the Gulf Cooperation Council region, registered companies saw a decrease of 8 percent in a quarterly basis hitting USD76.9 billion, because of the drop in the gains for energy and material firms.
“In terms of regions, only UAE-listed companies showed higher profits during the quarter, whereas aggregates for the rest of the GCC countries showed a quarter-on-quarter decline during the third quarter of 2022,” as mentioned in a report by Kamco.
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