(MENAFN) According to a report published by Kamco Invest, banks and energy companies contributed to a 32 percent increase year over year in total profits for listed companies in Saudi Arabia in the third quarter of this year.
Based on the analysis, net profits increased from USD39.3 billion in the same period of last year to USD51.9 billion in the three months leading up to the end of September.
Nevertheless, the report pointed out that the total net profit for Saudi Arabian businesses fell by USD7.4 billion in the third quarter in comparison to the same period last year, when it was USD59.3 billion.
Due to the decline in energy and material company earnings, listed firms in the Gulf Cooperation Council region saw a quarter over quarter decline of 8 percent, totaling USD76.9 billion.
Kamco authored the report, “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.”
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