Category
🗞
NewsTranscript
00:00 With the completion of Saudi companies for the third quarter of this year,
00:07 but it seems that under pressure from energy and petrochemicals,
00:11 there is a decline in the total profits for Saudi companies in the third quarter of this year.
00:17 Let's focus on the details of these results first.
00:21 We have the total profits, if we talk about it,
00:24 except for Aramco's results, we will find that it is 12% decline,
00:30 to record during this quarter of the third quarter of this year
00:34 about 33.3 billion Riyals during this period.
00:40 Here we compare annually, compared to the same period from the previous year.
00:45 Therefore, we notice that the total profits, if we add them with Aramco's results,
00:50 we find that it is 19% decline, to about 157 billion Riyals during this period.
00:59 The results of the companies' business in the third quarter,
01:02 the third quarter has a special feature in the results of the companies' business,
01:05 which clarifies the vision for the performance of companies in general,
01:09 in light of the givings, if it is on the level of the domestic market and also the foreign demand.
01:14 Therefore, we noticed the extent of the impact of the global economy,
01:18 and also the fear of the disruption of demand and the decline of demand,
01:21 in light of the decline of the global economy.
01:24 This is what affected the energy and petrochemical sectors.
01:27 If we talk here about the distribution of profits according to the sector,
01:31 we find that the energy sector accounts for 78% of these profits,
01:36 which is the largest share, the banks about 12%.
01:39 We also noticed positive results for a number of banks,
01:42 as a result of this, in light of the increase we have seen in the interest rates,
01:46 and this also supported the interest rate for banks,
01:49 also for telecommunications, about 4%, and public services, 3%.
01:54 We also talk about the companies and their impact,
01:57 which have acquired the largest share of these profits.
02:00 We find, first of all, about the reasons for the decline we have seen in the collective profits.
02:06 As we have mentioned, Saudi Arabia has decided to voluntarily reduce its oil production,
02:12 which it started in June, according to the agreement with OPEC+
02:16 regarding the production of oil in order to achieve stability in the markets.
02:20 This reduction was also extended to the end of 2023,
02:25 and therefore, the collective profits of the energy sector were about 21%.
02:31 The decline in global demand, and here we are talking about the collective losses
02:36 of oil and chemical companies, the decline and the global demand
02:40 had an impact on the results of the companies' work,
02:43 and what we have seen also in relation to the prices of the products and the quantity sold.
02:48 As for the Saudi companies, which were higher in profit,
02:52 we find here, to summarize the results,
02:54 at first, there were 42 companies that recorded losses during this period,
02:59 but the decline in profits was 52%,
03:02 and the profits were higher for about 111 companies.
03:07 Aramco, despite the decline in profits, which was 21%,
03:10 came better than expected,
03:13 and therefore, its profits were recorded at 123.5 billion Riyals.
03:18 Also, the People's Bank, and as we have mentioned, the banking sector,
03:22 which was able to achieve positive results,
03:24 with 6% of the profits of the telecommunications sector.
03:26 As for the STC, we have noticed a 38% increase in profits,
03:30 and the EGP was a 5% decline in profits.
03:33 As for the Saudi Electricity,
03:35 the decline was 12% in terms of the results of its work.
03:40 If we talk about the Saudi market in general,
03:42 we will notice that there were clear and positive movements
03:45 for the Saudi market indicator,
03:47 at about 3% since the beginning of this year.
03:51 The market in general, also, has seen during this year
03:54 a big decline, especially since the Saudi market
03:58 is the Gulf market in the Middle East,
04:00 which has a share of the Assad Bank in terms of public securities.
04:04 The profit rate was 18 times,
04:07 which is a surprising number for the Saudi market.
04:11 As for the market value, we have about 11 trillion Riyals,
04:16 and the profits since the beginning of the year
04:19 are about 1.6 trillion Riyals.
04:22 This was a look at the collective results
04:25 of the Saudi companies during the third quarter.