These two sectors account for 75% of profits among Saudi-listed firms

Materials and banking sectors made up around 75 percent of total listed companies’ profits in Saudi Arabia in Q3 2018, Jadwa Investment noted in its latest report on Tuesday.

In addition, both of these sectors showed the largest annual rise in profitability compared to the same period last year, the report which analyzed the listed companies’ results in Q3 added.

However, the majority of losses were incurred in the utilities sector, which saw net income decline by SAR 3.5 billion or 65 percent year-on-year (YoY).

Overall, the Q3 2018 net income of Saudi-listed companies, as reported in their earnings results, were down on both a yearly and quarterly basis, Jadwa Investment report noted.

The listed companies’ net income totaled SAR 31 billion, resulting in a 6 percent decline YoY and 4 percent decline quarter-on-quarter, the report added.