The Clap
Saudi Aramco (2222) was the most profitable company in the market, with a value of SAR 24.6 billion during Q2 2022.
The Deets
STC was the second most profitable company, with profits of SAR 2.72 billion. Al Rajhi Bank ranked third, with earnings of SAR 2.44 billion. The companies that followed were SNB Al Ahli, which recorded gains of SAR 2.09 billion, and Riyad Bank with SAR 1.06 billion.
Profits Decline
The profits of Saudi companies listed on Tadawul declined by 76.7% in Q2 2022, which amounted to about SAR 26.2 billion riyals, compared to approximately SAR 112.5 billion YoY.
Reasons for Decline
Companies have suffered from the repercussions of COVID-19, as the economic slowdown caused a decline in their revenues.
Their net profits were also affected by the results of the banking sector, which declined significantly, in addition to the large losses of SABB Bank.
Top 5 profitable companies in 2022 💰
