Complex Made Simple

Saudi energy sector sales rise to SAR13.6 billion in 3 months

Net profit for sector’s companies amounted to SAR2.953bn, up by 9 per cent from same period last year

The sales of the energy sector companies listed on the Saudi stock market rose by ten per cent or SAR1.24 billion during the third quarter of 2015 to SAR13.63bn compared to the previous quarter.

The net profit for the sector’s companies amounted to SAR2.953bn, compared with SAR2.711bn for the same period last year, up by nine per cent or SAR242 million and an increase of 48 per cent compared with SAR1.998bn for the previous quarter, reports London-based Al-Hayat.

The sector’s profits for the first nine months of this year fell by 58 per cent or SAR2.475bn to SAR3.053bn compared with SAR5.528bn in the same period of last year.

The energy and utilities sector consists of two companies – Saudi Electricity Company, which is the largest listed company in terms of capital with SAR41.66bn and which accounted for more than 8.24 per cent of the market, and GASCO, National Gas & Industrialisation Company with a capital of SAR750 million, divided into 75m shares.

The market value of the sector’s two companies amounts to SAR66bn, with a total capital of SAR42.43bn, accounting for 4.1 per cent of the total Saudi market.

(SAR1 = AED0.98, at the time of publishing)