Energy Sector Tops Q3 Profitability Despite 21% Decline; Banking and Telecom Also See Gains
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The energy sector reported the highest net income in Q3 2023 at SR122.82 billion, though it declined 21% due to lower oil prices and reduced output.
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Banking was the second most profitable sector with SR17.65 billion net income, up 8.3% from last year.
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Telecom services saw a 43% jump in net income to SR5.75 billion, largely thanks to Saudi Telecom Co.'s 38% growth.
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Transportation had the highest growth rate at 169%, reaching SR223 million net income, boosted by public transport and logistics firms.
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Healthcare equipment and services grew 38% to SR966 million net income, with Dr. Sulaiman Al Habib Medical Services Group being the top performer.