Energy Sector Tops Saudi Corporate Earnings Despite Decline, Banking and Telecom Growth Strong
-
Energy sector reported highest Q3 net income at SR122.82 billion, though down 21% due to lower oil prices and reduced output.
-
Banking sector had second highest net income at SR17.65 billion, up 8.3% versus last year.
-
Telecom sector saw 43% jump in net income to SR5.75 billion, driven by growth at STC and Zain KSA.
-
Transportation sector net income surged 169% to SR223 million, boosted by public transport and logistics firms.
-
Healthcare equipment and services grew 38% in net income to SR966 million, aided by expansion of private providers.