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131 Saudi Companies Achieve $22 Mn Profits in 9 Months

131 Saudi Companies Achieve $22 Mn Profits in 9 Months
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131 Saudi Companies Achieve $22 Mn Profits in 9 Months

131 Saudi Companies Achieve $22 Mn Profits in 9 Months

The financial results of the first nine months of 2018 for 131 Saudi companies, which are listed in the local stock market, were announced on Friday.

The results revealed a profit of SAR82.8 billion ($22 billion), marking a growth of more than 11 percent compared to the same period last year, underlining the strength of the Saudi economy.

More Saudi companies are expected to announce their financial results on Sunday while firms listed on the Saudi stock exchange are expected to achieve profits of more than SAR100 billion ($26.6 billion) in 2018.

In this context, the Saudi Stock Exchange (Tadawul) ended the week on a negative note, as the Tadawul All Share Index (TASI) lost 1.7 percent, and closed at the level of 7,743.39 points, 136 points less.

This came in the wake of natural profit gains after the index rose for three consecutive weeks.

Total traded values fell 19.36 percent to SAR13.85 billion while traded volumes declined by 21.57 percent to 638.35 million shares.

These developments come as Saudi revenues grew during the third quarter of this year by 57 percent compared to the same period last year.

Meanwhile, the total revenues from the beginning of the year to the end of the third quarter amounted to SAR663.1 billion ($176.8 billion), recording a growth of 47 percent compared to the same period last year (the first nine months of 2017).

The Saudi Ministry of Finance published Wednesday on its website the quarterly budget performance report for the third quarter of fiscal year 2018, which emphasizes the government's commitment to transparency and financial disclosure.

Indicators of this report revealed a decrease in the deficit compared to the same period of the previous year, supported by a significant positive growth in oil and non-oil revenues, which emphasizes the effectiveness of economic reforms and fiscal measures aimed at sustaining public finances.

In addition to that, Moody's Investor Service affirmed the Kingdom's “A1” rating with a stable outlook and raised its GDP growth forecasts for the period (2018-2019) to 2.5 percent and 2.7 percent respectively, instead of its previous expectations of 1.3 percent and 1.5 percent for the same period reported in April this year.

These revised numbers from Moody’s even exceed the forecasts of the government announced in the preliminary statement of the 2019 budget announcement on September 30, 2018.

Moody's expects higher oil production to boost the economy and developments in the non-oil sector to contribute to stronger GDP growth.

In its recent review, Moody’s noted that plans to diversify the Kingdom's economy away from oil are likely to contribute to the country's medium and long-term growth.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.