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Saudi Firms Announce Q4 2018 Results

Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh. REUTERS/Faisal Al Nasser
Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh. REUTERS/Faisal Al Nasser
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Saudi Firms Announce Q4 2018 Results

Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh. REUTERS/Faisal Al Nasser
Investors talk as they monitor screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh. REUTERS/Faisal Al Nasser

The Tadawul All Share Index ended 0.2 percent higher Monday, closing at 8,402 points – a rise of 19 points amid trading value worth around SAR3.7 billion (USD986.6 million). Also, the market value rose to SAR1.99 trillion (USD530 billion) – a very close value to the record rate during a whole year.

The strong gains of Tadawul All Share Index boost investors’ confidence in the capital market trading and the capability of Saudi listed companies to achieve better profits in 2019.

Saudi firms started announcing fiscal results of Q4 2018, in which 10 listed companies have announced their results so far – these outcomes revealed a profits growth of 30 percent compared to the same period in 2017.

Fiscal results show profits’ growth of 809.5 percent at Safco, 61.7 percent at Aldrees Company, 49.6 percent at Saudi Kayan Petrochemical Company, and 42 percent at National Company for Education & Learning while profits of Almarai dropped 27 percent.

The rest of the Saudi firms are expected to reveal their fiscal results in the coming days, amid expectations that Q4 profits of 2018 would be better compared to the same period in 2017.

The Saudi capital market witnessed in 2018 listing two companies in the main market and one in Nomu - Parallel Market.

Greater listing operations are anticipated n 2019.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.