The combined net profit of Saudi listed companies plummeted 48% to 11.1bn Saudi riyals ($2.96bn) in the first quarter of 2009 from SR21.4bn a year earlier, according to a recent report. About 72 companies-more than half the number of the total listed firms-have witnessed a decline in their net profit over the period while about 29 companies have reported a net loss, said Argaam Business Info's report. If the results of Saudi Basic Industries Corp, or Sabic-the largest listed company-are excluded, the decline in the first-quarter profit would be only 15% year-on-year, Argaam said. Sabic has reported a net loss of nearly SR974mn in the 2009 first quarter compared with a net profit of SR6.92bn the same period last year. When compared with their financial results for the last quarter of 2008 the Saudi listed companies have achieved a significant improvement, the report said. These companies' combined net profit for the last quarter of 2008 totaled SR7.39bn if the losses of Kingdom Holding Co are excluded, but if the losses are included the companies' combined result would be a loss of SR23.59bn, according to Argaam.
