In H1 2019, Saudi Arabia corporate earnings registered the highest decline among GCC countries. On an aggregate basis they decreased by 24.3%.
Commodities sector earnings that is the second largest contributor of total earnings after banks in Saudi Arabia was the main contributor in the decline in total earnings. Commodities sector registered a fall in earnings of 61.8% in H1 2019 compared to same period last year. Earnings of banking sector remained muted as it only grew by a meagre 1.3%.
Interestingly, Saudi telecom sector which is the third largest contributing sector in earnings registered a remarkable growth of 25% in H1 2019.
We expect Saudi Arabia's full year earnings to decline by 6.1% in 2019 as lower oil prices and lower oil production drag economic activity in the Kingdom.
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Saudi Arabia Corporate Earnings 'H1 2019
October 23, 2019
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Saudi Arabia Corporate Earnings 'H1 2019
October 23, 2019
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