Revenues of Top 100 Saudi Companies hit SR679bn in 2013

Updated 10 July 2014
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Revenues of Top 100 Saudi Companies hit SR679bn in 2013

Revenues of Top 100 Saudi Companies registered a marginal growth of 0.51 percent to SR679.41 billion by the end of 2013 compared to SR676.96 billion in 2012, according to a financial report.
Revenues of top 10 companies represented 64.4 percent of the 100’s total revenues at SR437.1 billion, the report filed and analyzed by Al-Eqtisadiah daily said.
The petrochemical sector was the biggest contributor to the overall revenues at 45.4 percent at the value of SR308.4 billion, followed by the telecom and IT sector at 11.6 percent (SR78.5 billion), banking and financial services at 11.3 percent (SR76.9 billion), agriculture and food industries at 6.8 percent (SR45.9 billion), energy and utility services at 5.6 percent (SR37.9 billion), construction and building at 4 percent (SR27.2 billion), the retail at 3.6 percent (SR24.2 billion), the report said.
Meanwhile, real estate development, transport and media and publication sectors were the least contributors to the total revenues at 0.9 percent, 0.6 percent and 0.4 percent at values reaching SR5.9 billion, SR3.9 billion and SR2.9 billion, respectively, the report said.
On the other hand, the share of Saudi Basic Industries Corporation (SABIC) to the revenues of top 10 companies was the highest at 43.6 percent valued at SR190.3 billion while its share to the 100’s top stood at 28.1 percent, according to the report.
Share of other companies to the revenues of the top 10 varied as follows: Rabigh Refining and Petrochemical Company (PetroRabigh) at 11.8 percent (SR51.6 billion), Saudi Telecom Company (STC) at 10.4 percent (SR46.6 billion), Saudi Electricity Company (SEC) at 8 percent (SR36.1 billion), Savola Group at 6 percent (SR26.4 billion), Etihad Etisalat Company (Mobily) at 5.8 percent (SR25.4 billion), Tasnee at 4.2 percent (SR18.3 billion), the National Commercial Bank (NCB) at 3.8 percent (SR16.6 billion), Al-Rajhi Bank at 3.3 percent (SR14.6 billion), and Almarai at 2.6 percent (SR11.2 billion), the report said.


Oil edges up on Saudi output cut and Iran sanctions

Updated 27 min 5 sec ago
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Oil edges up on Saudi output cut and Iran sanctions

  • The cut comes amid expected export declines from Iran once the US re-imposes sanctions on Tehran
  • The OPEC report said it expected world oil demand to grow by 1.43 million bpd in 2019, down from 1.64 million bpd in 2018

SINGAPORE: Oil prices inched up on Tuesday after a report from OPEC confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply, although concerns over a slowdown in economic growth kept a lid on markets.
Front-month Brent crude oil futures were at $72.85 per barrel at 0658 GMT, up 25 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.4 percent, at $67.45 per barrel.
In July, Saudi Arabia told the producer group of the Organization of the Petroleum Exporting Countries (OPEC) that it had curbed production by 200,000 barrels per day (bpd) to 10.288 million bpd.
The cut comes amid expected export declines from Iran once the US re-imposes sanctions on Tehran’s petroleum industry from November.
OPEC’s monthly report published on Monday, which uses data from secondary sources, confirmed the Saudi cut, which traders said triggered crude’s upward move early on Tuesday.
That came despite the Saudi move coming in anticipation of a slowdown in oil demand.
The OPEC report said it expected world oil demand to grow by 1.43 million bpd in 2019, down from 1.64 million bpd in 2018.
OPEC said the demand slowdown would come on the back of potentially lower economic growth as a result of trade disputes between the United States and China as well as emerging market turmoil.
China’s economy is showing further signs of cooling as the US prepares to impose even tougher trade tariffs, with investment in the first seven months of the year slowing to a record low and retail sales softening, data showed on Tuesday.
“Data from China failed to meet market expectations, which could be another signal that the world economy is slowing down,” said Sukrit Vijayakar.