RIYADH: Profits of the companies listed on Saudi stock market (Tadawul) grew by 11 percent to hit SR30 billion in the third quarter of the current year compared to SR27 billion in the same period last year, according to a financial report.

According to the report, prepared by Al-Eqtisadyah daily, the telecom sector was the main driver of the Q3 profits, notably Saudi Telecom Co. (STC), where its share stood at 56 percent of the overall growth in the said quarter. STC’s share alone stood at 47 percent, the report said.

So far, 157 companies, out of 161 listed firms, have announced their quarter results.

The report said consolidated profits of the listed companies rose by 2 percent in the first nine months of the current year to SR 78.2bn compared to SR 76.8bn in the equivalent period of last year.

The share of the industrial investments sector to the overall profits growth stood at 35 percent where its profits grew by 159 percent to SR 1.7bn in Q3-13 compared to SR665 million in Q3-12.

The banking sector’s share stood at 22 percent where its profits soared by 10 percent to SR7.4 billion in Q3-13 compared to SR6.8 billion in Q3-12, the report said.

Meanwhile, the share of retail, construction and transport sectors to the profits growth in Q3 reached 2 percent as the three sectors added SR75 million, SR70 million and SR63 million profits respectively.

The contribution of agriculture and multiple investments sectors stood at 1 percent whereas tourism and hospitality sector’s contribution was less than 1 percent, the report said.

In the meantime, the dwindling profits of a number of business sectors have negatively affected the overall profit growth base in Q3, notably the insurance sector whose profits dropped by 89 percent to only SR42 million in Q3 compared to SR387 million in Q3-12, the reports said. Petrochemical industry sector has its profits dropped by 4 percent to SR9 billion compared to SR9.1 billion in Q3-12, according to the report.

Regarding individual company shares to the total profit growth in Q3, STC topped the list by 47 percent when it added SR1.4 billion to its profits of SR3.4 billion in Q3, followed by Saudi Arabian Mining Co. (Maaden) at 37 percent (+SR 1.1bn), Yanbu National Petrochemical Company (Yansab) at 14 percent (+ SR429 million), Saudi Kayan Petrochemical Company (Saudi Kayan) at 7 percent (+SR43 million), Saudi British Bank (SABB) and Etihad Etisalat (Mobily) at 6 percent for each (+SR190 million and +SR176 million respectively).

The share of Saudi Basic Industries Co. (SABIC) and Riyadh Bank stood at 5 percent for each. The former added SR160 million and the latter SR158 million to their respective profits in Q3 compared to profits of Q3-12, the report said.