RIYADH: Sales of the listed multiple investment firms dropped by 8.5 percent to SR1.4 billion in Q1 2016, compared to SR1.53 billion in the same period last year, according to a financial report.
Similarly, net profits of the multiple investment sector dropped by 68 percent to SR74 million compared to SR230 million in the comparable periods, Al-Hayat daily reported.
The investment sector is composed of seven companies whose market capitalization stood at SR46 billion, or 3.1 percent of the Saudi equity market. Their capital reached SR40.3 billion.
The Kingdom Holding Co. captured 46 percent of the sector’s total sales at SR639 million in Q1, 2016, compared to SR715 million in Q1, 2015, or a drop of 11 percent, the report said. The company posted net profits of SR104 million in Q1 compared to SR139.4 million in Q1, 2015, or a drop of 25 percent. It attributed profit decline to profit drop of its subsidiary companies.
Sales of Aseer Trading, Tourism and Manufacturing Company captured 25 percent of the sector’s total sales, or SR556 million, in Q1, 2016. Net profits for the company dropped by 36.6 percent to SR148 million compared to SR233 million in the same period last year, the report said.
Saudi Industrial Services Company (SISCO) registered the third biggest sales in Q1 at SR159 million. Its net profits also increased by 33 percent to SR24.5 million in Q1 compared to SR18.46 million in the same period last year. The company attributed the increase in profits to the improvement in operational results of works related to the water sector and subsidiary companies.
Meanwhile, Saudi Advanced Industries Company registered a loss of SR2.51 million in Q1, compared to profits of SR7.51 million in Q1, 2015. The company sustained a loss of SR15.20 million in Q4, 2015; in other words its losses declined 83 percent in the first quarter of 2016, the report said.
Similarly, net profits of the multiple investment sector dropped by 68 percent to SR74 million compared to SR230 million in the comparable periods, Al-Hayat daily reported.
The investment sector is composed of seven companies whose market capitalization stood at SR46 billion, or 3.1 percent of the Saudi equity market. Their capital reached SR40.3 billion.
The Kingdom Holding Co. captured 46 percent of the sector’s total sales at SR639 million in Q1, 2016, compared to SR715 million in Q1, 2015, or a drop of 11 percent, the report said. The company posted net profits of SR104 million in Q1 compared to SR139.4 million in Q1, 2015, or a drop of 25 percent. It attributed profit decline to profit drop of its subsidiary companies.
Sales of Aseer Trading, Tourism and Manufacturing Company captured 25 percent of the sector’s total sales, or SR556 million, in Q1, 2016. Net profits for the company dropped by 36.6 percent to SR148 million compared to SR233 million in the same period last year, the report said.
Saudi Industrial Services Company (SISCO) registered the third biggest sales in Q1 at SR159 million. Its net profits also increased by 33 percent to SR24.5 million in Q1 compared to SR18.46 million in the same period last year. The company attributed the increase in profits to the improvement in operational results of works related to the water sector and subsidiary companies.
Meanwhile, Saudi Advanced Industries Company registered a loss of SR2.51 million in Q1, compared to profits of SR7.51 million in Q1, 2015. The company sustained a loss of SR15.20 million in Q4, 2015; in other words its losses declined 83 percent in the first quarter of 2016, the report said.
