Profits of Saudi listed companies rose by 7 percent to hit a new record of SR103 billion by the end of 2013 compared to SR96.6 billion in 2012, according to a financial report.

Share of the telecom sector stood at 55 percent of the overall profit growth of the listed companies. The sector recorded profits of SR14.8 billion in 2013 compared to SR11.3 billion in 2012, or an increase of 31 percent, the report, prepared by Al-Eqtesadiah daily, said. Saudi Telecom Co. (STC) was the main driver of telecom sector’s profits after it had added SR2.7 billion to its profits in 2013, the report said.

The construction sector was the second major contributor to the overall profit growth of the listed firms at 20 percent. The sector realized profits of SR1.2 billion in 2013 compared to its losses of SR144 million in 2012, the report said.

The banking sector was the third biggest contributor to the profits growth of the listed companies in 2013 at 18 percent. Profits of the sector stood at SR29.8 billion in 2013 compared to SR28.6 billion in 2012, or an increase of 4 percent, the report said.

Share of the petrochemical industry stood at 14 percent to the whole profit growth. Profits of the sector grew by 3 percent to SR34.8 billion in 2013 compared to SR33.9 billion in 2012, the report said.

Meanwhile, agriculture, energy, industrial investment, and transport sectors contributed to the profit growth of listed companies at varying rates: 8 percent, 7 percent, 7 percent, and 6 percent, respectively, the report said.

On the other hand, three sectors have negatively contributed to the profit growth of the listed companies. On top of these came the insurance sector which incurred losses worth SR1.3 billion in 2013 compared to profits of SR864 million in 2012. The losses were reportedly blamed on the increased provisions to support their technical reserves. Likewise, profits of the real estate development sector dropped by 16 percent to SR1.8 billion in 2013 compared to SR2.2 billion in 2012. Media and publishing sector endured losses of SR7 million in 2013 compared to its profits of SR232 million in 2012, the report said.

In general, profits of the ten biggest companies made up 68 percent of the overall profits of the listed companies. Saudi Basic Industries Corp. (SABIC) was the major contributor at SR25.2 billion, or 24 percent of the total profits, followed by STC at roughly SR10 billion (10 percent), Al-Rajhi Bank at SR7.4 billion (7 percent), Mobily at SR6.7 billion (6 percent), Samba Financial Group (SFG), Riyad Bank, Saudi British Bank (SABB) (4 percent for each), Saudi Arabian Fertilizer Company (SAFCO), Saudi Electricity Co. (SEC), and Yanbu National Petrochemical Company (Yansab) (3 percent for each), whereas 32 percent was the share of the remaining listed companies, the report said.