In its Saudi Arabia Corporate Profitability report for 2010, the firm also said that full-year net profits of Saudi-listed companies stood at SR78.03 billion by the end of 2010, up by 35.3 percent compared to the corresponding period of 2009.
The report included the results of 127 companies that announced their financial results by the deadline set on Jan. 19, 2011, and whose financial year end on Dec. 31.
Newly-listed firms, which did not have a comparable period, were excluded from this analysis.
In terms of quarterly results, Saudi corporates' net profits increased by 39.61 percent YoY.
Net profits of 4Q, 2010, meanwhile, dropped marginally by 8.8 percent QoQ.
Of the 127 companies that announced their results, 72 improved their bottom lines in 2010, including 12 firms that managed to turn the losses incurred in 2009 into gains by the end of 2010.
Twenty-eight companies, meanwhile, reported lower profits and 27 companies posted losses.
Quoting Tadawul & Global Research, the report says that 11 out of 15 sectors of the market managed to enhance their bottom lines by the end of 2010.
Only four market sectors reported lower net profits and no sector posted net losses.
Net incomes in the petrochemical sector posted the sharpest increase, surging 183.61 percent by the end of 2010 from the figures for the previous financial year.
Within the sector, Saudi Basic Industries Corporation's (SABIC) net profit surged 138 percent to SR21.6 billion from SR9.1 billion a year ago.
Net profits in the energy and utilities sector grew by 122.42 percent YoY. Saudi Electricity Company's net income increased by 101.84 percent for the year, amounting to SR2.31 billion, on higher revenue after the firm increased power tariffs for the public, commercial, and industrial sectors in July 2010.
The sector's other constituent, National Gas & Industrialization Company managed to post net profits of SR104 million, as opposed to net loss of SR59 million the previous year.
In the financial sector, the consolidated net profits of Saudi banks marginally increased by 0.65 percent in 2010, as they continued to follow a cautious lending approach.
Nonetheless, this is the first time in four years the banking sector has posted an increase in its annual profitability over the previous year.
Four of the 11 listed banks on the Saudi bourse increased their annual profits, six banks witnessed their profitability decrease, while one bank - Bank Albilad - managed to post gains by the end of 2010, as opposed to net losses for the corresponding period of last year.
In the insurance sector, 19 out of 31 listed stocks were covered in this report, with their aggregate net profits for 2010 rising 99.9 percent to SR740.3 million from SR370.3 million in 2009.
Only six companies managed to increase their profitability while three showed declined profits. Ten firms reported net losses for the year.
The telecommunications sector witnessed a 4.8 percent increase in its 2010 net profit.
Both the real estate and development sector and the building and construction sector witnessed their profitability drop by 40.92 percent and 42.31 percent, respectively.
