Saudi Arabia’s listed companies record $39.1bn in net profit, up 2.6% y-o-y

Saudi Arabia and Abu Dhabi listed firms recorded net profit declines of 2.7 percent and 2.2 percent, respectively. Shutterstock
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Updated 29 August 2024
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Saudi Arabia’s listed companies record $39.1bn in net profit, up 2.6% y-o-y

  • Main sectors of the stock exchange recorded strong year-over-year profit growth this quarter
  • Energy sector recorded the largest decline in net profit in the first six months of 2024

RIYADH: Listed companies in Saudi Arabia saw a modest increase in net profit by 2.6 percent year on year, reaching $39.1 billion in the second quarter of 2024, according to a report.

The latest study from Kuwait-based asset management company KAMCO Invest showed that the key sectors contributing to this growth included banks, basic materials, and telecommunications, which experienced robust profit growth. Conversely, sectors such as energy, consumer services, media and entertainment, food retail, and basic commodities saw declines in their annual profits.

For the first half of 2024, Saudi Arabia’s performance was somewhat less favorable, with net profit declining by 2.7 percent to $75.2 billion.

The energy sector faced the most significant downturn, with net profit falling 7.4 percent to $55.7 billion. The real estate sector also struggled, with a 22.8 percent drop in net profit to $249.3 million. However, gains in the banking, basic materials, and capital goods sectors partially offset these declines.

Overall, the Gulf Cooperation Council region’s companies showed minimal growth, with net profit inching up by 0.1 percent to $116.9 billion in the first half of 2023.

This slight increase masks more pronounced declines in Saudi Arabia and Abu Dhabi, with their listed firms experiencing net profit reductions of 2.7 percent and 2.2 percent, respectively. These declines were counterbalanced by higher revenues in other GCC countries.

Saudi Aramco, a major player in the energy sector, reported a 2.5 percent decline in net profit for the second quarter of 2024, impacted by lower crude oil sales and weaker refining margins. However, this decrease was moderated by higher average crude oil prices and reduced production revenues compared to the same period in 2023.

In contrast, companies listed on the Abu Dhabi Securities Exchange experienced a 4.7 percent increase in net profit to $8.3 billion in the second quarter of 2024. Yet, for the first half of the year, their net profit declined by 2.2 percent to $16.2 billion.

Overall, the report underscores a complex financial landscape across the GCC, with sector-specific trends and varying regional performances influencing overall profitability.


Saudi Aramco achieves significant progress in its gas production plan

Updated 26 February 2026
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Saudi Aramco achieves significant progress in its gas production plan

RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.

The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.

This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.

President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”

He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.

Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.

The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.

Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development. 

Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.

The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.

The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth. 

Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program. 

The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.

Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider. 

It also helps meet the growing demand for natural gas and enhances its supply to national industries. 

The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.