Saudi Earnings Get a Commodities Boost Yet Again.. Quarterly Earnings Trend (USD Mn)
Earnings Growth –YoY (%)
8,000 6,911
7,000
Q2 2011
6,000 5,000
5,410
5,609
28%
5,779 5,261
4,702 Q1 2011
23%
4,000 3,000
Q4 2010
33%
2,000 1,000 Q3 2010
19%
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011 Q2 2010
24%
Corporate profits rose 28% YoY in 2Q11 to USD 6.9bn. Commodity companies saw their earnings grow by 56% YoY and 7% QoQ led by SABIC which registered a 62% earnings growth over 2Q10. Bank earnings grew 11% and Telecom earnings saw 24% growth over 2Q10.
6 Source: Reuters Eikon, Markaz Research
Q1 2010
69%
0%
20%
40%
60%
80%