52 Saudi firms listed in the local market revealed their fiscal results for the first half of the current year showing a 13.6 percent growth in profits which will increase the power and attractiveness of the local financial market.
The companies achieved SAR38.2 billion (USD 10.1 billion) profits during the first half of the current year compared to the same period in 2017, while the majority of these profits come via the banking sector and petrochemical industries.
This comes at a time when the rest of the companies are anticipated to reveal their fiscal results within the coming days. SABIC, one of the world's biggest petrochemicals company, is expected to announce its fiscal results of the second quarter on Sunday.
These updates come at a time when S&P DJI announced upgrading the Saudi financial market to an emerging market, given that the Saudi banks' outcomes resulted in a new growth in the first half profits of the current year.
Saudi stocks that are currently part of the S&P Saudi Arabia BMI will initially be eligible for phased inclusion in the S&P Global BMI, S&P Global BMI Shariah, S&P/IFCI Composite, Dow Jones Global Index and Dow Jones Islamic Market World Index. Eligibility for inclusion in other S&P DJI index families will begin in September 2019.
The kingdom has introduced during the past period a group of key steps to develop the financial market and to increase the opportunities of being listed among the global market indices. Earlier, Saudi Arabia decided to ease restrictions for foreign capitals in addition to applying the international accountability standards.
Capital Markets Authority of Saudi Arabia is working with individual investors and investment funds in the local market in which CMA submits draft bills ahead of investors for voting.
