Riyadh- The program for financial sector development – one of the programs to achieve Saudi Vision 2030 – has become an essential step towards developing the domestic capital market and putting it among the top 10 biggest capital markets in the world.
This coincides with the kingdom’s vital work on economic reforms that have already contributed to protecting the economy from consequences of the drop in oil prices.
In this context, Saudi companies listed in the domestic market trading achieved profits of SAR30.4 billion (USD8.1 billion) in the first quarter of 2017 – a 38.1% growth compared to the same period in 2016.
This shows that Saudi companies profitability will jump in this year above SAR100 billion (USD26.6 billion), representing a significant factor in attracting investments.
The Capital Market Authority (CMA) lauded efforts of private and public sector companies that have led to success.
“Achieving this success will reinforce confidence in the Saudi capital market and attract more international and domestic capitals to support the national economy,” CMA added.
With its keenness to protect investors and transparency, CMA formed a committee to supervise the adoption of international accountability standards by listed companies and to follow up on their readiness to face possible challenges.
CMA affirmed on Sunday that it is still exerting efforts to adopt adequate procedures and initiatives that would boost confidence in the Saudi capital market.
According to the companies’ results during the first quarter of 2017, 88 of Saudi listed companies achieved a growth in profits compared to the same period in 2016 while 79 companies relapsed and 29 lost.