Earnings of Saudi Arabian companies totalled $6.7 billion, an increase of 15 per cent YoY and 28 per cent QoQ. SABIC, which reported $1.9 billion in Q1 profits, saw its bottom-line decline by five per cent YoY due to softening of global petrochemical prices when compared to Q1 2011. Saudi Banks continued its stable growth with earnings increasing 23 per cent YoY and 27 per cent QoQ to $2.0 billion. Telecom sector’s earnings grew 70 per cent YoY to $853 million as Saudi Telecom’s earnings rose 60 per cent to $672 million due to improved operational efficiency.
