Saudi Arabia’s top publicly listed companies have achieved a combined market capitalization of $2.1 trillion as of April 25, showcasing the kingdom’s dominant role in its capital markets. According to Forbes Middle East, these firms reported $133.9 billion in net profits for 2024, indicating a growing strength in the diversified economy.
The ranking includes key sectors such as energy, banking, telecommunications, industrials, and utilities. Saudi Aramco tops the list with a market value of $1.7 trillion, followed by Saudi National Bank, Al Rajhi Bank, and other leading institutions.
Banking giants in Saudi Arabia have recorded strong performance in 2024, with several institutions experiencing double-digit profit growth. Saudi Aramco has also advanced its international strategy through major deals, including a $12.35 billion secondary share sale and a $90 billion agreement with US firms.
The report highlights the dominance of the banking sector, which secured five out of the top 10 spots, with total assets amounting to $854.7 billion. Other key performers include stc Group in telecommunications and Maaden in energy, which acquired SABIC’s Alba stake and issued a $1.25 billion sukuk.
Saudi Arabia’s economy has demonstrated its strength, driven by record profits and global expansions from top companies such as banks and energy firms. The kingdom’s capital markets continue to grow, with the Saudi Exchange being recognized as the world’s fastest-growing stock market in 2024.
Source: https://www.arabnews.com/node/2607116/business-economy