Saudi Arabia's Q3 non-oil income up 63% to $32.8bn

Saudi Arabia's non-oil revenue increased by 63% y-o-y to SR123 billion ($32.8 billion) in the third quarter and growth in other revenues amounted to SR47.6 billion, an increase of SR22.2 billion y-o-y, a report said.


The growth was primarily led by government and investment/other income (SAMA/PIF), said the Al Rajhi Capital report. 


The kingdom posted a budget deficit of SR40.8 billion ($10.88 billion) for the third quarter, wherein oil revenue came in at SR92.6bn (-30% y-o-y), amid low oil prices and production cuts, said the report.


Taxes on goods and services improved from SR37.6 billion to SR51.6 billion, implying an increase of SR14 billion y-o-y, in-line with expectations (mainly led by increase in value-added tax from 5% to 15% in July), said the report. 


For the full year of 2020, Al Rajhi Capital expects VAT revenue of SR28 billion and SR88 billion for 2021. 


On the other hand, government expenditure was up 7% y-o-y to SR256.3 billion. Both capital expenditure and maintenance expenditure are in line with expectations and continues to be healthy, the report said.


Oil revenues are expected to be SR350 billion (but if Aramco pays its full dividends $75 billion, then oil revenues could be SR450 billion), the Al Rajhi Capital report said. - TradeArabia News Service



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