Saudi firms’ Q1 profit ex-Aramco up 13% to SAR 46.3B

Combined profits of Saudi listed companies excluding Saudi Aramco rose 13% year-on-year (YoY) to SAR 46.3 billion in the first quarter of 2026, driven mainly by the banking, petrochemicals and energy sectors.

Including Aramco, aggregate profits for Saudi listed firms increased 22% YoY to around SAR 166.5 billion in Q1 2026, supported by a 26% rise in Aramco’s profit to SAR 120.1 billion, accounting for more than 72% of total market earnings.

** Including exceptional losses of SAR 23.54 billion in Q4 2025 due to the reclassification of assets as held for sale, in addition to SAR 16 billion in provisions related to petrochemicals and thermoplastics operations, as well as SAR 1.76 billion representing Tasnee’s share in impairment provisions for the ilmenite smelter complex assets.
 

A total of 193 companies reported profits during the quarter, including 17 that swung to profitability, while profits increased at 107 companies and declined at 69 others.

Meanwhile, 46 companies posted losses across various sectors, including 17 firms that shifted from profit to loss, notably Tasnee, Sipchem, Amiantit, Cenomi Retail, SASCO and Southern Cement.

The energy sector remained the largest contributor to total market earnings, accounting for 74.5% of aggregate profits after sector earnings climbed 29% to around SAR 124 billion.

The increase was mainly attributed to higher profits at Aramco, supported by higher average selling prices for crude oil and refined products, in addition to increased sales volumes.

Profits at Bahri more than quadrupled to SAR 2.15 billion, while Petro Rabigh swung to a profit of SAR 1.47 billion from a SAR 690.8 million loss, driven by higher sales volumes and prices for refined and petrochemical products.

The banking sector ranked second, contributing 14.4% of total market profits, with earnings rising 8% to nearly SAR 24 billion, supported by lower provisions and higher net special commission income.

The telecommunications sector came third with profits of SAR 4.78 billion, up 5% YoY due to revenue growth and a larger customer base.

The basic materials sector ranked fourth with profits of SAR 3.16 billion, supported by improved petrochemical sector performance after SABIC returned to profitability from a loss of more than SAR 1.2 billion a year earlier, alongside a 21% reduction in losses at Saudi Kayan and higher profits at Saudi Industrial Investment Group and SABIC Agri-Nutrients.

The top 10 profit-making companies accounted for more than 89% of total market earnings in Q1 2026, with nine of them reporting profit growth YoY. The list included five banks led by Al Rajhi Bank, SNB and Riyad Bank, alongside stc and Bahri.

Saudi Kayan posted the largest loss among listed firms at around SAR 614.6 million, followed by Saudi Energy, Tasnee and Sipchem.