Combined profit of TASI firms ex-Aramco rises to SAR 52.8B in Q3 2026

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Tadawul-listed companies, excluding Saudi Aramco, reported a 14% rise in Q3 2026 aggregate net earnings to SAR 52.8 billion from SAR 46.5 billion in the same period a year earlier, driven mainly by record profits at Bahri and Petro Rabigh.

Meanwhile, aggregate profits of Saudi-listed companies rose to approximately SAR 190.2 billion in Q3 2026, up 32% year-on-year (YoY) and 12% quarter-on-quarter (QoQ), mainly driven by a 41% increase in Aramco's profit to SAR 137.39 billion. Aramco accounted for more than 72% of the market's total earnings.

Aramco's results included non-recurring gains of around SAR 25 billion from the sale of its stake in PRefChem. Excluding these one-off items, the company's profit increased 10% YoY to SAR 112.5 billion, supported by improved refining margins despite a 17% decline in production.

At the overall market level, aggregate profits excluding Aramco's non-recurring gains rose 12% YoY to SAR 164.9 billion, while declining 6% QoQ, weighed down by lower earnings at Aramco.

*Excluding REITs, Ataa Educational, and NCLE due to different fiscal years, as well as (Nama Chemicals, Chemanol and Al Kathiri as they failed to duly disclose their financial results)

**This includes a decline of SAR 3.46 billion, mainly related to the closure of a refining, chemicals and marketing facility in Aramco’s results.

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

****Aramco’s results included non-recurring losses of SAR 4.71 billion, comprising SAR 4.1 billion in additional capitalized borrowing costs and SAR 0.61 billion in impairment losses related to assets associated with SABIC’s thermoplastic engineering plastics business.

*****This includes several non-recurring items, such as Aramco’s results, which featured net non-recurring gains of SAR 24.9 billion—most notably SAR 25.9 billion from the sale of its stake in PRefChem.

 Key highlights of Saudi companies' financial results in Q3 2026

A total of 187 companies reported profits, including 17 that turned profitable from losses in the corresponding quarter last year. Meanwhile, profits increased at 86 companies and declined at 84 profitable companies in both periods.

Meanwhile, 61 companies reported losses across various sectors, including 25 that swung from profit to loss in the corresponding quarter last year. The most notable were MBC Group, Jabal Omar, AYYAN, Al Othaim and Al Arabia.

Sector performance

The energy sector continued to account for the largest share of Saudi companies' net profits in Q3 2026 at 76.3%, with profits surging 50% to SAR 145.2 billion. This was driven by a nearly 40% increase in Aramco's profit and a nearly tenfold jump in Bahri's profit to SAR 5.09 billion, supported by higher crude oil tanker freight rates and increased operating activity. Petro Rabigh also turned profitable, posting SAR 2.58 billion in profit against losses of SAR 1.24 billion in Q3 2025, driven by improved refined product margins, higher sales volumes, and lower financing costs.

The banking sector ranked second, accounting for 13% of total market profits. The sector’s earnings rose 5% YoY to SAR 24.75 billion, supported by growth in net financing and investment income, while higher credit loss provisions slowed growth. Al Rajhi Bank contributed nearly two-thirds of the sector's profit increase, with earnings rising 12% YoY to SAR 7.11 billion.

The telecom sector ranked third, accounting for 2.5% of total profits, with earnings of SAR 4.73 billion, down 10% YoY. This was mainly due to a 12% decline in stc's profit to SAR 3.60 billion, as the year-earlier quarter included SAR 474 million in unrealized gains from the revaluation of investment fund units. Excluding these gains, the telco’s profit declined slightly. The current quarter's results also included gains from land sales.

The utilities sector ranked fourth, posting profits of SAR 4.03 billion, up 8% YoY, supported by a 71% increase in Acwa’s profit to SAR 635 million, despite the corresponding quarter including non-recurring items worth SAR 178 million. Saudi Energy’s profit remained stable at SAR 3.07 billion.

The materials sector ranked fifth, with profits of SAR 3.14 billion, accounting for 1.7% of total market earnings, down 16% YoY. This was attributable to a 62% decline in SABIC Agri-Nutrients' profit to SAR 484 million, due to lower sales volumes amid supply chain challenges and higher shipping expenses. Maaden's profit also fell 24% YoY to SAR 1.68 billion, as total income declined 30%, weighed down by higher cost of sales in its phosphate business unit amid rising supply chain and raw material costs, particularly sulfur prices.

In contrast, Luberef's profit rose 92% YoY to SAR 536 million, while Yansab's profit more than tripled YoY. Saudi Kayan narrowed its losses by 72% annually, while SABIC's profit increased 15% YoY to SAR 499 million, including net non-recurring items of SAR 358 million, mainly the reversal of impairment on its investment in Clariant.

*Excludes the REIT sector, Ataa Educational and NCLE, as their financial quarters do not align with calendar quarters; Al-Yamamah Steel, which has yet to release its quarter-ended Sept. 2026 results due to a different fiscal year; and three companies that announced they were unable to publish their financial results within the statutory period: Nama Chemicals, UCA, and Tihama.

The combined net profits of the top 10 companies accounted for more than 90% of total market earnings in Q3 2026, with seven reporting higher profits than in the corresponding quarter last year.

The list included four banks (Al Rajhi Bank, SNB, Riyad Bank and SAB), alongside stc, Saudi Energy, Maaden, Bahri, which ranked fourth, and Petro Rabigh following its return to profitability.

On the other hand, MBC Group recorded the largest losses among listed companies at approximately SAR 445.3 million, including unrealized losses of SAR 367.8 million, resulting from fair value changes. Tasnee and Sipchem followed.

Jabal Omar also featured on the list, after the current quarter included an impairment provision of SAR 77.3 million on properties. The corresponding quarter also included a SAR 553 million gain from land sales and an impairment of SAR 185 million on properties.

Aggregate earnings in the first nine months of 2026 rose 30% to SAR 527.10 billion, compared to SAR 404.95 billion a year earlier.

Excluding Saudi Aramco's earnings, aggregate profits increased 17% to SAR 148.08 billion, compared to SAR 126.38 billion in 9M 2025.

*Excludes the REIT sector, Ataa Educational and NCLE, as their financial quarters do not align with calendar quarters; Al-Yamamah Steel, which has yet to release its quarter ended Sept. 2026 results due to a different fiscal year, and three companies that announced they were unable to publish their financial results within the statutory period: Nama Chemicals, UCA, and Tihama.