Q2 2025 profits of TASI firms ex-Aramco down to SAR 38.29B

Tadawul trading screen

Tadawul-listed companies, excluding Saudi Aramco, reported an 8% fall in the Q2 2025 aggregate net profit to SAR 38.29 billion, primarily due to the positive results of the petrochemicals and transportation sectors.

Including Saudi Aramco, the second-quarter combined net profit slipped 16% year-on-year (YoY) to around SAR 123.93 billion. The oil giant accounted for 69% of aggregate earnings even as its bottom line fell 19% YoY to SAR 85.63 billion, impacted by a drop in prices of oil, chemicals, and refined products.

*Excluding REITs, Ataa Educational and NCLE due to different fiscal years (FYs), and MRNA on failure to disclose results on time.

**Included net gains from exceptional items totaling SAR 16.5 bln, as follows: SAR 11.6 bln from the distribution of Almarai shares to Savola shareholders; SAR 1.4 bln in provisions related to Savola’s exit from subsidiaries in Iran and Sudan; an incremental provision of SAR 1.2 bln related to SABIC’s subsidiary Clariant; SAR 12.9 bln in gains from the sale of stc’s telecommunications towers subsidiary; and SAR 5.69 bln in losses from recognizing one-off expenses related to the final settlement of Saudi Electricity Co. (SEC).

***Included non-recurring expenses of SAR 1.07 bln on SABIC’s restructuring; SAR 1.06 bln from loan restructuring at Tasnee; SAR 918 mln from a land sale by Jabal Omar Development Co.; SAR 418 mln from the sale of subsidiaries by AYYAN Investment Co.; and SAR 429 mln in restructuring gains; and SAR 200 mln in impairment asset losses by Sipchem.

****Includes non-recurring net losses of SAR 5.28 bln, consisting of an impairment provision of SAR 4.52 bln related to SABIC; non-recurring expenses of SAR 1.08 bln related to flynas IPO; an impairment loss of SAR 0.17 bln for the Noor 3 plant in Morocco; settlement compensation gains of SAR 0.42 bln for ACWA Power; losses of SAR 0.37 bln for Chemanol resulting from asset impairment expenses and additional provisions for subsidiaries; and reversal gains of provisions amounting to SAR 0.21 bln for Nama Chemicals.

In detail, 13 listed companies turned a profit and another 100 posted higher earnings in Q2 2025, while 74 others reported declines.

Meanwhile, 50 others recorded losses, of which 27 swung to losses compared to Q2 2025, most notably SABIC and flynas.

Sector-wise, the energy sector was the largest contributor to aggregate net profits in Q2 2025, making up more than 68.5%. The sector’s profit fell by about 20% YoY to reach SAR 84.94 billion as Saudi Aramco's second-quarter earnings contracted by 19% YoY during the three-month period. Petro Rabigh's losses also widened by 24% YoY to SAR 1.37 billion.

The banking sector took the second position, representing 18.5% of the second-quarter aggregate profit. The sector's bottom line rose 18% YoY to SAR 23 billion, amid collective growth in bank profits, driven by the rise in net special commission income.

The telecommunications sector ranked third, accounting for 3.9% of Tadawul's aggregate profit, with about SAR 4.84 billion in profits, up 18% YoY. The higher profit was aided by elevated profits of all sector players, mainly stc, whose earnings jumped 16% YoY to 3.82 billion.

The basic materials sector came fourth, rising 3% to SAR 3.77 billion, driven by Saudi Electricity Co. (SEC) whose earnings leapt 42% YoY to SAR 3.06 billion.  

However, the market's results were weighed down by the losses of the basic materials which reached SAR 0.88 billion, against earnings of SAR 5.37 billion a year before. This was mainly due to SABIC whose losses reached SAR 4.07 billion.

On the other hand, the cement sector's earnings declined 5% YoY to nearly SAR 0.51 billion, due to higher products costs.

*Excluding REITs, Ataa Educational, and NCLE due to different FYs, and SIDC on failure to disclose results.

**Q2 2025 results included an impairment loss of SAR 0.17 billion for the (Noor 3) plant in Morocco, owned by ACWA Power.

***Q2 2025 results included non-recurring costs of SAR 1.08 bln for flynas related to its IPO.

****Q2 2025 results included non-recurring losses of SAR 4.52 bln for SABIC, resulting from restructuring provisions related to the cracker unit at its Teesside plant in the UK and impairment provisions for its subsidiary Clariant; losses of SAR 0.37 bln for Chemanol from asset impairment expenses and additional provisions for subsidiaries; in addition to reversal gains of SAR 0.21 bln for Nama Chemicals.

Net profits of the top 10 profitable TASI companies accounted for approximately 92% of total market earnings in Q2 2025. Nine listed firms recorded YoY profit hikes for the three-month period, most notably Saudi National Bank (SNB), Al Rajhi Bank, and Riyad Bank.

SABIC recorded the biggest loss of nearly SAR 4.07 billion in Q2 2025, as its financial results included restructuring expenses and impairment provisions. It was followed by Petro Rabigh and flynas.