Q3 2025 profits of TASI firms ex-Aramco up to SAR 46.1B

Tadawul trading screen

Tadawul-listed companies, excluding Saudi Aramco, reported a 5% rise in the Q3 2025 aggregate net profit to SAR 46.1 billion, primarily due to the positive results of the banks and real estate development sectors.

Including Saudi Aramco, the third-quarter combined net profit rose 2% year-on-year (YoY) to around SAR 143.4 billion. The oil giant accounted for 68% of aggregate earnings as its bottom line reached SAR 97.3 billion.

Aramco’s financial results included non-recurring losses of SAR 5.3 billion. Excluding these losses, Aramco’s profit would amount to SAR 102.6 billion, up 5%, bringing the total market profit to SAR 148.7 billion, representing a 5% increase.

*Excluding REITs, Ataa Educational and NCLE due to different fiscal years (FYs).

**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.

*****Included losses of SAR 5.3 bln resulting from the closure of one of Aramco’s refining, chemicals, and marketing facilities, in addition to Tasnee’s share of the impairment in its investment in Tronox, amounting to SAR 367 mln.

In detail, 18 listed companies turned a profit and another 104 posted higher earnings in Q3 2025, while 66 others reported declines.

Meanwhile, 51 others recorded losses, of which 26 swung to losses compared to Q3 2024, most notably Tasnee, SIPCHEM, Al Arabia, Cenomi Retail and Arabian Drilling.

Sector-wise, the energy sector was the largest contributor to aggregate net profits in Q3 2025, making up more than 67.3%. The sector’s profit fell slightly to SAR 96.7 billion as Saudi Aramco's third-quarter earnings remained stable during the three-month period compared to Q3 2024.

The banking sector took the second position, representing 16.4% of the third-quarter aggregate profit. The sector's bottom line rose 15% YoY to SAR 23.6 billion, amid collective growth in bank profits, with most lenders posting record levels during Q3 2025.

This performance was mainly supported by higher net special commission income, backed by an increase in loans and interest rates, as well as a decline in credit loss provisions across most banks in the sector.

The telecommunications sector ranked third, accounting for 3.6% of Tadawul's aggregate profit, with about SAR 5.2 billion in profits, down 8% YoY, mainly due to a 12% decline in stc’s earnings, as Q3 2024 included one-off gains of SAR 946 million resulting from the reversal of a withholding tax provision.

The utilities sector ranked fourth, contributing 2.6%, or SAR 3.8 billion, to the market’s total profits. The sector’s earnings declined by 30%, mainly due to a drop in Saudi Electricity’s profits, partially offset by higher earnings from ACWA Power and Saudi GASCO.

The materials sector came fifth, accounting for 2.5% of total market profits, with earnings of SAR 3.6 billion, down 11% YoY. The decline was primarily driven by losses in the petrochemical segment, which reached around SAR 807 million, impacted by losses from Tasnee, Saudi Kayan, and SIPCHEM, in addition to a 57% profit drop at SABIC.

Meanwhile, cement sector profits fell below market expectations, recording their lowest level since Q4 2021, pressured by weaker profit margins amid increased supply, lower average selling prices, and higher fuel costs used in production.

On the other hand, Maaden’s profits soared 127%, helping to curb the overall decline in the basic materials sector, reaching SAR 2.21 billion by the end of Q3 2025. This was attributed to higher selling prices of finished products and increased sales volumes.

Conversely, the real estate management and development sector recorded profits of SAR 1.8 billion in Q3 2025, compared with SAR 0.2 billion in the previous period.

This came as Jabal Omar turned to a profit of SAR 198 million versus a loss of SAR 204 million in Q3 2024. In addition, MASAR’s profit jumped to SAR 516.6 million compared with SAR 117 million, while Cenomi Centers posted a 50% YoY increase in earnings.

*Excluding REITs, Ataa Educational, and NCLE due to different fiscal years

Net profits of the top 10 profitable companies accounted for nearly 89% of total market earnings in Q3 2025. Seven players recorded YoY profit hikes for the three-month period, most notably Saudi National Bank (SNB), Al Rajhi Bank, and Riyad Bank.

Rabigh Refining and Petrochemical Co. (Petro Rabigh) recorded the biggest loss of nearly SAR 1.2 billion in Q32025, followed by National Industrialization Co. (Tasnee) hurt by Tronox’s one-off losses, Sahara International Petrochemical Co. (Sipchem) and Saudi Kayan Petrochemical Co. 

For the first nine months of 2025, aggregate profits fell 5% to SAR 404.0 billion, compared with SAR 426.4 billion in the same period last year.

Excluding Aramco, aggregate profits would have increased by 5% to SAR 125.5 billion, versus SAR 119.3 billion in the corresponding period of 2024.