Q4 2025 combined profits of TASI firms ex-Aramco slide to SAR 16.4B

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Tadawul-listed companies, excluding Saudi Aramco, reported a 63% drop year-on-year (YoY) in Q4 2025 aggregate net earnings to SAR 16.40 billion, primarily impacted by losses in the petrochemicals sector. This was in addition to lower earnings of the energy and food production sectors, as well as the inclusion of impairment provision losses in the financial results.

The overall results of Saudi companies showed a 35% decline YoY in combined profits to around SAR 85.87 billion by the end of the fourth quarter of 2025. Saudi Aramco accounted for 81% of the aggregate earnings, as its profit reached SAR 69.47 billion.

**The results included net exceptional gains of SAR 16.5 billion, comprising SAR 8.5 billion in impairment and remeasurement losses related to Aramco and SAR 11.6 billion in gains from the distribution of Almarai shares to Savola shareholders. The results also included SAR 1.4 billion in provisions by Savola related to exits from subsidiaries in Iran and Sudan, an additional SAR 1.2 billion provision related to SABIC’s Clariant subsidiary, and SAR 12.9 billion in gains from the sale of stc’s TAWAL subsidiary. This is in addition to SAR 5.69 billion in losses from non-recurring expenses related to the final settlement of Saudi Energy.

***This includes exceptional losses of SAR 23.54 billion during Q4 2025 due to the reclassification of assets as held for sale, in addition to 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.

As for the non-recurring and exceptional items, Q4 2025 financial results included net losses of SAR 39.86 billion, primarily due to Aramco recording losses of SAR 23.54 billion as a result of reclassifying assets as held for sale, as part of plans to exit certain petrochemicals and engineering thermoplastics businesses related to SABIC.

SABIC also recorded losses of SAR 16 billion, including SAR 9.85 billion in impairment provisions for its petrochemical operations in Europe, and SAR 5.33 billion in provisions related to its engineering thermoplastics business in the Americas and Europe.

Meanwhile, Tasnee and Alujain recorded losses of SAR 1.76 billion and SAR 0.85 billion, respectively, due to impairment of the ilmenite smelting complex assets for the former, and accounting impairments in goodwill, property, plant, and equipment for the latter's NATPET.

On the other hand, Jabal Omar recorded gains of SAR 1.36 billion from the sale of a land plot and the reversal of impairment provisions, in addition to a bank recording capital gains of SAR 0.54 billion.

The comparable quarter included several exceptional items, most notably SAR 8.5 billion in impairment and remeasurement losses related to Aramco, SAR 11.6 billion in gains from the distribution of Almarai shares to Savola shareholders. This is in addition to SAR 1.4 billion in provisions by Savola related to exits from subsidiaries in Iran and Sudan, as well as an extra provision of SAR 1.2 billion related to SABIC’s Clariant subsidiary. The Q4 2024 results also included SAR 12.9 billion in gains from the sale of stc’s TAWAL and SAR 5.69 billion in non-recurring expenses related to the approval of a final settlement for Saudi Energy.

Excluding these exceptional items, the combined profits of listed companies (excluding Aramco) grew by 3% YoY to SAR 32.82 billion, while total market profits declined slightly by around 1%.

By sector, the energy sector contributed the largest share of total net profits of Saudi companies during Q4 2025, accounting for more than 81.4%, with earnings declining by 19% to SAR 69.88 billion due to lower Aramco earnings amid weaker average oil selling prices, in addition to losses at ADES and Petro Rabigh.

The banking sector accounted for 27.5% of total market profits, ranking second, with profits rising 13% YoY to approximately SAR 23.6 billion, supported by higher net special commission income and lower credit loss provisions.

The telecommunications sector came third with around 5.2% of total profits, posting SAR 4.5 billion, down 70% YoY, due to the inclusion of exceptional gains from the sale of TAWAL (SAR 12.9 billion) in the comparable quarter by stc.

The real estate management and development sector accounted for 2.9% of total profits, reaching SAR 2.52 billion, up 32% YoY, driven by higher earnings of Jabal Omar, including non-recurring gains of SAR 1.36 billion.

Meanwhile, the basic materials sector recorded losses of SAR 21.47 billion in Q4 2025 compared to losses of SAR 1.18 billion in Q4 2024, mainly impacted by SABIC’s additional non-recurring losses of SAR 16 billion related to impairment provisions in the company's petrochemical and thermoplastics operations in Europe and the Americas.

The cement sector's 2025 profit declined by 23% to SAR 525.5 million, due to lower earnings across most sector players, in addition to losses recorded by Southern Province Cement, impacted by declining profit margins and lower average selling prices per ton.

Profit of the food production sector also dropped by 91% to around SAR 922 million, as the comparable period included SAR 11.55 billion worth of exceptional profit for Savola Group, resulting from the distribution of its stake in Almarai to its shareholders.

Meanwhile, the utilities sector narrowed its losses by 98% to SAR 141.9 million, driven by reduced losses of Saudi Energy, as the corresponding quarter previously included one-off losses due to non-recurring expenses amounting to SAR 5.69 billion. 

Net profits of the top 10 profitable companies accounted for more than 100% of total market earnings in Q4 2025. Seven players recorded YoY profit hikes for the three-month period, most notably Saudi National Bank (SNB), Al Rajhi Bank, and Riyad Bank.

Saudi Basic Industries Corp (SABIC) recorded the biggest loss of nearly SAR 20.94 billion in Q4 2025, followed by National Industrialization Co. (Tasnee) hurt by one-off losses, Saudi Energy Co. and Alujain Corp.

The aggregate profit for 2025 dropped by 12% to reach SAR 490.78 billion, compared to SAR 558.2 billion in the similar period a year ago.

Excluding Aramco, aggregate profits would have decreased by 13% to SAR 142.73 billion, versus SAR 164.31 billion in 2024.