Saudi Q3 profits rise 32% to SAR190bn on Aramco gains

Saudi Q3 profits rose 32% year on year to about SAR190.2 billion ($50.7 billion), driven by Saudi Aramco and a sharp recovery in energy and shipping earnings, according to data compiled by financial portal Argaam.

Excluding Aramco, Saudi Q3 profits at the remaining companies listed on the Saudi Exchange came to a combined SAR52.8 billion ($14.1 billion), up 14% from SAR46.5 billion in the third quarter of 2025. The figures cover results for the three months to 30 September 2026.

Aramco alone accounted for more than 72% of the market’s total. Its net profit climbed 41% to SAR137.39 billion from about SAR97.26 billion a year earlier, by Argaam’s count, although that figure included net non-recurring gains of nearly SAR24.9 billion, chiefly SAR25.9 billion from the sale of its stake in PRefChem. In its own results, Aramco reported net income of $36.3 billion for the quarter, up 34.5%, and adjusted net income of $31.2 billion, up 9%.

Aramco one-offs flatter the headline number

Stripping out those items, Aramco’s underlying profit was about SAR112.5 billion, roughly 10% higher than a year earlier, supported by stronger refining margins, according to Argaam. On the same adjusted basis, total market profit falls to about SAR164.9 billion and annual growth drops to 12% from 32%.

The quarter-on-quarter picture also changes. Reported aggregate profit rose 12% from the second quarter, but once Aramco’s one-off gains are removed, market earnings were 6% lower than in the previous three months.

Energy delivers three-quarters of Saudi Q3 profits

The energy sector generated SAR145.15 billion ($38.7 billion), or 76.3% of total market profit, up 50% from about SAR96.75 billion a year earlier. Beyond Aramco, the gains came from two companies with very different stories.

The National Shipping Company of Saudi Arabia (Bahri) posted net income of SAR5.09 billion ($1.36 billion), against SAR513.4 million in the same period of 2025, an increase of almost 891%. The company attributed the jump to higher rates for shipping crude on very large crude carriers and an expansion in chartered-in tonnage.

Rabigh Refining and Petrochemical Company (Petro Rabigh) returned to profit with net income of SAR2.58 billion, compared with a loss of SAR1.24 billion a year earlier. The company credited improved refined-product margins and higher sales volumes.

Banks grow while telecoms and materials slip

Banks remained the second-largest contributor, with combined net profit of SAR24.75 billion ($6.6 billion), up 4.8% from about SAR23.62 billion. The sector accounted for 13% of market profit.

Al Rajhi Bank delivered roughly two-thirds of the sector’s increase after its profit rose 12% to SAR7.11 billion. Saudi National Bank slipped 0.3% to SAR6.45 billion, while Riyad Bank rose 7% to SAR2.87 billion and Saudi Awwal Bank edged up 1% to SAR2.17 billion.

Telecoms earned SAR4.73 billion, down 10%, after stc’s profit fell 12% to SAR3.60 billion. Utilities rose 8% to SAR4.03 billion as ACWA Power’s profit climbed 71% to SAR635 million and Saudi Energy (formerly Saudi Electricity Company) edged up 1% to about SAR3.07 billion.

Basic materials fell 16% to SAR3.14 billion. SABIC Agri-Nutrients dropped 62% to SAR484 million and Ma’aden fell 24% to SAR1.68 billion, while Luberef rose 92% to SAR536 million and SABIC’s profit climbed 15% to SAR499 million, helped by SAR358 million of non-recurring items.

What the numbers mean for investors

The breadth of the recovery in Saudi Q3 profits is mixed. Of the companies that reported, 187 were profitable, including 17 that swung from a loss, and 86 lifted earnings year on year. However, 84 profitable companies saw earnings decline and 61 reported losses, 25 of them after being in profit a year earlier.

For investors, the gap between reported and adjusted earnings is the key reading. The tanker rates that lifted Bahri and the refining margins behind Petro Rabigh are tied to disruption in regional shipping and energy markets this year, and may not persist once conditions normalise. The Tadawul All Share Index closed at 10,326.47 on Thursday, 12 November, its highest level in a month, Arab News reported.

Fourth-quarter results, due from early 2027, will show whether earnings outside Aramco can keep expanding.