Combined profits of Saudi listed companies excluding Saudi Aramco rose 13% year-on-year (YoY) to SAR 46.3 billion in the first quarter of 2026, driven mainly by the banking, petrochemicals and energy sectors.
Including Aramco, aggregate profits for Saudi listed firms increased 22% YoY to around SAR 166.5 billion in Q1 2026, supported by a 26% rise in Aramco’s profit to SAR 120.1 billion, accounting for more than 72% of total market earnings.
Change in aggregate Q1 2026 profits (SAR bln)*
Period
Saudi Market
Change%
Saudi Market ex-Aramco
Change%
2025
Q1
136.8
—
41.1
+23%
Q2
124.5
(16%)
39.9
(7%)
Q3
143.6
+1%
46.3
+5%
Q4**
84.9
(35%)
15.5
(65%)
2026
Q1
166.5
+22%
46.3
+13%
** Including exceptional losses of SAR 23.54 billion in Q4 2025 due to the reclassification of assets as held for sale, in addition to SAR 16 billion in provisions related to petrochemicals and thermoplastics operations, as well as SAR 1.76 billion representing Tasnee’s share in impairment provisions for the ilmenite smelter complex assets.
A total of 193 companies reported profits during the quarter, including 17 that swung to profitability, while profits increased at 107 companies and declined at 69 others.
Meanwhile, 46 companies posted losses across various sectors, including 17 firms that shifted from profit to loss, notably Tasnee, Sipchem, Amiantit, Cenomi Retail, SASCO and Southern Cement.
The energy sector remained the largest contributor to total market earnings, accounting for 74.5% of aggregate profits after sector earnings climbed 29% to around SAR 124 billion.
The increase was mainly attributed to higher profits at Aramco, supported by higher average selling prices for crude oil and refined products, in addition to increased sales volumes.
Profits at Bahri more than quadrupled to SAR 2.15 billion, while Petro Rabigh swung to a profit of SAR 1.47 billion from a SAR 690.8 million loss, driven by higher sales volumes and prices for refined and petrochemical products.
The banking sector ranked second, contributing 14.4% of total market profits, with earnings rising 8% to nearly SAR 24 billion, supported by lower provisions and higher net special commission income.
The telecommunications sector came third with profits of SAR 4.78 billion, up 5% YoY due to revenue growth and a larger customer base.
The basic materials sector ranked fourth with profits of SAR 3.16 billion, supported by improved petrochemical sector performance after SABIC returned to profitability from a loss of more than SAR 1.2 billion a year earlier, alongside a 21% reduction in losses at Saudi Kayan and higher profits at Saudi Industrial Investment Group and SABIC Agri-Nutrients.
Aggregate profits of Saudi market sectors (SAR bln)*
Current Rank
Previous Rank
Sector
Q1 2025
Q1 2026
Change %
Contribution %
1
1
Energy
95.79
124.00
+29%
74.5%
2
2
Banks
22.26
23.95
+8%
14.4%
3
3
Telecommunications
4.57
4.78
+5%
2.9%
4
4
Basic Materials
2.93
3.16
+8%
1.9%
5
7
Food Production
1.49
1.48
(1%)
0.9%
6
5
Real Estate Management Development
2.05
1.42
(31%)
0.9%
7
6
Healthcare
1.86
1.15
(38%)
0.7%
8
9
Applications Technology Services
0.93
1.09
+16%
0.7%
9
11
Insurance
0.70
0.94
+34%
0.6%
10
8
Capital Goods
0.99
0.94
(6%)
0.6%
11
10
Financial Services
0.77
0.55
(29%)
0.3%
12
12
Transportation
0.60
0.49
(17%)
0.3%
13
14
Consumer Staples Distribution Retail
0.43
0.46
+6%
0.3%
14
13
Consumer Discretionary Distribution Retail
0.51
0.45
(11%)
0.3%
15
16
Consumer Services
0.28
0.42
+52%
0.3%
16
18
Commercial Professional Services
0.19
0.28
+48%
0.2%
17
17
Pharmaceuticals
0.25
0.26
+5%
0.2%
18
15
Media Entertainment
0.43
0.24
(44%)
0.1%
19
21
Utilities
(0.47)
0.22
—
0.1%
20
19
Household Personal Products
0.12
0.11
(9%)
0.1%
21
20
Consumer Durables Apparel
0.07
0.06
(17%)
0.03%
Total
136.8
166.5
+22%
100%
The top 10 profit-making companies accounted for more than 89% of total market earnings in Q1 2026, with nine of them reporting profit growth YoY. The list included five banks led by Al Rajhi Bank, SNB and Riyad Bank, alongside stc and Bahri.
Top 10 companies by net profit (SAR mln)
Company
Q1 2025
Q1 2026
Change %
Saudi Aramco
95676.0
120131.0
+26%
Al Rajhi Bank
5906.0
6751.6
+14%
SNB
6021.9
6422.9
+7%
stc
3649.0
3696.3
+1%
Riyad Bank
2486.0
2613.5
+5%
Bahri
532.8
2149.2
+303%
SAB
2135.3
2086.2
(2%)
Alinma Bank
1508.0
1678.5
+11%
Maaden
1550.0
1635.8
+6%
Petro Rabigh
(690.8)
1466.2
—
Saudi Kayan posted the largest loss among listed firms at around SAR 614.6 million, followed by Saudi Energy, Tasnee and Sipchem.
Largest companies by losses (SAR mln)
Company
Q1 2025
Q1 2026
Change %
Kayan Saudi
(775.8)
(614.6)
+21%
Saudi Energy
(1194.0)
(403.0)
+66%
Tasnee
895.8
(341.3)
—
Sipchem
195.3
(215.3)
—
Emaar
(123.0)
(180.0)
(46%)
Amiantit
10.7
(54.8)
—
Cenomi Retail
1.8
(47.8)
—
Al Etihad
(11.9)
(39.6)
(232%)
SASCO
4.3
(23.7)
—
Southern Cement
(15.2)
(21.6)
(42%)
Combined profits of Saudi listed companies excluding Saudi Aramco rose 13% year-on-year (YoY) to SAR 46.3 billion in the first quarter of 2026, driven mainly by the banking, petrochemicals and energy sectors.
Including Aramco, aggregate profits for Saudi listed firms increased 22% YoY to around SAR 166.5 billion in Q1 2026, supported by a 26% rise in Aramco’s profit to SAR 120.1 billion, accounting for more than 72% of total market earnings.
Change in aggregate Q1 2026 profits (SAR bln)*
Period
Saudi Market
Change%
Saudi Market ex-Aramco
Change%
2025
Q1
136.8
—
41.1
+23%
Q2
124.5
(16%)
39.9
(7%)
Q3
143.6
+1%
46.3
+5%
Q4**
84.9
(35%)
15.5
(65%)
2026
Q1
166.5
+22%
46.3
+13%
** Including exceptional losses of SAR 23.54 billion in Q4 2025 due to the reclassification of assets as held for sale, in addition to SAR 16 billion in provisions related to petrochemicals and thermoplastics operations, as well as SAR 1.76 billion representing Tasnee’s share in impairment provisions for the ilmenite smelter complex assets.
A total of 193 companies reported profits during the quarter, including 17 that swung to profitability, while profits increased at 107 companies and declined at 69 others.
Meanwhile, 46 companies posted losses across various sectors, including 17 firms that shifted from profit to loss, notably Tasnee, Sipchem, Amiantit, Cenomi Retail, SASCO and Southern Cement.
The energy sector remained the largest contributor to total market earnings, accounting for 74.5% of aggregate profits after sector earnings climbed 29% to around SAR 124 billion.
The increase was mainly attributed to higher profits at Aramco, supported by higher average selling prices for crude oil and refined products, in addition to increased sales volumes.
Profits at Bahri more than quadrupled to SAR 2.15 billion, while Petro Rabigh swung to a profit of SAR 1.47 billion from a SAR 690.8 million loss, driven by higher sales volumes and prices for refined and petrochemical products.
The banking sector ranked second, contributing 14.4% of total market profits, with earnings rising 8% to nearly SAR 24 billion, supported by lower provisions and higher net special commission income.
The telecommunications sector came third with profits of SAR 4.78 billion, up 5% YoY due to revenue growth and a larger customer base.
The basic materials sector ranked fourth with profits of SAR 3.16 billion, supported by improved petrochemical sector performance after SABIC returned to profitability from a loss of more than SAR 1.2 billion a year earlier, alongside a 21% reduction in losses at Saudi Kayan and higher profits at Saudi Industrial Investment Group and SABIC Agri-Nutrients.
Aggregate profits of Saudi market sectors (SAR bln)*
Current Rank
Previous Rank
Sector
Q1 2025
Q1 2026
Change %
Contribution %
1
1
Energy
95.79
124.00
+29%
74.5%
2
2
Banks
22.26
23.95
+8%
14.4%
3
3
Telecommunications
4.57
4.78
+5%
2.9%
4
4
Basic Materials
2.93
3.16
+8%
1.9%
5
7
Food Production
1.49
1.48
(1%)
0.9%
6
5
Real Estate Management Development
2.05
1.42
(31%)
0.9%
7
6
Healthcare
1.86
1.15
(38%)
0.7%
8
9
Applications Technology Services
0.93
1.09
+16%
0.7%
9
11
Insurance
0.70
0.94
+34%
0.6%
10
8
Capital Goods
0.99
0.94
(6%)
0.6%
11
10
Financial Services
0.77
0.55
(29%)
0.3%
12
12
Transportation
0.60
0.49
(17%)
0.3%
13
14
Consumer Staples Distribution Retail
0.43
0.46
+6%
0.3%
14
13
Consumer Discretionary Distribution Retail
0.51
0.45
(11%)
0.3%
15
16
Consumer Services
0.28
0.42
+52%
0.3%
16
18
Commercial Professional Services
0.19
0.28
+48%
0.2%
17
17
Pharmaceuticals
0.25
0.26
+5%
0.2%
18
15
Media Entertainment
0.43
0.24
(44%)
0.1%
19
21
Utilities
(0.47)
0.22
—
0.1%
20
19
Household Personal Products
0.12
0.11
(9%)
0.1%
21
20
Consumer Durables Apparel
0.07
0.06
(17%)
0.03%
Total
136.8
166.5
+22%
100%
The top 10 profit-making companies accounted for more than 89% of total market earnings in Q1 2026, with nine of them reporting profit growth YoY. The list included five banks led by Al Rajhi Bank, SNB and Riyad Bank, alongside stc and Bahri.
Top 10 companies by net profit (SAR mln)
Company
Q1 2025
Q1 2026
Change %
Saudi Aramco
95676.0
120131.0
+26%
Al Rajhi Bank
5906.0
6751.6
+14%
SNB
6021.9
6422.9
+7%
stc
3649.0
3696.3
+1%
Riyad Bank
2486.0
2613.5
+5%
Bahri
532.8
2149.2
+303%
SAB
2135.3
2086.2
(2%)
Alinma Bank
1508.0
1678.5
+11%
Maaden
1550.0
1635.8
+6%
Petro Rabigh
(690.8)
1466.2
—
Saudi Kayan posted the largest loss among listed firms at around SAR 614.6 million, followed by Saudi Energy, Tasnee and Sipchem.
Largest companies by losses (SAR mln)
Company
Q1 2025
Q1 2026
Change %
Kayan Saudi
(775.8)
(614.6)
+21%
Saudi Energy
(1194.0)
(403.0)
+66%
Tasnee
895.8
(341.3)
—
Sipchem
195.3
(215.3)
—
Emaar
(123.0)
(180.0)
(46%)
Amiantit
10.7
(54.8)
—
Cenomi Retail
1.8
(47.8)
—
Al Etihad
(11.9)
(39.6)
(232%)
SASCO
4.3
(23.7)
—
Southern Cement
(15.2)
(21.6)
(42%)
