Energy companies listed on the Saudi Exchange recorded strong earnings growth during the first nine months of 2026, with combined net profits rising 42.8% to SAR 396.15 billion ($105.64 billion) compared with the same period last year.
The performance came amid sharp shifts in global energy markets driven by geopolitical tensions, supply disruptions and rising shipping costs, which affected companies across the energy industry to varying degrees.
The Saudi results reveal significant differences in how companies benefited from these developments. While Saudi Aramco accounted for the overwhelming majority of sector profits, Bahri recorded a sharp earnings increase and Petro Rabigh returned to profitability. Some drilling companies, however, reported weaker results.
Growth also extended into the third quarter, when the six companies' combined net profits rose 50.1% to SAR 145.15 billion ($38.71 billion).
Global Energy Companies' Profits
The improvement in earnings was not limited to Saudi companies. Major international oil producers also reported strong gains in the third quarter, supported by supply disruptions, higher energy prices and wider refining margins.
ExxonMobil's net profit reached $15.4 billion, compared with $7.5 billion in the same quarter last year.
Shell's adjusted earnings rose to $10.81 billion from $5.43 billion, while TotalEnergies' adjusted net income surged to $9.1 billion from $4 billion a year earlier.
The companies said supply disruptions in the Middle East, combined with limited available refining capacity and declining inventories, had pushed refining margins to historically high levels.
According to Reuters, Shell's refining margins approached $42 per barrel, while those at TotalEnergies reached approximately $33.20 per barrel, boosting earnings from petroleum products and trading operations.
Aramco Leads Sector Profits
Saudi Aramco topped the energy sector in net profits during the first nine months of 2026, with earnings attributable to shareholders rising 36.1% to SAR 379.02 billion ($101.07 billion), compared with SAR 278.57 billion ($74.29 billion) in the corresponding period last year.
The company accounted for approximately 95.7% of the sector's combined net profits, reflecting the considerable weight of its results in determining overall performance.
That dominance also underscores the importance of examining the other companies individually to understand developments across different energy-related activities.
Aramco's revenue and other income related to sales increased 20.8% to approximately SAR 1.52 trillion ($405.33 billion), compared with around SAR 1.25 trillion ($333.33 billion) during the first nine months of 2025.
Bahri Records Sharp Profit Surge
The National Shipping Company of Saudi Arabia (Bahri) ranked second in net profits, recording a 586.7% surge to approximately SAR 9.98 billion ($2.66 billion), compared with SAR 1.45 billion ($386.7 million) during the first nine months of the previous year.
Revenue also climbed 268.4% to approximately SAR 26.1 billion ($6.96 billion), up from SAR 7.08 billion ($1.89 billion).
The performance reflects the company's gains from stronger maritime transportation activity and higher freight earnings, particularly in oil shipping, which increased its contribution to the combined profit growth of listed energy companies.
Petro Rabigh Returns to Profitability
Rabigh Refining and Petrochemical Company (Petro Rabigh) recorded a significant turnaround, posting net profits of approximately SAR 6.7 billion ($1.79 billion) during the first nine months of 2026, compared with losses of SAR 3.29 billion ($877.3 million) in the corresponding period last year.
Revenue increased 113.6% to around SAR 52.03 billion ($13.88 billion), compared with SAR 24.36 billion ($6.50 billion) a year earlier.
The improvement was supported by higher operating rates at the company's industrial complex, increased sales volumes, stronger prices for refined and petrochemical products, and lower financing costs.
The year-on-year comparison was also affected by weaker production and sales during the corresponding period of 2025, when the company's operating facilities underwent a comprehensive scheduled maintenance shutdown.
Drilling Companies Face Pressure
Changes in global energy markets did not benefit every segment of the sector.
ADES Holding reported a 23% decline in net profit to approximately SAR 459.8 million ($122.6 million), compared with SAR 597.3 million ($159.3 million) during the first nine months of 2025, despite a 44% increase in revenue to around SAR 6.77 billion ($1.81 billion).
Revenue growth was driven by the expansion of international operations and contributions from new acquisitions, while earnings were affected by lower operating margins, higher expenses and the temporary suspension of several regional operations.
Arabian Drilling Company's net profit fell 90.6% to approximately SAR 6.9 million ($1.84 million), compared with SAR 73.3 million ($19.55 million) a year earlier.
Revenue declined 8.1% to approximately SAR 2.4 billion ($640 million).
Saudi Arabian Refineries Company (SARCO) also reported a 24.4% increase in net losses to approximately SAR 27.5 million ($7.33 million), compared with losses of SAR 22.1 million ($5.89 million) during the first nine months of the previous year.
The deterioration reflected impairment losses related to the market value of certain investments, alongside higher general and administrative expenses.
Third-Quarter Results
In the third quarter of 2026, the six listed energy companies recorded a 50.1% increase in combined net profits to approximately SAR 145.15 billion ($38.71 billion), compared with SAR 96.72 billion ($25.79 billion) in the same quarter last year.
The results extended the earnings growth recorded during the first nine months.
Aramco maintained its leading position, with third-quarter profits attributable to shareholders reaching approximately SAR 137.39 billion ($36.64 billion), up 41.3% year-on-year.
Bahri ranked second after its quarterly net profit jumped 890.7% to approximately SAR 5.09 billion ($1.36 billion), compared with SAR 513.4 million ($136.9 million) in the third quarter of 2025.
Petro Rabigh continued its recovery, reporting profits of approximately SAR 2.58 billion ($688 million), reversing losses of SAR 1.24 billion ($330.7 million) a year earlier.
The turnaround was supported by improved operating rates, higher sales volumes and stronger product margins.
ADES Holding, meanwhile, reported a 55.8% decline in quarterly net profit to approximately SAR 94.9 million ($25.3 million), despite a 34.8% increase in revenue, reflecting continued pressure on profitability.
Arabian Drilling returned to quarterly profitability, recording net income of approximately SAR 31.4 million ($8.37 million), compared with losses of SAR 9.4 million ($2.51 million) in the corresponding period of 2025.
The improvement was supported by higher rig utilization rates and greater operational efficiency.
Saudi Arabian Refineries Company posted a quarterly loss of approximately SAR 22.5 million ($6 million), compared with a profit of SAR 1.6 million ($427,000) in the third quarter of 2025.
The quarterly figures highlight the continuing divergence in performance across the energy sector.
While Aramco, Bahri and Petro Rabigh drove earnings growth, some drilling and investment companies continued to face pressure on profit margins and financial results, reflecting differences in business models, operating conditions and costs.
Uneven Performance and Sustainable Growth
Commenting on the sector's financial results, financial and economic expert and market analyst Dr. Suleiman Al-Humaid Al-Khaldi, a member of the Saudi Economic Association, said the performance of Saudi energy companies during the first nine months of 2026 reflected strong growth in combined profits, which increased more than 42% to approximately SAR 396.15 billion.
However, he cautioned that the headline figures concealed significant differences between companies and activities within the sector.
Speaking to Asharq Al-Awsat, Al-Khaldi explained that Saudi Aramco was the principal driver of sector earnings growth, generating approximately SAR 379 billion and accounting for 95.7% of combined profits.
This made Aramco's financial results the single most influential factor in overall sector performance, supported by higher revenue and improved operating results.
Al-Khaldi noted that Bahri recorded the most significant profit increase among the listed companies, with earnings rising approximately 587%, benefiting from stronger maritime transportation activity, particularly oil shipping, and higher freight rates.
He said the sustainability of this growth would depend on demand levels, shipping rates and operating costs, given the cyclical nature of the maritime transportation industry.
Al-Khaldi also described Petro Rabigh's return to profitability as one of the most notable developments in the sector's results.
The turnaround was driven by higher operating rates and sales volumes, improved product prices and reduced financing costs.
However, he pointed out that the comparison was also influenced by maintenance work that affected the company's results during the same period last year.
This made it important to distinguish between a recovery from a low comparison base and sustainable improvements in operating performance.
Conversely, Al-Khaldi highlighted declining profits at ADES Holding and Arabian Drilling, along with widening losses at Saudi Arabian Refineries Company.
He stressed that growth in combined sector profits did not necessarily indicate improved performance across all companies, particularly as some activities continued to face pressure from operating and financing costs and weaker profit margins.
Al-Khaldi said sustaining earnings growth in the coming period would depend on companies' ability to improve operational efficiency, control costs and translate revenue increases into actual profits.
He emphasized the importance of assessing each business segment independently rather than relying solely on aggregate growth indicators to evaluate the sector's financial performance.
