Saudi Arabia’s energy sector diversifies profit sources in 2026
Despite the dominance of Saudi Aramco, the sector's results demonstrate an expansion of the value chain, encompassing transportation, processing, and related services.
Tunzale Melikova2 min read
In the first half of 2026, the total profit of energy companies listed on the Saudi Tadawul exchange reached $66.9 billion (250.9 billion riyals), a 39% increase compared to the same period in 2025 ($48.2 billion or 180.6 billion riyals). Sector revenue for the reporting period increased by 24%, totaling $128 billion (480.35 billion riyals).
In the second quarter of 2026, profit growth accelerated to 49.7%, reaching $33.8 billion (127 billion riyals) compared to $22.6 billion (84.8 billion riyals) a year earlier. Experts note that the sector's financial performance is no longer solely dependent on oil price fluctuations, relying instead on the development of logistics, refining, and petrochemical production.
Mohammed Hamdi Omar, CEO of G World, emphasizes that the expansion of the value chain has been a key factor in this success. Specifically, Bahri reported a 420% profit increase in the first half of the year to 4.8 billion riyals ($1.28 billion), driven by high global shipping rates and demand for tankers. Meanwhile, Petro Rabigh transitioned from losses to a profit of 4 billion riyals ($1.07 billion), made possible by increased sales volumes, higher margins, and reduced financing costs.
Despite diversification, Saudi Aramco remains the primary player in the sector, accounting for 96% of the total profit of the companies included in the report. In the first half of 2026, Aramco's net profit was 241.6 billion riyals ($64.4 billion), which is 33.3% higher than the previous year's level. The company continues to implement major infrastructure projects, including the expansion of the Zuluf field, the Fadhili gas processing plant, and the development of the Jafurah field.
Analysts point to mixed results: while the transport and refining segments are showing growth, oilfield services companies such as ADES and Arabian Drilling have faced operational difficulties or losses. Mohammed Hamdi Omar notes that some of the record figures are due to a low base effect from 2025 and temporary geopolitical factors affecting freight costs.
The sector is expected to remain resilient in the second half of 2026, though growth rates may slow down. Future results will depend on the quality of companies' operational activities and their ability to adapt to potential changes in the shipping market and global supply chains.
Source: aawsat.com
