Earnings season reaches its peak

1Q 2026 corporate earnings showed a mixed performance, with banks and telecoms posting gains supported by volume growth and expanding customer bases and investment and agricultural firms reporting bottom-line declines amid higher costs and tough comparisons. Some industrial players, like Sabic Agri-Nutrients, managed to offset weaker volumes with higher global prices.

Kingdom Holding

Kingdom Holding’s bottom line retreated 38% y-o-y to SAR 269 mn in 1Q 2026, which it attributed to last year’s one-off dividend gains, the company said in its latest earnings release (pdf). While overall revenue slipped 23% y-o-y to SAR 573 mn, the firm’s hotels and other operating revenues rose 11%.

Saudi Awwal Bank

Saudi Awwal Bank’s net income edged down 2.3% y-o-y to SAR 2.1 bn, weighed by higher operating expenses and increased provisions for expected credit losses amid elevated uncertainty. Meanwhile, financing income rose 3.3% y-o-y to SAR 4.4 bn and investment income saw a modest 0.5% uptick to SAR 1.1 bn.

Alinma Bank

Alinma Bank reported an 11.3% y-o-y rise in net income to SAR 1.7 bn in 1Q 2026, underpinned by a 7% jump in total operating income, according to a disclosure to Tadawul. Financing income ticked up 6.9% y-o-y to SAR 3.8 bn, while investment income jumped 10.1% to SAR 624.5 mn on higher financing and investment volumes.

Dividends: The bank’s board decided on a dividend distribution totaling SAR 747.5 mn for the quarter, equivalent to SAR 0.25 per share, with distribution set for 20 May.

Mobily

Etihad Etisalat Co. (Mobily) loggeda bottom line of SAR 880 mn last quarter, up 14.7% y-o-y. Revenue increased 5.5% y-o-y to SAR 5 bn, thanks to broad-based growth across revenue streams and a larger subscriber base.

Sabic Agri-Nutrients

Sabic Agri-Nutrients posted a 25% y-o-y jump in net income to SAR 1.2 bn despite a 7% y-o-y dip in revenue to SAR 2.9 bn, it said in its latest earnings release (pdf). Although sales volumes fell, the company’s bottom line was bolstered by rising global fertilizer prices stemming from market tightness — driven by supply disruptions — along with heavy stockpiling in Africa and India.

Nadec

The National Agricultural Development Company (Nadec) saw its net incomedrop 9.4% y-o-y to SAR 93.7 mn in 1Q 2026, hit by lower sales, higher cost of sales, and SAR 5.9 mn in joint venture losses. Revenue slid 9.3% y-o-y to SAR 917.9 mn over the same period, as a dip in agriculture, dairy, and beverage sales outweighed a 29.9% rise in protein sales.

Jamjoom Pharma

Jamjoom Pharma posted a 7% y-o-y increase in net income to SAR 168.2 mn for 1Q 2026, it said in an earnings release (pdf). CEO Tarek Hosni credited the performance to “effective cost discipline, enhanced operating leverage, and a clear focus on value-accretive growth.” The firm’s top line grew 5% y-o-y to SAR 481.4 mn, driven by steady demand for key brands and broader geographic diversification.