Petro Rabigh back in the black, ends four-year loss streak

Earnings season is in full swing, with Petro Rabigh, Yanbu National Petrochemical, Saudi Kayan Petrochemical, and more out with their 1Q 2026 earnings.

Petro Rabigh

Petro Rabigh swung into the black for the first time in four years, posting a net income of SAR 1.5 bn in 1Q 2026 compared to a SAR 691 mn loss a year earlier, it said in a Tadawul disclosure. The firm’s revenue rose 32.4% y-o-y to SAR 14.9 bn during the quarter. The turnaround was driven by higher sales of refined and petrochemical products and a late-quarter uplift in refined product prices amid tighter supply-demand conditions and market volatility. Lower financing costs further supported the results.

The company’s accumulated losses also fell below the 20% threshold to 14.8% of share capital, or SAR 2.5 bn, following a capital reduction, according to a separate disclosure. Share capital was cut to SAR 16.7 bn from SAR 22 bn, with the nominal value of Class A ordinary shares reduced to SAR 6.85 from SAR 10, resulting in a SAR 5.3 bn write-off to partially offset accumulated losses.

Yansab

Yanbu National Petrochemical Co. (Yansab) recorded an 18.2% y-o-y drop in net income to SAR 11.2 mn in 1Q 2026, well below Bloomberg analyst expectations of SAR 42.6 mn. Weaker product pricing, lower sales volumes, and scheduled plant maintenance shutdowns underpinned the decline. Revenue also fell 12.7% y-o-y to SAR 1.3 bn over the same period.

Saudi Kayan

Saudi Kayan Petrochemical saw its net loss narrow 20.1% y-o-y in 1Q 2026 to SAR 614.6 mn, driven by lower raw material costs and reduced general and administrative expenses. Meanwhile, revenue declined 27.8% y-o-y to SAR 1.5 bn, weighed down by a dip in prices and lower sales volumes.

Sadafco

Saudia Dairy and Foodstuff Co.’s (Sadafco) net income fell around 35% y-o-y in 1Q 2026 to SAR 82 mn, it said in a Tadawul disclosure. Management attributed the drop to higher raw material and fuel costs and rising inflation. Its topline dropped around 2.6% y-o-y to SAR 737.6 mn for the same period, owing to a decline in sales stemming from price corrections.

Arabian Cement

Arabian Cement Company’s net income rose 153.8% y-o-y in 1Q 2026 to SAR 59.9 mn, thanks to higher selling and export volumes and lower depreciation costs, according to a Tadawul disclosure. Meanwhile, revenues rose around 5% y-o-y to SAR 250.2 mn in the same period.