Earnings split: Kayan and Sipchem stall on supply snarls; Aldrees, Tadweer, and Jamjoom profit

The latest batch of Saudi earnings is split in two: Petrochemical names bled, with Saudi Kayan and Sipchem sinking deeper into the red as supply-chain disruptions left product unsold and dragged volumes despite higher selling prices. By contrast, Aldrees rode a larger service station network and truck fleet, Tadweer an export push, and Jamjoom stronger Gulf and North African sales to turn top-line growth into higher bottom lines.

Aldrees grows on station and fleet expansion

Aldrees Petroleum and Transport Services posted a 28.1% y-o-y rise in net income to SAR 123.9 mn in 2Q 2026, outpacing an 18% increase in revenue to SAR 7.33 bn, it said in a Tadawul filing. Growth came from the core petrol and transport divisions, driven by more service stations in operation and a larger truck fleet. Higher income from bank deposits, sukuk holdings, and other sources added to the total.

In the first half of the year, net income rose 18.4% y-o-y to SAR 234.1 mn on revenue of SAR 14.16 bn, up 17.6%, driven by the same station and fleet expansions.

Sales volume sinks Kayan’s 2Q

Saudi Kayan Petrochemical deepened its losses in 2Q 2026, with the net loss widening 35.5% y-o-y to SAR 672.8 mn, according to a Tadawul filing. Revenue fell 10% y-o-y to SAR 2 bn, though it recovered 35% from the first quarter.

The squeeze was a volume story. Sales volumes fell 40% y-o-y in the quarter even as average selling prices ran 51% higher, with supply-chain problems cutting into quantities sold, it said in an earnings release (pdf). Higher costs for certain raw materials compounded it, roughly tripling gross loss to SAR 338.8 mn.

In 1H 2026, the net loss was near-flat, widening just 1.2% y-o-y to SAR 1.3 bn, while revenue dropped 18.6% y-o-y to SAR 3.5 bn. The second quarter carried most of the deterioration.

One line to watch: Accumulated losses reached SAR 7.2 bn by end-June, or 47.92% of the company’s SAR 15 bn share capital, inching toward the 50% level that obliges a Saudi-listed company to call shareholders together to decide whether to keep operating.

Supply chain disruptions drag Sipchem

Sahara International Petrochemical Company (Sipchem) slipped deeper into the red in 2Q, posting a net loss of SAR 591.9 mn, compared to a loss of SAR 169.2 mn in the same quarter last year, according to a Tadawul disclosure. Revenue more than halved, dropping 54.8% y-o-y to SAR 860.9 mn.

The core problem? Sipchem couldn’t sell what it made. Supply-chain problems left unsold inventory piling up, pushing revenue lower despite higher average selling prices, while costlier butane, ethylene, and propane squeezed margins further. Below the operating line, a SAR 328 mn impairment on an associate investment and a larger share of losses from equity-accounted investees compounded the hit.

The half-year results tell the same story. The company’s net loss reached SAR 807.2 mn in 1H 2026, compared to a net income of SAR 26.1 mn in 1H 2025. Revenue fell 46.1% y-o-y to SAR 2.1 bn over the same period.

Exports buoy Tadweer’s 2Q growth

National Environmental Recycling Company (Tadweer) more than doubled its 2Q bottom line, logging 154.5% y-o-y growth to SAR 21.3 mn, it said in a Tadawul disclosure. Revenue nearly tripled, climbing 183.6% y-o-y to SAR 648.29 mn as broader feedstock sourcing across Saudi Arabia’s major cities and an expanded customer base lifted sales volumes. Quantities sold rose 85% y-o-y, while export sales climbed 223% in the quarter.

The 1H read: In the first half, net income climbed 56.8% y-o-y to SAR 41.8 mn, with revenue up 130.2% y-o-y to SAR 1.1 bn.

Export growth carries Jamjoom Pharma

Jamjoom Pharma grew 2Q net income 4% y-o-y to SAR 137.6 mn, but revenue rose three times faster, up 12% to SAR 445.3 mn, it said in an earnings release (pdf). While higher volumes and exports to the Gulf and North Africa drove sales growth, the gains were absorbed by commercial hiring, marketing expenses, adverse foreign-exchange shifts, and weaker joint-venture returns.

The half-year read: In 1H, net income rose 5.8% y-o-y to SAR 305.8 mn on revenue of SAR 926.7 mn, up 8.5%