Sabic Agri-Nutrients, Mobily, Yamama Cement, Yansab and Bank Albilad report 3Q earnings

Sabic Agri-Nutrients kept cargo moving at a cost

Sabic Agri-Nutrients reported saw net income fall 62% y-o-y to SAR 484 mn in 3Q 2026, while revenue fell 8.6% y-o-y to SAR 3.22 bn, according the company’s earnings (pdf). It attributed the decline to lower sales from supply-chain disruptions, with shipping expenses adding to the pressure, alongside a weaker contribution from an associate and a joint venture.

The nine-month read was similar: Net income fell 37% y-o-y to SAR 2.09 bn in 9M 2026, while revenue declined 14% to SAR 8.51 bn.

The q-o-q picture offered some relief: Net income increased 27.7% from SAR 379 mn in 2Q, as the company rerouted exports through the Red Sea and recovered lost sales volume.

How it kept product moving: With the Strait of Hormuz restricting Gulf exports, the company opened alternative shipping routes through the Red Sea ports of Yanbu, Neom, and Rabigh, plus Jeddah, and added a new east-to-west transport line running more than 25 carriers. That rerouting is what let it keep supplying customers while other Arabian Gulf producers stayed boxed in.

Meanwhile, the Sabic AN has been adding more urea, preparing for a 4Q where it expects urea prices to hold broadly stable, supported by restocking ahead of the spring season and stronger European imports, with supply tightening as China pauses exports to meet seasonal domestic demand. However, a sudden reopening of Hormuz could release additional volumes and push prices down.

Steady from Mobily

Etihad Etisalat’s (Mobily) net income inched up 1% y-o-y to SAR 925 mn in 3Q 2026, as consumer and wholesale demand and subscriber growth lifted revenue 4.5% to SAR 5.1 bn, according to a Tadawul filing. The gap between top-line and bottom-line growth stems from higher depreciation and amortization, which weighed on operating gains, while lower finance costs and higher other income helped offset the decline and keep net income broadly flat.

The fuller period is stronger. Over nine months net income rose 7.7% y-o-y to SAR 2.71 bn on revenue of SAR 15.2 bn, up 5.1% y-o-y, as every revenue stream expanded alongside subscriber growth.

Yamama Cement doubles its bottom-line

Yamama Cement saw net income more than double in 3Q 2026, up 108.3% y-o-y to SAR 74.7 mn, according to a Tadawul disclosure. Revenue rose 17.5% y-o-y to SAR 366.4 mn, which the company put down to a higher average selling price.

Over nine months the gains were milder: Net income rose 13.8% y-o-y to SAR 340.1 mn on revenue of SAR 1.06 bn, up 3.7% y-o-y, on higher volume and pricing plus a lift from other income.

Higher prices lift Yansab’s 3Q

Yanbu National Petrochemical’s (Yansab) net income more than tripled in 3Q, increasing 219.8% y-o-y to SAR 237.3 mn, it said in an earnings release (pdf). Revenue also rose 27.5% to SAR 1.68 bn, thanks to higher sales volumes and better average selling prices across most products. Higher input costs partly offset the gains, while steady plant reliability kept output consistent.

The recovery held across nine months: Net income jumped 283.2% y-o-y in 9M 2026 to SAR 507.3 mn and revenue climbed 15.5% y-o-y to SAR 4.9 bn.

Bank Albilad’s net income dips

Bank Albilad’s bottom line softened in 3Q 2026 even as its balance sheet kept expanding at a double-digit clip. The lender posted net income of SAR 740.2 mn, down 3.4% y-o-y, as higher operating costs and a sharp build in credit provisions offset solid top-line growth, it said in a Tadawul filing.Its total financing income rose 6.9% y-o-y to SAR 2 bn over the quarter, while investment commission income jumped 35.7% to SAR 587.7 mn.

What weighed on the books: Total operating expenses before provisions rose 9.5% y-o-y to SAR 708.9 mn, and the net charge for expected credit losses more than doubled to SAR 82.4 mn from SAR 33 mn a year earlier. Albilad pinned the higher costs on general and administrative expenses, credit-loss impairments, and depreciation, partly cushioned by lower staff costs.

9M edged higher: Net income rose 1.6% y-o-y to SAR 2.27 bn, while total income from financing rose 8% y-o-y to SAR 6 bn and investment income reached SAR 1.6 bn, up 31.5%.

And the balance sheet kept growing: Total assets reached SAR 185.9 bn at end-September, up 10.7% y-o-y, with the financing portfolio up 11.4% to SAR 132.8 bn and clients’ deposits up 12.7% to SAR 145.4 bn