A fresh batch of results: Kingdom Holding, SAL, Advanced Petrochemical, Bawan, Masr, and more

Volumes, not prices: The theme across today’s batch of earnings is that pricing held up almost everywhere — Advanced Petrochemical’s netbacks rose 20%, Umm Al Qura sold at higher prices, SAL improved its pricing and service mix — and the companies whose earnings fell lost them because they couldn’t actually move their product.

KHC’s bottom line falls despite revenue growth

Kingdom Holding Company’s (KHC) net income declined 61.7% y-o-y to SAR 304.2 mn in 3Q, according to a Tadawul filing. Revenue, meanwhile, increased 36% to SAR 850.3 mn, driven by higher hotel and other operating revenue and increased dividend income. The bottom line was impacted by “a one-off reversal of impairment on equity accounted investee recorded in the prior-year quarter,” as well as higher costs, tax payments, and Zakat.

The company’s 9M 2026 bottom line was also down 44.4% y-o-y to SAR 906.3 mn, while revenue edged up 3.3% to SAR 2.06 bn.

Advanced Petrochemical: Barely in the black

Advanced Petrochemical’s net income declined 94.4% y-o-y to SAR 4 mn in 3Q, according to a Tadawul filing. Revenue also fell 4.3% to SAR 974 mn, and there was a 20% drop in sales volumes due to logistics disruptions amid the regional tensions, despite a 12% increase in production and a 20% rise in netback prices, the company said.

Margins come under pressure: Gross income fell 17.9% y-o-y to SAR 193 mn, while operating income declined 32.4% to SAR 123 mn. The company attributed the decline to an 8% increase in propane prices, the recognition of depreciation and fixed costs and financial charges for a full three months compared with just two and half months in the same period last year.

The first nine months saw higher sales, but a weaker bottom line: The company reported a net loss of SAR 65 mn from SAR 225 mn in the same period last year, while revenue increased 23.6% to SAR 2.9 bn.

Weaker industrial sales hit Bawan’s bottom line

Bawan reported a 37.6% y-o-y decline in net income to SAR 14.9 mn in 3Q, according to a Tadawul filing. Revenue also fell 19.9% to SAR 872.7 mn, driven by lower sales volumes in electrical industries, metal industries, and wood products sectors, as well as lower revenue recognized from ongoing oil and gas projects.

9M told a similar story, as net income fell 41.1% to SAR 120.8 mn, while revenue declined 3.1% to SAR 2.87 bn compared with the same period last year. The decline reflects a one-off accounting gain of SAR 126.5 mn recognized a year earlier following the Petronash acquisition. Lower income in electrical and wood products, higher purchase price allocation (PPA) amortization and administrative expenses also weighed on earnings, partly offset by stronger oil and gas, metal and plastics performance, alongside lower finance and zakat costs.

Outlook: The company expects to record around SAR 23 mn in PPA amortization expenses in 4Q, including the full amortization of the remaining SAR 16 mn contract order backlog, according to its earnings (pdf). The quarterly charges are expected to fall from 2027, to around SAR 7 mn, as amortization shifts to the remaining acquired intangible assets and property, plant and equipment.

Umm Al Qura’s earnings pick up

Umm Al Qura for Development and Construction posted a 29.1% y-o-y increase in net income to SAR 666.9 mn in 3Q, according to a Tadawul filing. Revenue also rose 29.4% to SAR 1.64 bn driven by higher selling prices. 9M 2026 net income increased 1.6% y-o-y to SAR 927.9 mn and revenue grew 8.1% to SAR 2.63 bn.

SAL’s logistics operations supported its earnings growth

SAL Saudi Logistics Services’ net income rose 28.2% y-o-y to SAR 231.9 mn in 3Q on record revenue up 37.5% at SAR 579.3 mn, according to a Tadawul disclosure and an earnings release (pdf). Cargo ground handling provided SAR 504 mn of that, rising 35% as activity recovered from the regional disruption, while logistics revenue rose 53.1%. Nine-month net income rose 16.9% to SAR 579.9 mn on revenue up 28.2% at SAR 1.54 bn, with earnings trailing revenue on expansion investment, higher finance costs and a SAR 26 mn operating loss in logistics.

Dividends: The company approved the distribution of SAR 173.6 mn in dividends for 3Q 2026 on 24 November, which is equivalent to SAR 2.17 per share, according to a separate disclosure.