The net profit of the Saudi Energy Company during the third quarter of 2026 increased by 0.4 percent on an annual basis, to reach 5.35 billion riyals ($1.43 billion), compared to about 5.33 billion riyals ($1.42 billion) during the same quarter of the previous year.
On a quarterly basis, net profit increased by 9.5 percent compared to the second quarter of 2026, during which the company recorded profits amounting to 4.89 billion riyals ($1.30 billion).
The company explained, in a statement on the Saudi Stock Exchange “Tadawul” website, today (Tuesday), that the increase in profits on an annual basis is mainly due to the growth in operating revenues, the decrease in the provision for expected credit losses, in addition to the increase in the company’s share of equity investment profits.
She added that these factors were partially offset by higher operating and maintenance expenses as a result of business growth and expansion of the operating asset base, and a decrease in other revenues, in addition to higher net financing costs as a result of obtaining new financing to support capital plans.
The company's revenues increased during the third quarter of 2026 by 12.9 percent on an annual basis, reaching 35.04 billion riyals ($9.35 billion), compared to about 31.05 billion riyals ($8.28 billion) in the parallel quarter of the previous year.
Nine-month results
By the end of the first nine months of 2026, the company’s revenues increased by 11.5 percent to reach 87.24 billion riyals ($23.27 billion), compared to about 78.27 billion riyals ($20.87 billion) during the same period of the previous year.
The company indicated that the growth in revenues during the period is mainly due to the increase in required revenues recognized as a result of the growth of the asset base regulating the electrical network, and the increase in revenues from contracts for developing and managing projects for the construction of stations and transmission lines, in addition to the continued growth of the customer base.
The net profit attributable to shareholders amounted to 12.08 billion riyals ($3.22 billion) during the first nine months of 2026, compared to 11.58 billion riyals ($3.09 billion) during the same period of the previous year, an increase of 4.3 percent.
Average gasoline prices in the United States fell below $4 per gallon for the first time since mid-July, in an indicator that gives consumers some relief after months of sharp rises that followed the outbreak of the war with Iran, although prices remain at higher levels than usual for this time of year.
According to data from the American Automobile Association, the average retail price of regular gasoline nationwide fell to $3.98 per gallon on Monday, continuing a decline that began in late September. This is the first time that the average has fallen below this important psychological level since mid-July.
Fuel prices at fuel stations jumped after the United States and Israel launched military strikes on Iran in late February, causing a shock in energy markets as a result of the disruption of exports of crude oil and refined products through the Strait of Hormuz, one of the most important energy transport corridors in the world.
Global supply disruptions have increased pressure on the fuel market, with the escalation of Ukrainian attacks on Russian refineries and a decline in China's exports. Although gasoline prices typically decline as winter approaches and demand for driving declines, they are still about 19 percent higher than their seasonal average.
On the other hand, there were signs of improved supplies. US gasoline stocks, which had remained below seasonal levels since late April, began to recover, coinciding with a decline in crude oil prices due to growing hopes for a quicker settlement of the war. Gasoline futures also fell this month.
But the pace of decline in fuel prices at the gas station is usually slower than their increase, which means that consumers may not feel the full impact of falling oil prices quickly. The possibility of renewed confrontation between the United States and Iran also remains a factor that could push gasoline prices to rise again.
In contrast, diesel prices are still above $6 per gallon, after exceeding this level for the first time in September.
Bond yields fell in the euro zone on Tuesday, with yields in countries most exposed to financial pressure, such as France, recording a greater decline, as the recent decline in energy prices provided breathing room for markets.
The 10-year German bond yield, which is a benchmark for the euro zone, fell by two basis points to 3.25 percent, while the two-year German bond yield fell by about 3 basis points to 2.98 percent, according to Reuters.
Oil and gas prices were one of the main factors affecting bond yields in the euro zone in recent months. Yields rose globally to their highest levels in decades in late September, amid fears that rising oil and gas prices will stoke inflation, in addition to the growing volume of borrowing by governments and companies.
However, Brent crude prices declined significantly from their recent high levels to below $91 per barrel, a decrease of 1.6 percent during Tuesday’s trading, in addition to a decline in standard European natural gas prices by 1 percent. They provided some support to bond markets.
This came after US President Donald Trump reduced the need to take additional military measures against Iran “for the time being,” which allayed fears of continued disruptions to supplies coming from the Middle East.
The impact of the decline in energy prices was more evident in the markets that recorded weaker performance during the recent period.
In France, whose bond yields rose at a pace that exceeded their European counterparts during September and October, with investors focusing on its financial situation, the 10-year bond yield fell by 6 basis points on Tuesday, to 4.69 percent.
The Italian 10-year bond yield also fell by 5 basis points to 4.26 percent.
