Saudi Q3 Filings: Nine-Month Profit Rises 94.7 Percent at Tadweeer and 19.8 Percent at Aldrees
National Environmental Recycling Co., listed as Tadweeer, raised its nine-month net profit 94.7 percent to 73.3 million riyals. Revenue climbed 154.8 percent to 1.92 billion riyals. Fuel retailer and transporter Aldrees grew nine-month profit 19.8 percent to 371.6 million riyals, on revenue of 22.13 billion riyals. Saudi Kayan swung to an operating profit in the third quarter, helped by a provision reversal, and narrowed its quarterly net loss 72.0 percent. The three companies posted their results for the first nine months of 2026 on the Saudi Exchange on Wednesday, between 05:34 and 06:40 GMT.
All three improved faster in the third quarter than across the nine months, on our reading. Tadweeer’s quarterly profit rose 186.5 percent on the year, against 94.7 percent for the nine months. Quarterly profit at Aldrees rose 22.3 percent, against 19.8 percent for the nine months.
Tadweeer: Third-Quarter Revenue Triples on Added Capacity
Tadweeer’s third quarter was its biggest of 2026 so far, on our reading. Revenue reached 780.9 million riyals, up 202.0 percent on the same quarter of 2025. Net profit rose 186.5 percent to 31.5 million riyals.
The company put the jump down to higher production capacity. Tadweeer said the quantity sold rose an estimated 73 percent on the year. Export sales grew an estimated 212 percent and local sales an estimated 174 percent, by Tadweeer’s account. Additional recycling service revenue added to the total.
Against the second quarter, sales rose 20.5 percent and net profit 48.1 percent. The company said better collection of receivables cut its expected credit loss charge, and efficient management and use of loans lowered financing costs.
Tadweeer by quarter, 2026, million riyals
| Quarter | Revenue | Net profit | Gross margin % |
|---|---|---|---|
| Q1 | 493.6 | 20.5 | 6.11 |
| Q2 | 648.3 | 21.3 | 6.26 |
| Q3 | 780.9 | 31.5 | 6.17 |
| 9M | 1,922.8 | 73.3 | 6.19 |
Q1 from the previous-quarter column of the company’s first-half filing; Q2 and Q3 from its nine-month filing. Riyal figures rounded to millions and gross margins, gross profit over revenue, are our calculation.
The third quarter delivered 43.0 percent of the nine-month profit, on our calculation. Quarterly revenue has risen 58.2 percent since the first quarter, on our calculation.
Growth came at a thinner margin. The nine-month gross margin was 6.19 percent, against 8.70 percent a year earlier, on our calculation. The net margin eased to 3.81 percent from 4.99 percent, on our calculation. The company said higher shipping and insurance costs, tied to market volatility in 2026, moderated profit growth. Within 2026 the gross margin has stayed in a narrow band between 6.11 and 6.26 percent, on our calculation.
Earnings per share were 0.322 riyals for the nine months, against 0.168 riyals. Total equity rose 37.8 percent to 379.8 million riyals.
Aldrees: Quarterly Profit Climbs Through 2026
Aldrees grew third-quarter revenue 16.4 percent to 7.98 billion riyals. Quarterly net profit rose 22.3 percent to 137.6 million riyals. The company credited more service stations in operation and a larger truck fleet.
The company tied the profit rise to higher Petrol and Transport division sales and more income from sukuk. It also listed lower income from bank deposits and other income, lower joint venture profit, and higher selling, administrative and finance costs and zakat.
Aldrees by quarter, 2026, million riyals
| Quarter | Revenue | Net profit | Net margin % |
|---|---|---|---|
| Q1 | 6,829.5 | 110.1 | 1.61 |
| Q2 | 7,329.3 | 123.9 | 1.69 |
| Q3 | 7,976.0 | 137.6 | 1.73 |
| 9M | 22,134.8 | 371.6 | 1.68 |
Q1 from the previous-quarter column of the company’s first-half filing; Q2 and Q3 from its nine-month filing. Year-on-year changes in the text are against prior-year figures the company adjusted retrospectively for its accounting treatment of Iqama issuance and renewal costs. Net margins are our calculation.
Profit rose in the second and third quarters, each above the one before, on our count. The third quarter was 25.0 percent above the first, on our calculation. The net margin edged up in both quarters too, on our calculation.
The extra sales came with a better margin. Nine-month revenue rose 3.25 billion riyals on the year, on our calculation. Profit rose 61.4 million riyals, on our calculation. That is 1.89 riyals of extra profit for every 100 riyals of extra sales, above the 1.64 percent margin of the first nine months of 2025, on our calculation.
The gross margin was 3.61 percent, against 3.64 percent a year earlier, on our calculation. Earnings per share rose to 3.72 riyals from 3.10 riyals. Equity grew 17.7 percent to 1.86 billion riyals.
The two growth stories run on different economics. Aldrees keeps 1.68 riyals of every 100 riyals of sales as profit, and Tadweeer 3.81 riyals, on our calculation. Aldrees wins on scale: its sales were 11.5 times Tadweeer’s over the nine months, on our calculation.
Saudi Kayan Swings to an Operating Profit in the Third Quarter
Saudi Kayan posted a third-quarter gross profit of 195.4 million riyals and an operating profit of 52.1 million riyals. A year earlier it had negative results on both lines. Quarterly revenue rose 1.6 percent on the year to 2.19 billion riyals, and 8.9 percent on the second quarter.
The company cited higher selling prices, cost reduction initiatives and a partial reversal of a spare parts provision. That reversal came to 129 million riyals, the company said.
Saudi Kayan by quarter, 2026: revenue climbs for a second quarter, million riyals
| Quarter | Revenue | Gross profit | Operating profit |
|---|---|---|---|
| Q1 | 1,487.72 | -284.26 | -461.86 |
| Q2 | 2,008.87 | -338.77 | -522.24 |
| Q3 | 2,187.92 | 195.44 | 52.07 |
Q1 from the company’s first-quarter filing; Q2 and Q3 from its nine-month filing. The run of quarterly revenue rises is on our count.
Third-quarter revenue was 47.1 percent above the first quarter’s, on our calculation. Kayan still posted a net loss. The third-quarter loss was 94.2 million riyals, 72.0 percent narrower than a year earlier. In the second quarter it was 672.8 million riyals. The 129 million riyal reversal was larger than the quarter’s net loss, and larger than its 52.1 million riyal operating profit, on our reading. Over nine months the net loss narrowed 14.1 percent to 1.38 billion riyals. Nine-month revenue fell 11.8 percent to 5.68 billion riyals. The company said it sold smaller quantities because of supply chain challenges. Accumulated losses stood at 7.28 billion riyals, 48.54 percent of capital, the filing showed.
Saudi Kayan said it is working to improve plant reliability, cut operating costs and use the Kingdom’s integrated supply chain infrastructure to keep operations running.
Why it matters: These filings span recycling, fuel retail and industrial plants. Higher production capacity drove Tadweeer’s sales jump, by the company’s account. Aldrees earns a little more on each riyal of sales as its station and truck network grows, on our reading. Kayan credited higher prices, cost reduction initiatives and a 129 million riyal provision reversal for its third-quarter turn, so the coming quarters will show how much of the gain holds.
Outlook: The full-year filings will test three things. The first is whether Tadweeer’s third-quarter volumes carry into the fourth quarter. Aldrees will show whether its net margin keeps edging up as the network grows. For Saudi Kayan, the test is whether higher prices and cost reduction initiatives keep operating profit positive without a further provision reversal.
Sources: Tadweeer, Aldrees, Saudi Kayan, Saudi Exchange, The Edge.
