Saudi Nine-Month Profit: United Carton Up 73.1 Percent, Electrical Industries Up 37.7 Percent
United Carton Industries raised its nine-month net profit 73.1 percent to 81.89 million riyals. Electrical Industries grew its own 37.7 percent, to 579.99 million riyals. Five of the six Saudi companies in this roundup grew profit on the year, on our count. East Pipes reports the six months to 30 September, the first half of its April to March fiscal year. The other five report the nine months. All six filed on the Saudi Exchange between 12:40 GMT on 21 October and 05:02 GMT on 22 October. Thob Al Aseel, Jamjoom Pharma and the Saudi Investment Bank make up the rest of the gainers.
The filings follow our 21 October roundups of Gulf banks and of Tadweeer, Aldrees and Saudi Kayan, our 20 October pieces led by Yamama Cement and YANSAB, and Saudi Awwal Bank’s result, which ran with Commercial Bank of Dubai’s on 22 October.
Profit Rises at Five of Six Saudi Companies
| Company | Net profit (SAR m) | Prior year (SAR m) | Change |
|---|---|---|---|
| United Carton Industries | 81.89 | 47.30 | +73.1% |
| Electrical Industries | 579.99 | 421.22 | +37.7% |
| Thob Al Aseel | 88.51 | 78.24 | +13.1% |
| Jamjoom Pharma | 416.05 | 395.73 | +5.1% |
| Saudi Investment Bank | 1,557.50 | 1,534.20 | +1.5% |
| East Pipes (fiscal H1) | 200.91 | 248.85 | -19.3% |
Net profit attributable to shareholders, nine months to 30 September 2026 against the same period of 2025, from each company’s Saudi Exchange filing. East Pipes reports six months to 30 September on an April to March fiscal year. Electrical Industries and United Carton print in thousands of riyals and East Pipes in riyals; all are shown in millions. The five-of-six tally is our count.
United Carton and Electrical Industries Lead the Gains
United Carton’s revenue rose 8.2 percent to 1.14 billion riyals. The company credits higher sales volumes across all its segments and higher average selling prices. Profit grew far faster than sales. Net margin widened to 7.17 percent from 4.48 percent, on our calculation. Gross margin rose to 16.48 percent from 13.97 percent, also on our calculation.
Third-quarter profit was United Carton’s highest of 2026, on our calculation. It rose 40.5 percent to 28.95 million riyals. Revenue rose in both the second and third quarters, on our calculation. It went from 353.49 million riyals in the first quarter to 384.09 million in the second and 405.11 million in the third. The company says higher paper prices and freight and logistics costs offset part of the third-quarter gain.
Electrical Industries grew revenue 25.2 percent to 2.00 billion riyals. It points to rising demand across all sectors in the Kingdom, notably high-voltage substations, infrastructure and new industrial projects that include oil and gas. A more diversified product mix, including some higher-margin products, added to the gain.
The company also recovered a fine it had paid to the General Authority for Competition, after an appeal court ruled in its favour. That refund was 26.1 million riyals. The filing lists it separately, and on our reading it is a one-time gain. It equals 16.4 percent of the 158.78 million riyal rise in nine-month profit, on our calculation. On our reading, the other 83.6 percent of the rise reflects the factors the company names: higher sales, a more diversified product mix and better margins, net of higher selling, distribution and finance costs. Net margin, which includes the refund, widened to 28.99 percent from 26.36 percent, on our calculation. Third-quarter profit rose 10.3 percent to 177.69 million riyals. Nine-month earnings per share reached 0.52 riyals, up from 0.38 riyals.
Thob Al Aseel and Jamjoom Grow on Mix and Margin
Thob Al Aseel raised nine-month profit 13.1 percent to 88.51 million riyals. Sales rose 10.8 percent to 436.25 million riyals. The company cites higher demand, growth in its online store and higher export sales. A larger share of more profitable products and fair-value gains on investments lifted profit further.
The business is seasonal. The first quarter brought in 252.85 million riyals, or 58.0 percent of nine-month sales, on our calculation. The company says the second quarter rode the Eid Al-Adha season. Third-quarter sales slipped 1.9 percent on lower volume. Quarterly profit still rose 13.0 percent to 6.77 million riyals. Gross margin widened to 48.53 percent from 45.12 percent, on our calculation.
Jamjoom Pharma grew nine-month profit 5.1 percent to 416.05 million riyals. Revenue rose 7.1 percent to 1.28 billion riyals. The company credits growth in Saudi Arabia and strong sales in Iraq and the Gulf, led by its ophthalmology, dermatology and cardiometabolic lines.
Its gross margin rose to 64.53 percent from 62.89 percent, on our calculation. The company puts this down to production efficiencies and a better product and geographic mix. Net margin eased to 32.47 percent from 33.09 percent, on our calculation. The company says higher operating spending to support future growth offset part of the profit gain. Third-quarter profit rose 3.3 percent to 110.21 million riyals.
Net Margin, Nine Months 2026 Against 2025: Three of Five Widen
| Company | 2026 | 2025 | Change (points) |
|---|---|---|---|
| United Carton Industries | 7.17% | 4.48% | +2.69 |
| Electrical Industries | 28.99% | 26.36% | +2.63 |
| Thob Al Aseel | 20.29% | 19.87% | +0.42 |
| Jamjoom Pharma | 32.47% | 33.09% | -0.62 |
| East Pipes (fiscal H1) | 23.21% | 26.03% | -2.82 |
Net profit attributable to shareholders as a share of revenue, our calculation from each company’s filing. East Pipes covers the six months to 30 September. The Saudi Investment Bank is left out because a bank reports operating income, not revenue. The three-of-five tally is our count.
Saudi Investment Bank Grows Deposits, East Pipes Pays a Dividend
The Saudi Investment Bank raised nine-month profit 1.5 percent to 1,557.5 million riyals. Total operating income rose 1.4 percent to 3.21 billion riyals. The bank credits higher net special commission income, fee income from banking services, gains on disposals of debt securities and other income. Net special commission income rose 1.96 percent to 2.71 billion riyals, on our sum of its financing and investment lines.
The mix has shifted. Investments supplied 37.7 percent of net special commission income, up from 19.3 percent a year earlier, on our calculation. Provisions for expected credit losses fell 2.3 percent, which the bank puts down to improved credit quality. Its cost to income ratio improved to 40.27 percent from 40.75 percent, on our calculation.
Saudi Investment Bank Grows Deposits 14.8 Percent
| Measure | 30 Sep 2026 (SAR m) | 30 Sep 2025 (SAR m) | Change |
|---|---|---|---|
| Assets | 189,928 | 175,047 | +8.5% |
| Loans and advances | 119,036 | 110,581 | +7.6% |
| Clients’ deposits | 120,761 | 105,152 | +14.8% |
| Shareholders’ equity | 17,418 | 16,432 | +6.0% |
From the bank’s nine-month filing. Some prior-period amounts were reclassified by the bank.
Deposits grew faster than loans. The bank added 15.61 billion riyals of client deposits and 8.46 billion riyals of loans over the year, on our calculation. Loans now equal 98.57 percent of deposits, against 105.16 percent a year earlier, on our calculation. For the third quarter alone, net profit was 506.9 million riyals, 2.2 percent lower on the year, which the bank attributes to higher operating expenses.
East Pipes reported net profit of 200.91 million riyals for the six months to 30 September, the first half of its fiscal year. That was 19.3 percent lower than a year earlier, on revenue 9.5 percent lower at 865.50 million riyals. The company says delays in receiving raw materials, linked to current geopolitical conditions, cut production and sales volumes, and that freight and insurance costs rose.
The board declared a half-year dividend of 2 riyals a share, or 63 million riyals in total, payable on 5 November. That equals 31.4 percent of half-year profit, on our calculation. Shareholders’ equity stood at 1.64 billion riyals, 26.0 percent higher than a year earlier.
Why it matters: Much of this growth comes from the domestic economy, on our reading. Electrical Industries is selling into Saudi substations and infrastructure. The Saudi Investment Bank is gathering deposits faster than it lends. Three of the gainers widened net margins as sales grew, on our count. United Carton raised its average prices. Thob Al Aseel sold more of its higher-profit products, and Electrical Industries sold a more diversified mix. That suggests demand firm enough to absorb higher costs.
Outlook: United Carton says regional developments have not had a material effect on its accounts so far. East Pipes pays its dividend on 5 November. Its next half will show whether raw-material deliveries recover. Electrical Industries’ fourth quarter will show how much of its substation and infrastructure demand turns into deliveries. The full-year filings will also show whether Jamjoom’s extra operating spending lifts its sales growth.
Sources: United Carton Industries, Electrical Industries, Thob Al Aseel, Jamjoom Pharma, Saudi Investment Bank, East Pipes, Saudi Exchange, The Edge.
