Saudi Q3 Results: Yamama Cement Profit Up 108.3 Percent as Two Banks and Mobily Grow Revenue
Yamama Cement, Banque Saudi Fransi, Mobily and Bank Albilad all grew third-quarter revenue, on our count, in results filed on the Saudi Exchange on 19 and 20 October. Yamama Cement more than doubled its profit in the three months to 30 September, to 74.7 million riyals. That is 2.08 times its profit a year earlier, on our calculation. Banque Saudi Fransi raised its profit 11.5 percent to 1,509 million riyals.
Mobily nudged quarterly profit up 1.0 percent to 925 million riyals. Bank Albilad grew nine-month profit 1.6 percent to 2,267.5 million riyals. Nine-month profit rose at all four companies, on our count.
Together the four earned 3,248.9 million riyals in the quarter, 5.8 percent more than a year earlier, on our calculation. YANSAB and SABIC Agri-Nutrients, which also reported on 20 October, are covered in a separate article.
Third-Quarter Profit Rises at Yamama Cement, Banque Saudi Fransi and Mobily
| Company | Q3 2026 (SAR m) | Q3 2025 (SAR m) | Change |
|---|---|---|---|
| Yamama Cement | 74.7 | 35.9 | +108.3% |
| Banque Saudi Fransi | 1,509 | 1,353 | +11.5% |
| Mobily | 925 | 916 | +1.0% |
Net profit, from each company’s filing on the Saudi Exchange. Yamama Cement files in thousands of riyals: 74,703 against 35,867.
Third-Quarter Revenue Rises at Yamama Cement, Banque Saudi Fransi, Bank Albilad and Mobily
| Company | Q3 2026 (SAR m) | Q3 2025 (SAR m) | Change |
|---|---|---|---|
| Yamama Cement | 366.4 | 311.8 | +17.5% |
| Banque Saudi Fransi | 2,862 | 2,599 | +10.1% |
| Bank Albilad | 1,616.4 | 1,534.9 | +5.3% |
| Mobily | 5,068 | 4,849 | +4.5% |
For the two banks, revenue is total operating income. Yamama Cement’s sales were 366,411 thousand riyals against 311,774 thousand.
Higher Selling Prices Lift Yamama Cement
Yamama gave a single reason for the jump in its profit on the year: a higher average selling price. Sales rose 17.5 percent. Gross profit rose 115.7 percent to 121.3 million riyals. Operating profit rose 201.5 percent to 98.3 million riyals.
On our calculation, net profit rose by 38.8 million riyals on a 54.6 million riyal rise in sales. That profit gain equals 71.1 percent of the extra revenue, on our calculation. The gross margin widened to 33.1 percent from 18.0 percent, on our calculation. The net margin reached 20.4 percent, against 11.5 percent a year earlier, on our calculation.
Over nine months, profit rose 13.8 percent to 340.1 million riyals. Sales rose 3.7 percent to 1,061.2 million riyals. The company credited higher volumes, a higher average selling price and more other income. Its nine-month net margin came to 32.0 percent, against 29.2 percent, on our calculation. Earnings per share reached 1.68 riyals, up from 1.48 riyals.
Third-quarter profit was 38.5 percent below the 121.5 million riyals earned in the second quarter. The company tied this to a lower average price and higher financing costs. Sales still rose 3.2 percent on the quarter, on higher volume.
Banque Saudi Fransi and Bank Albilad Grow Deposits and Financing
Banque Saudi Fransi lifted total operating income 10.1 percent in the quarter. The bank said higher net special commission income, fees, trading income and exchange income drove the gain. Total operating expenses rose 9.7 percent and only partly offset that gain. The bank’s cost-to-income ratio improved to 32.4 percent from 32.9 percent, on our calculation, with costs taken before provisions.
Charges for expected credit losses rose 14.3 percent to 271 million riyals. Nine-month profit climbed 6.9 percent to 4,377 million riyals. Earnings per share reached 1.62 riyals, from 1.53 riyals.
Customer deposits at Banque Saudi Fransi grew 9.3 percent in 12 months to 203,227 million riyals. Its loans and advances portfolio grew 6.9 percent to 230,399 million riyals. Deposits outran lending, so the loans-to-deposits ratio eased to 113.4 percent from 116.0 percent, on our calculation.
On our reading, Bank Albilad’s balance sheet grew faster still. Its deposits rose 12.7 percent to 145,365.7 million riyals. Financing climbed 11.4 percent to 132,761.2 million riyals. Total assets reached 185,890.5 million riyals, up 10.7 percent. In the quarter, operating income was up 5.3 percent. The bank said net income from investing and financing assets grew 7 percent.
Albilad’s third-quarter profit came to 740.2 million riyals, 3.4 percent lower than a year earlier. It had earned 766.5 million riyals in the same quarter of 2025. The bank attributed this to a 16 percent rise in total operating expenses, led by other general and administrative costs, impairment charges and depreciation; salaries fell. Its net impairment charge for expected credit losses rose to 82.4 million riyals from 33 million riyals.
Between them, the two banks added 33,701.6 million riyals of customer deposits over the year, on our calculation. That lifted their combined deposits 10.7 percent, on our calculation.
Nine-Month Profit Rises at Yamama Cement, Mobily, Banque Saudi Fransi and Bank Albilad
| Company | 9M 2026 (SAR m) | 9M 2025 (SAR m) | Change |
|---|---|---|---|
| Yamama Cement | 340.1 | 299.0 | +13.8% |
| Mobily | 2,706 | 2,513 | +7.7% |
| Banque Saudi Fransi | 4,377 | 4,094 | +6.9% |
| Bank Albilad | 2,267.5 | 2,232.6 | +1.6% |
Nine months to 30 September. Combined profit was 9,690.6 million riyals against 9,138.6 million riyals, up 6.0 percent, on our calculation.
Both Banks Expand Their Balance Sheets
| Measure | Banque Saudi Fransi | Bank Albilad |
|---|---|---|
| Customer deposits, growth | 9.3% | 12.7% |
| Loans and financing, growth | 6.9% | 11.4% |
| Loans to deposits | 113.4% | 91.3% |
| Cost to income, 9M | 32.9% | 42.5% |
Growth is 30 September 2026 against 30 September 2025, as filed. Loans to deposits and cost to income are our calculation from the filed figures, not regulatory ratios, with costs before provisions. A year earlier, loans to deposits stood at 116.0 percent and 92.3 percent, on our calculation.
Mobily Lifts Nine-Month Profit 7.7 Percent
Mobily’s third-quarter revenue rose 4.5 percent to 5,068 million riyals. The company tied the gain to growth in its Consumer and Wholesale segments and in its subscriber base. EBITDA rose 1.6 percent to 2,001 million riyals.
Operating profit was 3.3 percent lower at 1,004 million riyals, which Mobily put down to higher depreciation and amortisation. Net other expenses fell to 53 million riyals from 95 million riyals, on higher other income and lower finance costs. That 42 million riyal saving kept net profit growing, on our reading.
The EBITDA margin rose to 39.5 percent from 38.6 percent in the second quarter. A year earlier it stood at 40.6 percent. The net margin came to 18.3 percent, on our calculation.
Over nine months, revenue grew 5.1 percent to 15,188 million riyals. The company said every revenue stream expanded. Net profit rose 7.7 percent. Capital spending fell to 2,021 million riyals from 3,629 million riyals.
EBITDA less capital spending came to 3,914 million riyals over nine months, on our calculation. That is 2.02 times the 1,938 million riyals of a year earlier, on our calculation. Capital spending took 13.3 percent of revenue, down from 25.1 percent, on our calculation.
Why it matters: All four companies, across cement, banking and telecoms, grew revenue in the third quarter, on our count. Yamama credited a higher average selling price for more than doubling its quarterly profit. Both banks grew deposits faster than lending, so each funds more of its loan book from deposits than a year ago, on our calculation. Mobily grew nine-month profit 7.7 percent. Its capital spending fell, which left more of its EBITDA free, on our calculation.
Outlook: Nine-month profit is up at all four companies, on our count. Each enters the final quarter ahead of its 2025 pace, on our reading. Banque Saudi Fransi has invited shareholders to a third-quarter earnings call. Mobily will publish its condensed interim financial statements on its investor relations website.
Sources: Yamama Cement, Banque Saudi Fransi, Mobily, Bank Albilad, Saudi Exchange, The Edge.
