Saudi Arabia’s energy sector diversifies its growth drivers

Saudi Arabia’s energy sector is showing that its financial performance no longer depends only on oil prices. Companies listed on the Saudi Exchange generated combined profits of $66.9 billion in the first half of 2026, up 39% from $48.2 billion in the same period a year earlier.

The increase extended into the second quarter, when sector profits climbed 49.7% to $33.8 billion. Revenue rose 24% to $128 billion. The results reflected gains across maritime transport, refining, petrochemicals and energy-related services, alongside the continued strength of Saudi Aramco.

Mohamed Hamdy Omar, chief executive of G World, told Asharq Al-Awsat that the key feature of the results was the number of forces driving them. Higher prices for oil, refined products and chemicals, together with stronger margins, supported Aramco’s performance even as some sales volumes declined.

Transport and logistics provided another source of growth. Bahri benefited from higher global freight rates and increased activity, particularly in oil shipping. Its first-half profit surged 420% to 4.8 billion Saudi riyals, compared with 940 million riyals a year earlier. Second-quarter profit reached about 2.75 billion riyals as the maritime transport market strengthened and demand for tankers increased.

Refining and petrochemicals also improved. Petro Rabigh returned to profit in the first half, recording about 4 billion riyals after a loss of nearly 2 billion riyals in the same period of the previous year. The figures point to a wider energy value chain in which transport, processing and supporting services contribute alongside the sale of crude.