TASI Mid-Market Update — October 22, 2025

Saudi Arabia's benchmark index Tadawul All Shares Index(TASI.SA) edged 0.5% higher in mid-session trade, supported by a 2.5% rise in oil giant Saudi Arabian Oil Co.(2222.SA). Oil prices, a key catalyst for Gulf markets, climbed for a second consecutive day—up around 2%—driven by supply risks from sanctions and optimism over a potential U.S.-China trade deal.

Etihad Etisalat Co.(7020.SA) recorded a 3.3% gain after announcing increased third-quarter profits. Conversely, Sahara International Petrochemical Co.(2310.SA) saw the steepest decline, falling 3.3% after posting a quarterly net loss of 468.7 million riyals, compared to a profit of 103.2 million riyals a year ago.

The International Monetary Fund recently revised upward its 2025 growth outlook for the Middle East and North Africa, though it maintains that risks for the region remain skewed to the downside despite recent improvements in geopolitical tensions.

Notable News

Al Arabia Boosts Ad Deal to 2035 Expiry

Arabian Contracting Services Co.(4071.SA) announced an addendum to its 2023 contract with Remat Al-Riyadh Development Company, extending the establishment, operation, and maintenance of outdoor advertising billboards in Riyadh from September 5, 2033, to December 31, 2035—a roughly 28-month addition. 

Signed on October 21, 2025, via subsidiary Al Arabia Alliance for smart advertisement, the extension applies the existing revenue-sharing percentage to offset investor challenges and redistribute costs. This move bolsters project sustainability, elevates expected profitability, and positively impacts the company's financial performance, aligning with Vision 2030 goals for sector growth and shareholder returns.

Darb Reports 9-Month Revenue at SAR 13.81m; Net Profit SAR 4.86m

Saudi Darb Investment Co.(4130.SA) released interim results for the nine months ending 2025-09-30. Key highlights: sales/revenue of SAR 13.81 million in the current period, up 2.46% from SAR 13.48 million in the prior year; gross profit SAR 10.54 million (up 3.94% YoY); operating profit SAR 5.11 million (down 15.11% YoY); net profit SAR 4.86 million (up 82.44% YoY). Total comprehensive income mirrors net profit. Shareholders’ equity stood at SAR 227.91 million, up 2.18% YoY. Earnings per share: SAR 0.0223 in the current period vs SAR 0.0081 previously. The company cites lower credit-loss provisions and reduced zakat as drivers for net profit growth; notes emphasis of matter regarding a related-party legal case.

Sipchem Faces Turnaround Costs, Impairments

Sahara International Petrochemical Co.(2310.SA) (Sipchem) announces interim results for the nine months ending 2025-09-30. Key points: sales/revenue SAR 5,241.6 million in the current period, down 1.5% YoY; gross profit SAR 241.0 million (down 78.7% YoY); operating profit SAR -371.8 million; net loss SAR -442.6 million vs prior year’s SAR 406.2 million profit; total comprehensive income SAR -458.7 million. Shareholders’ equitySAR 14,415.8 million, down 7.6% YoY. Earnings per share negative at -0.61 vs prior year 0.56. Explanations cite lower selling prices, reduced volumes due to turnaround maintenance at International Methanol Company, higher feedstock costs, and impairment charges totaling 100 million SR for the International Diol Company and 300 million SR for Ethyl Acetate unit, plus a 91.4 million SR project discontinuation provision. Additionally, a higher share of losses from JV/associates due to restructuring and impairment effects.

SASCO Nine-Month Revenue Up 16% YoY, Net Profit Mixed

Saudi Automotive Services Co.(4050.SA) (SASCO) reports interim results for the period ended 2025-09-30. Key points across the nine months show: sales/revenue SAR 8,700.23 million, up 14.75% year over year; gross profit SAR 220.48 million (down 5.59% YoY); operating profit SAR 152.1 million (up 2.73%); net profit SAR 42.4 million (up 24.45% YoY); total comprehensive income SAR 44.47 million. Total shareholders’ equity SAR 893.92 million, up 10.59% YoY. Earnings per share SAR 0.61 vs SAR 0.49 prior year. The company notes growth from more stations and SASCO Palm, with higher diesel prices contributing to revenue gains, but higher costs and credit losses dampening net profit. Also, interim statements were reclassified; acquisition of 70% Tadbeer Recruitment Co. became effective after the period. Unmodified auditor opinion.

Final Dividend Eligibility

New 52-Week High before 12:50 pm

Significant Volume Surge before 13:00 pm

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