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TASI Mid-Market Update — May 10, 2026

The Tadawul All Shares Index(TASI.SA) rose 0.8% today, marking its second consecutive day of rebounding from the 200-day Simple Moving Average (200 SMA). However, the index is now approaching the 20-day Exponential Moving Average (20 EMA) just overhead, a key level that warrants close observation.

In the large-cap sector, Al Rajhi Bank(1120.SA) and The Saudi National Bank(1180.SA) are both trading higher, moving 1.80% and 1.73% respectively. Saudi Arabian Mining Co.(1211.SA) is rallying, 1.5%. ACWA POWER Co.(2082.SA) is advancing 1.43%. Saudi Basic Industries Corp.(2010.SA) is down by 0.2%. Saudi Arabian Oil Co.(2222.SA) is edging higher by 0.66%.

Notable News

Aramco Adjusted Profit Beats Estimates by $2.4 Billion — Profit Soars Despite Hormuz Closure

Saudi Arabian Oil Co.(2222.SA), the world's largest oil exporter, reported a 25% year-on-year rise in first-quarter net profit, citing higher sales and operational resilience as its East-West pipeline reached full capacity to bypass the closed Strait of Hormuz.

Key Financials (Q1)

• Net profit: $32.5 billion, beating the LSEG analyst estimate of $30.95 billion
• Adjusted net income: $33.6 billion, vs. the $31.16 billion average estimate of 13 analysts
• Capital expenditure: $12.1 billion, down from $12.5 billion a year earlier and $13.4 billion in Q4
• 2026 capex guidance: $50–$55 billion 

(Numbers as Reuters reported)

The $1.06 billion gap between net profit and adjusted net income is mainly tied to inventory replacement cost changes and certain financing expenses, according to Reuters.

With Iran keeping the Strait of Hormuz effectively closed since the war began, Aramco rerouted crude from its east coast production hub to the Red Sea port of Yanbu via the East-West pipeline.

CEO Amin Nasser said in the earnings statement that the pipeline is now running at its full capacity of 7 million barrels per day, calling it "a vital artery" for maintaining supply to customers affected by shipping restrictions in the strait.

Nasser characterized the quarter's results as reflecting "strong operational resilience and great adaptability in a complex geopolitical environment".

He added that recent events serve as "a stark reminder of the importance of having a reliable energy supply."

MEDGULF Jumps 7% as Q1 Profit Soars 626% QoQ

The Mediterranean and Gulf Insurance and Reinsurance Co.(8030.SA) reported Q1 2026 net profit of SAR 36.25 million, an 85% YoY increase, alongside insurance revenues reaching SAR 1.25 billion. The robust performance was primarily driven by an 84% surge in net investment results and improved margins in the Motor and Health lines. Consequently, accumulated losses declined to 5.63% of subscribed capital. The stock jumps more than 7% today.

LUBEREF Q1 Net Profit Soars 16%

Saudi Aramco Base Oil Co.(2223.SA) reported a Q1 2026 net profit of SAR 257.97 million, a 16% YoY increase, while total sales revenue rose marginally by 1.4% to SAR 2.16 billion. This earnings growth was primarily driven by higher byproduct crack margins, which effectively offset the negative impact of lower base oil sales volumes and prices. Consequently, total shareholders' equity reached SAR 4.26 billion.

Key Dividend Events

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