Overview:
Non-oil revenues expanded 8 percent year-over-year in the first nine months of 2026, rising to 412.5 billion riyals from 382.7 billion riyals in the same period last year. Total government revenues climbed 3 percent to 858.9 billion riyals, while oil revenues declined 1 percent to 446.3 billion riyals. Tax receipts on goods and services increased 4 percent, and other revenues jumped 22 percent to 102 billion riyals, signaling diversification gains as crude prices remain under pressure.
Details:
The third quarter of 2026 showed sharper non-oil momentum, with those revenues rising 20 percent to 142.6 billion riyals—the highest quarterly contribution since late 2020—and representing 55 percent of total budget revenues. Oil revenues in the third quarter fell 23 percent on an annual basis to 116.5 billion riyals. The government recorded a quarterly deficit of 84.3 billion riyals against revenues of 259.1 billion riyals and expenditures of 343.4 billion riyals.
Saudi Aramco, the national oil producer, delivered adjusted net income growth of 9 percent in the third quarter to 117 billion riyals, versus 107.2 billion riyals a year earlier, underpinned by operational excellence and swift recovery capabilities. The company distributed dividends of 82.1 billion riyals and reported free cash flow of 105.8 billion riyals in the quarter.
Separately, the Public Investment Fund secured credit facilities worth 3 billion dollars guaranteed by Italy's export credit agency, structured in two tranches totaling 1.78 billion dollars and 1.035 billion euros, with participation from 25 international banks. The funds target goods and services procurement from Italian suppliers.
Outlook:
Investors are monitoring whether non-oil revenue expansion can sustain momentum into 2027 as global energy markets remain volatile. Crude oil price stability and execution of Vision 2030 diversification projects will shape quarterly performance in coming quarters.