تابع رؤية 2030
بذكاء سياقي

Baker Hughes pulled in $4.9 billion in IET orders, including a major QatarEnergy gas turbine award and a Texas LNG terminal contract, showing the long-cycle infrastructure buildout continues even as the crisis unfolds. Transocean booked $1.6 billion in new contracts at roughly $410,000 average day rates, the highest in over a decade, with Petrobras locking in three drillship extensions through 2030. SLB’s Middle East revenue fell 13% in Q1 as it demobilized in Qatar and Iraq, but Production Systems grew 23% and the deepwater cycle in Brazil and Guyana is accelerating regardless of the conflict. When U.S. and Israeli forces launched coordinated airstrikes on Iran at the end of February, the energy market’s first question was how long the Strait of Hormuz would stay closed. Ten weeks later, that question is still open. Brent is hovering near $107, Trump called Iran’s latest counterproposal “totally unacceptable” on Monday, and Saudi Aramco CEO Amin Nasser has been warning the market that it is hemorrhaging roughly 100 million barrels of supply every week the blockade holds. For oilfield services, the disruption has been disorienting in a very specific way. The Middle East was the growth market. After years of North America leading the cycle on the back of shale, the mid-2010s brought a surge of international spending, and the Gulf was where the biggest contracts landed. Saudi Aramco was running multi-billion-dollar expansion programs… ADNOC was building out Abu Dhabi’s offshore infrastructure… QatarEnergy was developing the North Field. Set OilPrice.com as a preferred source in Google here The large OFS players built their entire forward strategies around that geography. Then, almost overnight, those contracts went dark. SLB demobilized in Qatar after force majeure was declared. Offshore operations across the Persian Gulf were suspended. The EIA’s latest Short-Term Energy Outlook pegs regional production shut-ins at 7.5 million barrels per day in March, rising to 9.1 million in April. The obvious question is where the work goes instead, and the answer is already taking shape. Brazil and Guyana are running deepwater programs that were going to continue regardless of what happened in Tehran. The Permian is starting to respond to the price signal, slowly but measurably. U.S. LNG export capacity is being built at a pace that every European importer who just lost access to Qatari gas is deeply grateful for. And the companies that happen to be particularly well positioned in those places are, not coincidentally, among the more interesting names in the sector right now. Here are five worth a look. SLB (NYSE: SLB) The conventional read on SLB right now is that the company is too exposed to the Middle East to look attractive. On a pure Q1 basis, that’s not wrong. Middle East and Asia revenue fell 13% year over year and 17% sequentially, per the company’s release. SLB demobilized in Qatar after force majeure, pulled crews from Iraq, and shut down offshore operations across several countries for security reasons. EPS slipped from $0.58 to $0.50, and free cash flow turned slightly negative. What that reading misses, though, is what SLB actually is at its core. The company does not just drill wells; it provides the technology that makes reservoirs readable and the production systems that keep the oil flowing once it is found. In deepwater, that distinction matters enormously. The majors drilling in Brazil and Guyana are not making short-cycle spending decisions that they will reverse the moment oil prices wobble. These are multi-billion-dollar infrastructure commitments with production timelines stretching decades. Petrobras is building out the Santos Basin regardless of what is happening in the Persian Gulf. Exxon’s Stabroek block in Guyana is on track to crack a million barrels per day this year with the Uaru startup, and the Whiptail project is already in development behind it. SLB is embedded in all of that. The Q1 numbers reflect that shift. Production Systems, the segment covering equipment going into these long-cycle deepwater wells, grew 23% year over year. The ChampionX acquisition added artificial lift and chemical injection technology to the portfolio, contributing both revenue and EBITDA cushion. CEO Olivier Le Peuch made a quiet but important point on the earnings call: post-conflict commodity prices are going to stay above pre-conflict levels, because the supply capacity that has been lost takes years to rebuild. Long-cycle deepwater investment does not stop because the Persian Gulf is temporarily inaccessible. In fact, based on what is happening in Brazil and Guyana, it is accelerating. Halliburton (NYSE: HAL) To understand why Halliburton is interesting right now, it helps to understand how North American shale actually works. Unlike conventional oil projects, which require years of planning and enormous upfront capital, shale is short-cycle. Operators can go from a drilling decision to first production in a matter of months. The bottleneck is fracturing capacity, the hydraulic fracturing fleets that pump fluid into rock formations at high pressure to release trapped oil. Halliburton controls more of that capacity in North America than any other company, which means that when oil prices rise sharply and operators want to accelerate, Halliburton is one of the first calls they make. CEO Jeff Miller said on the Q1 call that white space in the frac calendar is “all but gone” for Q2, and that his team is fielding an uptick in inbound calls for spot work. The Q1 numbers themselves were solid: revenue of $5.4 billion, flat year over year, per the company’s release, net income more than doubled to $461 million, and EPS of $0.55 beat estimates. North America revenue dipped 4% to $2.1 billion, reflecting the pricing pressure that has been working through the system for two years, but the direction is changing. The producer side is sending the same message. Diamondback Energy, the third-largest Permian operator, told shareholders this week it is abandoning the capital discipline framework it has followed for the past year and adding both rigs and frac crews. ConocoPhillips raised capex guidance. Continental Resources reversed a planned 20% spending cut. If even a fraction of the public operators follow through, Halliburton is the most direct beneficiary in the services sector, and the Middle East drag on Q1 EPS was all of two to three cents. The caveat worth taking seriously: the Dallas Fed’s latest energy survey showed plenty of E&P executives still skeptical that today’s prices will hold long enough to justify major investment decisions. The memory of $57 oil at the start of the year is fresh, and the volatility of the past three months has made some operators cautious where others are becoming bold. The shale response is real, but it is still measured. Halliburton is a bet that the measured response becomes a more aggressive one. Baker Hughes (NYSE: BKR) Baker Hughes made a strategic decision several years ago that looks quite smart right now. The company has been deliberately repositioning itself from an oilfield services business into an energy technology company, with its Industrial & Energy Technology segment, which makes gas turbines, compressors, and the infrastructure that powers LNG terminals and industrial facilities, now the dominant part of the portfolio. That pivot is generating results that would be difficult to achieve with a more conventional OFS strategy, and the current crisis is making the logic of it clearer by the quarter. Q1 revenue of $6.59 billion beat estimates by $260 million. The IET segment posted $4.9 billion in orders, its third consecutive quarter above $4 billion, driving a record IET backlog of $33.1 billion, per the company’s release. Total orders were up 26% year over year. The traditional Oilfield Services and Equipment segment fell 7% on Middle East disruptions. Nobody on the earnings call spent much time on it. The headline contract of the quarter was a significant LNG equipment award from QatarEnergy for the North Field West project: six Frame 9 gas turbines, 12 centrifugal compressors, and integrated power solutions across two mega trains totaling 16 MTPA of capacity. There is a strange logic to this that is worth sitting with for a moment. Qatar cannot currently ship any LNG because the Strait of Hormuz is closed, and QatarEnergy has declared force majeure on contracts with buyers around the world. Yet the country is simultaneously awarding multi-billion-dollar equipment contracts to build more LNG export capacity. The reason is that the North Field West project will not be operational for years; the long-cycle infrastructure investment continues regardless of the near-term disruption, and Baker Hughes builds the turbines that power it. On top of the Qatar award, the company signed an agreement to supply gas compression and power generation equipment for an 8.4 MTPA LNG export terminal off Texas, exactly the kind of U.S. supply capacity that nervous European and Asian importers are now scrambling to lock in. Baker Hughes wins both sides of that trade: the long-cycle Qatari rebuild contracts, and the near-term U.S. export buildout. Full-year guidance sits at $27.1 billion in revenue and EPS of $2.47. Transocean (NYSE: RIG) There is a structural feature of the offshore drilling market that matters a great deal right now, and it is easy to miss if you are just looking at the headline numbers. You cannot build a high-specification drillship quickly. A modern ultra-deepwater vessel takes roughly three years to construct and costs north of $500 million. After the oil price collapse of 2014 through 2016, the industry stopped ordering them. Dozens of older rigs were scrapped. Companies that relied on mid-water equipment lost contracts and went bankrupt. The fleet of capable assets shrank dramatically, and remained small through the

Brent crude nears $110 as Trump warns the Iran ceasefire is on “life support,” while Gulf producers signal oil infrastructure repairs may stretch into 2027. China’s Oil Machine Hits the Brakes: Imports Sink, Margins Tank, Pressure Rises - With Gulf supply still stranded, China’s crude imports posted a hefty 2.4 million b/d month-over-month decline in April, averaging only 9.25 million b/d and marking the lowest pace of inflows since July 2022. - Apart from the obvious sourcing problems all Asian refiners face nowadays, Chinese refiners are also struggling to cope with Beijing’s imposed refined product export ban that limits downstream supply to the domestic market. - Weakening domestic demand combined with elevated crude oil prices have sent margins for independent refiners in Shandong south, with refinery run rates collapsing to just 50% in May so far. - China’s state planner NDRC mandated that independent refiners should not cut run rates below the averages of 2024-2025, and failing to do so would result in them seeing their import quotas slashed for good. - According to Kayrros, Chinese inventories remain flat throughout May at 1.34 billion barrels, suggesting Chinese refiners mostly compensate for lower imports by cutting refinery runs. Market Movers - UK-listed energy major Shell (LON:SHEL) is reportedly seeking to sell its French retail network, aiming to close the deal by Q1 2027, putting an end to its downstream presence in the country after a 2007 refining divestment. - The 4.2 mtpa Hammerfest LNG terminal operated by Norway’s state oil company Equinor (NYSE:EQNR) was taken offline for unplanned turnarounds due to ‘process problems’, tightening supply in Europe. - QatarEnergy, the national oil and gas company of Qatar, has signed a memorandum of understanding with Syria to evaluate the potential of its offshore Block 3. - Libya’s National Oil Corp. has assumed full control of the country’s idled 220,000 b/d Ras Lanuf refinery, following a decade-long legal battle with its JV partner Trasta, moving Libya closer to boost its downstream presence. Tuesday, May 12, 2026 Seesawing over the past two weeks, ICE Brent futures are nearing $110 per barrel again with comments from US President Trump about the ceasefire deal being on ‘life support’, keeping daily gains at 3% so far this week. Oil producers in the Gulf region have seemingly already given up on 2026, with both Saudi Arabia and the UAE flagging that full repairs to droned sites would only be possible by next year. In the days ahead, the Xi-Trump summit could dictate the macro mood of the week as Trump’s sanctions on Chinese companies this week raised alarms about any breakthroughs. US Slaps Sanctions on Iranian Oil Traders. The Trump administration has announced new sanctions against Chinese and UAE companies that facilitate Iran’s shipment of crude oil to China, with the State Department announcing a reward of up to $15 million for new information on IRGC’s oil trade. Qatar Sees Hope at the End of the Tunnel. The Al Kharaitiyat LNG carrier became the first Qatari-owned vessel to successfully exit the Strait of Hormuz since the US-Iran conflict started more than two months ago, slated to arrive in Pakistan after Islamabad cut a deal with Iran’s IRGC forces. Pakistan Gives Up on LNG Tenders. Having rejected all bids in its prompt tender to purchase two LNG cargoes for May delivery last week, with the lowest bid coming from BP at $17.28 per MMBtu, Pakistan’s state-owned PLL ceased all tendering activity, opting for Qatari LNG arrivals instead. Tehran Warns of Upcoming Shortages. Iran’s Organization for Energy Optimization and Strategic Management has warned that repairs to the country’s energy infrastructure could take up to two years, requiring ‘serious investments’, highlighting particular damage to the South Pars gas field. Iraq Defies Saudi Aramco’s Pricing. Iraq’s state oil crude marketer Somo has slashed its official selling prices for June-loading cargoes to Asia by a hefty $13 per barrel compared to May, much more than Saudi Aramco’s $4 per barrel cut as Middle Eastern suppliers struggle to sell their oil. OPEC Production Continues to Fall. The production of OPEC members continued its decline last month, with Reuters’ output survey indicating that the 12 nations (including the UAE) jointly lost 830,000 b/d in April, with Kuwait posting the largest monthly drop of 640,000 b/d. Mexico's Refining Suffers Yet Another Blow. Mexico's only refinery, situated on the country's Pacific coast, the 330,000 b/d Oaxaca plant operated by Pemex, was taken offline after a fire incident in its hydrotreater unit that left six workers injured, the second blaze taking place there in just 5 months. China Boosts Ethane Use to the Maximum. Chinese imports of ethane jumped to an all-time high of 1 million tonnes in April as the country’s petrochemical producers maximized their intake due to severe shortages of naphtha and LPG in the region, seeking to benefit from strong ethylene margins. US Shale Firms Bet on Weakening WTI. US oil producer Diamondback Energy (NYSE:FANG) bought options worth some $70 million to sell the price difference between WTI and Brent at -$42 per barrel, betting on the Trump administration banning oil exports and depressing US oil prices. Beijing Gives Up on Saudi Crude. The nominations of Chinese refiners for June-loading Saudi oil barrels have collapsed to a mere 10 million barrels, some 333,000 b/d, with consistently high formula prices leading to the lowest demand on record, with 2025 exports averaging 1.4 million b/d. India Rejects Russia’s Sanctioned LNG. India’s Modi government has declined Russia’s offer to sell it liquefied natural gas cargoes from sanctioned projects such as Arctic LNG 2 and Portovaya LNG, rejecting the Kunpeng tanker that was anchored in the country’s waters for several weeks. West African Is Doubling Down on Drilling. Equatorial Guinea’s oil ministry has announced it would be offering 13 oil blocks for upstream companies for direct negotiations, cancelling plans for a licensing round and seeking to replicate the success of its ConocoPhillips deal from late 2025. IRGC Expands Its Claim of Hormuz Strait. The Islamic Revolutionary Guard has indicated it would expand its zone of control around the Strait of Hormuz, now claiming a ‘vast operational area’ 10 times wider than before the war, stretching all the way to Sirri Island, 250 km from the Hormuz. Funds’ Bullish Appetite Pushes Copper Higher. Supply disruptions across the global mining landscape and strong hedge fund positioning have helped copper to hit a three-month peak, with the LME three-month contract touching $14,025 per tonne, up $1,000 per tonne from a week ago. By Tom Kool for Oilprice.com More Top Reads From Oilprice.com

More than 600 cinema figures have said the growing influence of the far right on French cinema production risks turning into a “fascist takeover of the collective imagination”. In an open letter published in the newspaper Libération to coincide with the opening of the Cannes film festival, they said the billionaire Vincent Bolloré’s dominant position in French film production and distribution threatened the independence of the industry. The actor-director Juliette Binoche, the director and photographer Raymond Depardon and the French-Iranian film-maker Sepideh Farsi were among those who wrote: “By leaving French cinema in the hands of a far-right owner, we risk not only the standardisation of films, but a fascist takeover of the collective imagination.” View image in fullscreen Juliette Binoche was among the 600 signatories of the open letter to the newspaper Libération. Photograph: Laurent Hou/Hans Lucas/AFP/Getty Images Bolloré, a conservative industrialist, has a powerful media empire, including the channel CNews, the radio station Europe 1 and the Sunday paper Le Journal du Dimanche, and is close to figures on the far right. Politicians on the left have attacked CNews for giving a platform to reactionary voices they say have aided the rise of the far right. The Paris prosecutor’s office last month opened a legal investigation into racist comments on the channel against the mayor of Saint-Denis, Bally Bagayoko. The channel denied racism. Bolloré’s powerful role in the French cultural world is sparking revolt among creatives ahead of next year’s French presidential election. In an unprecedented move last month, more than 100 writers quit the publishing house Grasset in protest at Bolloré’s control of its parent company, Hachette Livre. “We refuse to be hostages in an ideological war that seeks to impose authoritarianism everywhere in culture and the media,” the authors wrote. In the film industry, where Bolloré has long dominated private production, cinema insiders said they had been emboldened to speak out after the publishing revolt. Bolloré controls the entertainment conglomerate Canal+ and its in-house production operation, StudioCanal, which is Europe’s leading film and television production and distribution group. StudioCanal’s recent films include the Amy Winehouse biopic, Back to Black, and Paddington in Peru. View image in fullscreen The billionaire Vincent Bolloré dominates French film through his control of StudioCanal. Photograph: Alain Jocard/AFP/Getty Images The film industry figures said they were alarmed that Canal+ had taken a stake in UGC, the third-biggest network of French cinemas, with a view to fully owning it in 2028. They said Bolloré would be “in the position of controlling the entire fabrication chain of films from their financing to their distribution and their release on the big and small screen”. They said that “behind his business suit”, Bolloré was promoting a reactionary, far-right project for society “through his TV stations, like CNews and his publishing houses” and they feared this could extend to film. “The influence of [his] ideological offensive on the content of films has so far been discreet, but we are under no illusion: this won’t last,” they wrote. They called on the wider film industry “to build a movement” that would defend independence. Marine Le Pen’s far-right National Rally (RN) is polling high as next spring’s presidential election draws closer, and there is uncertainty about the scale of her party’s proposed funding cuts to the arts. MPs for the RN have questioned the model of public funding and tax breaks that bolster the film industry through the Centre National du Cinéma (CNC), a state agency which supports the production of hundreds of films a year. View image in fullscreen The open letter to Libération warned of the ‘risk that tomorrow the only thing still being financed will be propaganda films that serve an ideology’. Photograph: Libération Le Pen’s party has also been highly critical of France’s public broadcaster, France Télévisions, which is a key financier of film, drama and documentaries. The RN has said it intended to privatise the state broadcaster if it came to power. A report last week by an MP allied to the RN called for sweeping cuts to public broadcasting, including to entertainment budgets. The protest letter said Bolloré might take advantage of his dominant position to have an impact on film content. “The unprecedented concentration of the financing chain in the hands of Vincent Bolloré gives him total liberty of action when the moment comes,” the letter said. “We cannot say we didn’t know. The dismantling of the CNC and the public broadcaster are part of the RN’s programme. Do we want to take the risk that tomorrow the only thing still being financed will be propaganda films that serve an ideology?” Bolloré, a Breton industrialist, was once described by the former education minister Pap Ndiaye as “very close to the most radical far right”. In a senate hearing in 2022, Bolloré denied political or ideological interventionism, saying his interest in acquiring media was purely financial and his cultural empire was about promoting French soft power. Bolloré’s group has not commented on the letter from film figures. After last month’s authors’ revolt over his publishing business, Bolloré wrote in Le Journal du Dimanche that those who had quit were “a tiny caste who think themselves above everyone else”. He said: “As for the attacks concerning my ‘ideology’, I’m a Christian democrat.”

This year’s budget is an odd affair. So much had been leaked and dropped to the media that there are barely any surprises. But that does not mean it does not live up to the billing of being ambitious – basically killing off the capital gains tax 50% discount is a huge deal. The lack of changes on gas tax, an absence of increased assistance for the unemployed and renters, and cuts to the NDIS, however, show that this is still a government where ambition is not in surplus. Smaller deficits but things are a bit grim, Jim Jim Chalmers really should send Donald Trump a big exploding cake as an up-yours present for what the US president is doing to the global economy. Anytime you need to include a section titled “Risk of a more severe Middle East conflict” in the budget papers, you have to wonder about the forecasts and economic downgrades across the board, although the Treasury still hopes unemployment will not rise above 4.5% (let’s hope they’re right). Hopefully you don’t care about whether or not the budget is in deficit or surplus. Really you should not. But yes, the budget deficit is forecast to be smaller over the next four years than was expected in the December mid-year economic and fiscal outlook. Some of this was due to improved economic parameters (higher oil prices and inflation, which leads to better tax receipts) and a lot – at least in 2029-30 – is due to policy changes (cutting the NDIS, changing the CGT discount – more on these later). If this graph does not display, click here. No, the budget is not inflationary A false narrative from conservative media and politicians is that government spending is driving inflation. It is not. Just last week the governor of the Reserve Bank, Michele Bullock, told us that the three interest rate rises this year would not “do anything for inflation over the next six months”. That makes it clear that inflation at the moment is driven by international factors – ie, the conflict in the Middle East. If it was being driven by government spending, then the interest rate rises would affect it. We already have evidence that any increase in government spending in the last part of last year was driven by the states and territories and by defence spending. If this graph does not display, click here In today’s budget, the forecast for public-sector demand growth is similarly benign. The growth in public demand is well below what we saw in the years up to and during the pandemic lockdowns, and not that much faster than what happened in the late 1990s when Peter Costello was slashing things to get to a surplus. If this graph does not display, click here Spending cuts make the government meaner The one absolute truth about budgets is that they are about choices. Remember my budget commandment: “Everything is affordable if the government chooses to care about it.” This budget, the government has chosen not to care about a lot of things – jobseeker, for example, remains 42% below the poverty line ($291 a week below the line if you want to get really specific). It has also decided that caring about the national disability insurance scheme means not caring quite so much as it once did. The changes will cut $36.2bn over the next four years all under the title of “Securing the NDIS for future generations”. Bless. NDIS spending will flatline in nominal terms and fall rather drastically in real terms – by 2029-30 the level of NDIS funding will be 10% less in real terms than it is now. If this graph does not display, click here The thing is, voters like government services. They consistently vote for them; they consistently hate privatisations. Maybe the government could think about that fact, rather than worry about what media organisations that hate government spending think. Wasted opportunity on gas In the run-up to the election, the No 1 topic was a tax on gas exports. Pity the poor work experience kids monitoring the PM’s social media accounts. Because, regardless of what he posted, the first 100 comments were “Tax the gas”. The estimated $17bn revenue that could have been raised from a 25% gas export tax (and, as always, my acknowledgment that I was involved in the research used by the Australian Council of Trade Unions in its policy proposal of the 25% gas export tax) would have transformed the budget – and not left government MPs with questions of “You cut back NDIS and didn’t raise jobseeker or offer free childcare because tough choices had to be made, couldn’t those choices have been largely solved by a 25% tax on gas?” Instead, the government relies on the petroleum resource rent tax. Because oil prices have gone up the PRRT has been revised up slightly from the Myefo. But not by much. If this graph does not display, click here But here’s the thing: this involves a US$100-a-barrel oil price – which required a war in Iran and the strait of Hormuz to close. This is as good as it gets. It certainly makes a mockery of all the gas companies in the Senate gas tax inquiry saying that a boom in PRRT would happen by the end of the decade – not to mention the ALP and LNP senators who believed them. The PRRT will still raise much less revenue than the beer excise. If this graph does not display, click here So sorry, Santos, Woodside and Anthony Albanese, but I suspect David Pocock will keep running his “beer raises more revenue than the PRRT” ads. Finally, some sanity on housing and tax avoidance A year ago, I let out a fair bit of frustration over the state of housing policy. Twenty-five years of policy-enabled price-turbocharging of housing demand and doing nothing to address the great inequality and distortion in the system brought about by John Howard introducing the 50% capital gains tax discount was sending me to despair. In this budget – as loudly telegraphed – the government is ending the discount and going back to the old way of taxing capital gains and also bringing in a minimum 30% tax rate. Excellent news. It is also limiting negative gearing to new builds. (Though only through grandfathering, but to be honest, negative gearing has always been less important than getting rid of the CGT discount). This is not going to solve housing affordability overnight – remember we have 26 years of bad policy to undo – all of which began with the CGT discount: If this graph does not display, click here These changes will not raise a huge amount of revenue – the government forecasts $2.3bn more tax in 2029-30. But it is a vital move to shift away from treating housing as something to speculate on and back to it being about having a place to live. In any other year, this would be huge news. The government has smartly leaked out the news of this slowly and steadily such that it became a fait accompli. While it might not be a shock, the government deserves big credit for doing this. Similarly, as I foreshadowed last week, the government has moved to address the gross abuse of the family discretionary trust system to avoid paying tax. The government will introduce a 30% minimum tax rate for all income in those trusts, up from 16% minimum. This is expected to raise $4.4bn by the time it is fully up and running in 2029-30. There will be a lot of talk about all of this affecting “aspiration”. Just remember 90% of people who earn less than $100,000 don’t have trusts, while half of those earning more than $500,000 do. But it does redress some of the inequality in the tax system, which is a heck of a lot more important than whether or not the budget deficit is bigger or smaller. I suspect this will be welcomed by voters and I would not be shocked if the opposition folds – unless it wants to go to the next election promising tax cuts for landlords and millionaires using trusts to pay less tax. All in all it’s an unsurprising budget but with enough things that matter to make it one of the most important budgets for good (CGT changes) or bad (cuts to the NDIS).

كما تأثر أداء هذا الربع بالتطورات الجيوسياسية في المنطقة، والتي ساهمت في تراجع نسبي في بيئة التشغيل. ويجدر بالذكر أن الربع الأول من عام 2026 كان أقل نشاطاً، نظراً لتزامنه مع شهر رمضان المبارك وإجازة عيد الفطر، والذي أدى إلى انخفاض أعداد المرضى وتراجع العمليات الاختيارية، حيث يميل المرضى المنومون إلى تأجيل العمليات غير الطارئة إلى ما بعد فترة الإجازات. وتتوقع الشركة استمرار هذا المسار النمو خلال الأرباع القادمة، مدعوماً بالتوسعات المستمرة في المستشفيات والمراكز الطبية القائمة، إلى جانب افتتاح مراكز طبية جديدة. حققت الشركة نمواً في الإيرادات بنسبة 7.8% خلال الربع الحالي مقارنةً بالربع المماثل من العام السابق، مدفوعاً باستمرار التوسع في خدماتها الصحية وتعزيز الطاقة التشغيلية عبر منشآتها. وباستثناء أثر الأدوات المالية المشتقة، تظل أساسيات أعمال الشركة قوية، وتواصل الإدارة تركيزها على تحقيق النمو وتعزيز الكفاءة التشغيلية خلال الفترات القادمة. بالإضافة إلى ذلك، تضمنت نتائج الفترة المماثلة من العام السابق إيراداً زكوياً لم يتكرر خلال الفترة الحالية. رغم نمو الإيرادات بنسبة 7.8% لتصل إلى 348.3 مليون ريال سعودي، شهدت هوامش الربح الإجمالي والتشغيلي ضغوطاً خلال الربع، مما أدى إلى انخفاض صافي الربح. ويُعزى ذلك بشكل رئيسي إلى مرحلة التشغيل الأولية والتكاليف التشغيلية المرتبطة بمركزين طبيين كبيرين تم افتتاحهما حديثاً، إلى جانب الطبيعة الموسمية الأضعف للربع. كما تأثر صافي الربح بانخفاض دخل التمويل إلى مستوياته الطبيعية عقب استخدام متحصلات الطرح العام، بالإضافة إلى ارتفاع المصاريف العمومية والإدارية، وذلك نتيجة استمرار الاستثمار في البنية التحتية التشغيلية للشركة وبدء تشغيل المراكز الطبية التي تم افتتاحها مؤخراً. بلغ صافي ربح الشركة خلال الربع الأول من عام 2026م مبلغ 23.5 مليون ريال سعودي، مقارنةً بـ 67.2 مليون ريال سعودي خلال الربع المماثل من العام السابق، بانخفاض نسبته 65.0%. ويعود ذلك بشكل رئيسي إلى التحول في نتائج الأدوات المالية المشتقة، والتي انتقلت من تحقيق أرباح قدرها 16.1 مليون ريال سعودي في الربع الأول من عام 2025م إلى تسجيل خسائر بقيمة 13.3 مليون ريال سعودي في الربع الأول من عام 2026م. يعود سبب الارتفاع ( الانخفاض ) في صافي الربح خلال الربع الحالي مقارنة مع الربع المماثل من العام السابق إلى يعود سبب الارتفاع ( الانخفاض ) في صافي الربح خلال الربع الحالي مقارنة مع الربع المماثل من العام السابق إلى ويُعد هذا النمط الموسمي متسقاً مع الأعوام السابقة، ولا يعكس أي تغير جوهري في الأداء التشغيلي للشركة أو استراتيجيتها. ويُعد هذا الانخفاض ذا طبيعة موسمية، حيث تزامن الربع مع شهر رمضان المبارك وإجازة عيد الفطر، وهي فترات تشهد عادةً انخفاضاً في أعداد المرضى وتراجعاً في العمليات الاختيارية على مستوى قطاع الرعاية الصحية. يُعزى انخفاض المبيعات خلال الربع الأول من عام 2026م مقارنةً بالربع الرابع من عام 2025م بشكل رئيسي إلى تراجع الإيرادات بنسبة 10.2%، لتبلغ 348.3 مليون ريال سعودي مقابل 388.0 مليون ريال سعودي في الربع السابق. يعود سبب الارتفاع (الانخفاض) في صافي الربح خلال الربع الحالي مقارنة بالربع السابق