Al-Rashid H1 profit drops to 30.5M Riyals

Mohammed Hadi Al-Rashid & Partners announced a 35% decrease in their profits for the first half of 2026, with net earnings dropping to 30.49 million Riyals from 46.89 million Riyals in the same period of the previous year. This decline primarily stems from the military equipment maintenance sector, which depends on contracts and tenders and experiences variability in project timing and profitability levels, recording a gross profit of 23.2 million Riyals in the prior year. Additionally, increased financing costs and higher general and administrative expenses—amounting to 2.9 million and 4.2 million Riyals respectively—put pressure on profits. Despite these challenges, revenues grew by 13.8% to reach 203.3 million Riyals, driven by the initiation of a high-quality silica sand supply contract linked to the Jafurah field project, which supported the company's operational activity.

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