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Bank Group Q2 profit reaches 4.23M riyals
Qan Group Holding achieved a significant jump in its profits during the second quarter of 2026, reaching 4.23 million Riyals compared to 0.13 million Riyals last year, reflecting a staggering increase of 3,153.85%. This growth resulted from cost rationalization and expense reductions, as well as profits from the termination of lease contracts and lower financing costs. Despite a 14.78% decline in revenues year-on-year due to the impact of geopolitical events on the hotel and entertainment sectors, profits from the catering and hospitality activities increased. For the first half of the year, the company recorded profits of 53.32 million Riyals after incurring losses in the same period last year, despite a 9.77% decrease in revenues. Additionally, the company completed its plan to offset accumulated losses, leading to a substantial increase in shareholders’ equity, which now stands at 874.86 million Riyals.
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