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Iktik reports 4.1M riyal loss in H1 2026
IAC Tech, the telecommunications and information technology company, recorded a net loss of 4.1 million riyals in the first half of 2026, representing an increase of 48.2% compared to the same period of the previous year. This was due to higher revenue costs, decreased profit margins, and increased financial burdens. Although the company's revenues grew by 3.5% to reach 17.17 million riyals, rising product prices, shipping costs, and supply chain difficulties led to higher execution expenses and financing costs, negatively impacting the financial results. Additionally, shareholders’ equity decreased by 55.8%, and earnings per share declined to 0.06 riyals. The company reported accumulated losses amounting to 16.76 million riyals, equivalent to 52.38% of its paid-up capital of 32 million riyals. The company announced that it has begun implementing special measures after its accumulated losses exceeded 50% of its capital.
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