CGS profits dip to 8.5M despite revenue growth
Union Greenlandfelder Saadi Holding Company ("CJS") achieved an increase in its revenues during the second quarter of 2026, reaching 111 million riyals compared to 88.2 million riyals in the same period of the previous year, a growth of 25.8%. However, the company's net profits declined by 8% year-on-year to 8.5 million riyals, due to a decrease in the gross profit margin from 24.5% to 18.8%. This was driven by a shift in the revenue mix favoring the cooling sector, which contributed 44% of total revenues compared to 21% previously. Profits from other sectors such as refrigerated transportation declined (24.1%), while sectors like customized solutions and after-sales services recorded growth. Overall, the performance indicates that diversification of revenue sources led to an increase in total revenues, despite a decline in net profit due to challenges in certain sectors and external market impacts.
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