Al-Rashid H1 profit falls to 30.5M SAR
Al-Mohammed Hadi Al-Rashid & Partners announced a 35% decline in its profits for the first half of 2026, amounting to 30.49 million riyals, compared to 46.89 million riyals in the same period last year. The main reason for this decrease is the poor performance of the military equipment maintenance sector, which depends on contracts and tenders, and whose fluctuating execution schedules lead to volatility in profits, as this sector recorded a total profit of 23.2 million riyals last year. Additionally, increased financing costs by 2.9 million riyals and higher general and administrative expenses by 4.2 million riyals impacted the results. Nonetheless, the company’s revenues rose by 13.8% to 203.3 million riyals, supported by the signing of a silica sand supply contract linked to the Jafoura field project, which helped boost operational activity.
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