Riyadh - Mubasher: Miahona Company achieved 90.74% year-on-year (YoY) lower net profits at SAR 6.50 million in the first half (H1) of 2026, compared to SAR 70.20 million.
The company attributed the downturn primarily to a 35.36% decrease in consolidated revenues, which reached SAR 233.80 million compared to SAR 361.70 million previously.
Earnings per share (EPS) stood at SAR 0.03 in H1-26, down from SAR 0.43 a year earlier.
The decline was driven by a reduction in construction revenues as the Ras Tanura IWWTP project approached its scheduled completion.
Additionally, the company did not record development revenues during this period, whereas the prior year benefited from financial closures on the Al Haer ISTP project. Operating profit for the six-month period fell by 85.88% to SAR 10.70 million.
For the second quarter (Q2) of 2026, net profit reached SAR 2.80 million, a 61.64% decrease from the SAR 7.30 million recorded in Q1-25. Quarterly revenue stood at SAR 116 million, down 37.83% YoY.
Despite the annual decline, quarterly net profit rose by 7.69% compared to Q1-26, supported by higher finance income from concession contract receivables.
