Riyadh — Mubasher: Mohammed Hadi Al Rasheed and Partners Company reported a net profit of SAR 30.49 million during the first half (H1) of 2026, marking a 34.98% decrease from SAR 46.89 million in H1-25.

Earnings per share (EPS) fell to SAR 1.69 in H1-26 from SAR 2.61 in the prior-year period, according to a bourse filing.

The decline in profitability occurred despite a 13.83% increase in total revenues, which rose to SAR 203.29 million in January-June 2026 from SAR 178.59 million in H1-25.

Al Rasheed attributed the revenue growth to the commencement of a high-quality silica sand supply contract for the Jafurah field project with National Energy Services Reunited Corporation (NESR).

However, the bottom line was pressured by a lower contribution from the military equipment maintenance sector, which had contributed a gross profit of SAR 23.20 million in the previous year.

The company also cited a SAR 2.90 million rise in financing costs and a SAR 4.20 million increase in general and administrative expenses to support business expansion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 45.30 million in H1-26, down 20% from SAR 56.60 million in H1-25.

Furthermore, the total shareholders' equity grew 26.95% to SAR 321.88 million as of 30 June 2026.