Riyadh – Mubasher: Al Kathiri Holding Company announced a significant widening of its financial losses for the six-month period that ended on 30 June 2026, as net losses reached SAR 33.28 million compared to SAR 13.08 million in the same period last year.
The company’s accumulated losses have now reached SAR 103.37 million, representing 91.46% of its SAR 113.02 million capital.
The company’s performance was pressured by a 54.34% decline in half-year revenues, which fell to SAR 53.75 million from SAR 117.71 million.
Management attributed the downturn to reduced business volumes and slower project execution in the contracting sector, alongside lower sales in building materials.
For the second quarter (Q2) alone, net losses surged by 276.61% year-on-year (YoY) to SAR 22.78 million.
The external auditor issued a qualified opinion, noting that the group should have recognized an impairment loss of SAR 21.70 million related to assets at Alian Industry Company.
Additionally, the auditor highlighted a material uncertainty regarding the group's ability to continue as a going concern, citing that current liabilities exceeded current assets by SAR 17.98 million.
Last month, the company attributed the publishing delay to the incomplete audit procedures required for the financial statements.
