Riyadh — Mubasher: Meyar Company logged a net loss of SAR 4.12 million in the first half (H1) of 2026, compared to a loss of around SAR 320,000 in H1-25.
The company attributed the 1,186.56% increase in losses to a sharp decline in construction sector demand beginning in February 2026 and rising costs for essential raw materials, according to a bourse filing.
Revenue for the H1-26 period fell by 16.63% to SAR 33.07 million from the SAR 39.67 million recorded in H1-25.
Consequently, the loss per share deepened to SAR 3.10 in H1-26 from SAR 0.24 in H1-25.
Total shareholders' equity also declined to SAR 28.43 million from SAR 32.54 million, representing a 12.65% annual drop.
Meyar added that the independent auditor issued a qualified conclusion, citing material uncertainty regarding the group's ability to continue as a going concern.
Current liabilities exceeded current assets by SAR 21.47 million as of 30 June 2026.
Additionally, the company failed to meet certain financial covenants and loan repayment schedules.
The company further initiated a recovery plan targeting SAR 80 million in sales for 2026 and is currently negotiating the rescheduling of an ICO loan to stabilize its financial position.
