Riyadh — Mubasher: Rimath Hospitality Company, formerly known as Intelligent Oud Trading Company, reported a net loss of SAR 7.33 million for the six-month period that ended on 30 June 2026, reversing a net profit of SAR 1.93 million a year earlier.
The company attributed the bottom-line decline primarily to non-cash accounting charges, including a SAR 5.50 million expected credit loss provision and a SAR 3 million impairment loss on intangible assets.
Revenue rose 20.03% to SAR 11.65 million from SAR 9.70 million in the first half (H1) of 2025. The company stated that top-line growth was driven by its strategy to diversify product portfolios and expand sales channels.
Despite the net loss, the adjusted EBITDA margin improved to 52% from 50% a year earlier, reflecting stronger core operational performance.
The financial results were also impacted by higher financing costs following the issuance of the first tranche of Sukuk in early 2026.
Total shareholders' equity stood at SAR 43.13 million, down from SAR 50.36 million.
Loss per share hit SAR 3.76, versus an earnings per share of SAR 0.99 in the prior-year period.
Management expects the repayment of loans using Sukuk proceeds to impact net results in H2-6 positively.
In June, iOud completed all legal and administrative procedures required to change its corporate name to Rimath Hospitality.
