Riyadh — Mubasher: The net profits of Service Equipment Company dropped by 18.79% year-on-year (YoY) to SAR 3.71 million in the first half (H1) of 2026 from SAR 4.57 million.
The company achieved a 6.79% increase in total revenue, which amounted to SAR 28.19 million compared to SAR 26.40 million during the same period in 2025.
Management attributed this growth to the acquisition of new customers, increased demand, and higher revenue from after-sales services. However, the overall bottom line was impacted by a contraction in profit margins resulting from intensified market competition and higher costs of sales.
Earnings per share (EPS) reached SAR 1.55, down from SAR 1.90 in the corresponding period last year.
Total shareholders' equity, excluding non-controlling interests, grew by 3.27% to SAR 47.98 million from SAR 46.45 million. The company noted that its auditors issued an unmodified opinion on the financial statements.
Service Equipment is currently evaluating the impact of International Financial Reporting Standard (IFRS) 18, which it intends to adopt starting 1 January 2027.
