Al Kathiri Reports SAR 13.82M Net Loss in Three Months 2026
ALKATHIRI 3008.SA | 0.00 |
On 2026-05-10 08:32:19 (Saudi Time), Al Kathiri Holding Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 28,059,168 | 51,837,209 | -45.87 | 75,863,197 | -63.013 |
| Gross Profit (Loss) | -6,703,188 | 2,240,333 | - | -2,695,851 | 148.648 |
| Operational Profit (Loss) | -11,137,772 | -2,878,517 | 286.927 | -24,013,759 | -53.619 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -13,817,582 | -5,039,097 | 174.207 | -32,814,958 | -57.892 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -13,817,582 | -5,039,097 | 174.207 | -31,548,502 | -56.202 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 56,264,213 | 104,615,156 | -46.217 |
| Profit (Loss) per Share | -0.061 | 0.022 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 69,244,224 | 61.27 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales declined 45.87% YoY to 28.06 million due to slower project execution and delivery in the contracting sector, along with reduced construction material sales caused by raw material availability challenges and supply chain fluctuations. Net loss widened significantly to 13.82 million compared to 5.04 million in the prior year, driven by the sharp revenue decline while costs did not decrease proportionally, resulting in a shift from gross profit to gross loss, compounded by higher financing costs and rising operating expenses.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined 63.013% to 28.06 million due to slower project execution and delivery in the construction sector, along with decreased sales of construction materials caused by raw material availability challenges and supply chain fluctuations. Net loss improved 57.892% to -13.82 million compared to the previous quarter, primarily driven by reduced general and administrative expenses, lower finance costs, and the non-recurrence of one-time expenses from the prior quarter including inventory write-down provisions, asset impairment losses, and Zakat charges.
Other Items
Auditors issued an unmodified conclusion but included an emphasis of matter paragraph highlighting material uncertainty regarding the Group's ability to continue as a going concern due to accumulated losses of SAR 69.2 million representing 61% of capital and the Group's ability to meet obligations as they become due. The company formally announced accumulated losses reached SAR 69,244,224 (61.27% of SAR 113,022,000 capital) as of March 31, 2026, triggering regulatory procedures for companies with losses exceeding 50% of capital under Saudi Companies Law Article 132. The Board must disclose recommendations by July 5, 2026, and call an Extraordinary General Assembly by November 2, 2026, to consider company continuity. Total shareholders equity declined 46.217% to SAR 56,264,213, with earnings per share at -0.061 compared to 0.022 in the prior year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95140&anCat=1&cs=3008&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.