Tharwah loses SAR 1.34M in H1 2026

31/08/2026 Argaam Exclusive

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Altharwah Albashariyyah Co. (Tharwah) reported a net loss of SAR 1.34 million in H1 2026, against a profit of SAR 6.7 million a year earlier.



Current Half Annual Comparison (Million Riyal)

Compared With The
Item H1 2025 H1 2026 Change‬
Revenues 47.78 54.12 13.3 %
Gross Income 19.75 17.71 (10.3 %)
Operating Income 6.09 (3.44) (156.5 %)
Net Income 6.66 (1.34) (120.1 %)
Average Shares 4.71 4.71 -
Earnings Per Share before unusual items (Riyal) 1.04 (1.03) (199.8 %)
EPS (Riyal) 1.42 (0.29) (120.1 %)

The company attributed the swing to market challenges, saying it sacrificed part of its profit margins on several projects and contracts to retain customers and preserve market share, while responding to changes in customers' allocated budgets.

 

Revenue rose 13.26%, mainly due to the full-period consolidation of Amjad Watan's results, compared with only a partial period included in the comparative figures following its acquisition.

 

The company said revenue growth was constrained by conditions in the consulting and training services market, amid a cautious spending environment and the reprioritization of projects by some customers.

 

This resulted in the postponement of several projects and delays in starting others. Contracting procedures for a number of awarded projects were also not completed, while notices to proceed had not been issued by the end of the period.

 

Sequentially, the company narrowed losses from SAR 8.56 million in H2 2025.

 

Total shareholders’ equity, with no minority interest, stood at SAR 77.85 million by June 30, 2026, compared with SAR 86.14 million in the prior-year period.

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Share Price

Altharwah Albashariyyah Co.
20.65
0.85 4.29 %

Altharwah Albashariyyah Co. (THARWAH)

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Financial Ratios
Current
Market Cap (M Riyal) 97.17
Enterprise Value (EV) (M Riyal) 81.53
Shares Outstanding ((M)) 4.71
Recurring EPS ( Riyal) (TTM) (2.21)
Book Value (BV) ( Riyal) 16.54
Par Value ( Riyal) 5.00
Recurring P/E (TTM) Neg
P/E (TTM) NEG
Price/book 1.25
Dividend Yield (%) (Last Year) 2.91
Return on Average Assets (%) (TTM) (4.47 )
Return on Average Equity (%) (TTM) (7.13 )
EV/adj EBITDA (27.19)
EV/Revenues 0.66
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