Riyadh — Mubasher: Qomel Company reported a 69.26% annual decrease in net profit for the first half (H1) of 2026, according to a bourse disclosure.

Earnings fell to SAR 3.64 million in H1-26 from SAR 11.85 million in the same period last year.

The company attributed the profit compression to a SAR 4.82 million drop in gross profit and a SAR 3.31 million increase in selling, marketing, and administrative expenses.

Total revenue decreased by 8.07% to SAR 65.49 million in January-June 2026 from SAR 71.24 million a year earlier.

Qomel Company stated the decline was primarily driven by lower sales to government and semi-government entities.

Earnings per share fell to SAR 0.52 in H1-26, compared to SAR 1.69 in the prior-year period.

Total shareholders' equity rose by 6.11% to SAR 123.95 million in H1-26. Comparative figures for 2025 were restated to reflect the capitalization of SAR 1.78 million in government loan transaction fees.

Meanwhile, the rise in costs was linked to the trial operation phase of the Qomel Factory subsidiary, which triggered new depreciation and amortization charges.

Additionally, the company incurred expenses related to its transition from the Nomu parallel market to the Main Market and investments in technical personnel.