MAADEN-

Saudi Arabian Mining (Ma’aden) posted 119.6% y-o-y bottom line growth in 2Q 2025 to SAR 1.9 bn on revenues of SAR 9.4 bn, up 31.1% y-oy, it said in its earnings release (pdf). On a six-month basis, Ma’aden’s net income grew 73.1% to SAR 3.5 bn, while revenues were up 23.4% y-o-y to SAR 17.9 bn. Ma’aden attributed the growth to higher sales volumes and commodity prices — despite raw material costs also rising — as well as lower expenses for financing, zakat, and income taxes.

Looking ahead: Ma’aden maintained its 2025 capex guidance at SAR 7.55-9.55 bn, with 7% allocated for growth. The company expects to complete its phosphate 3 phase 1 expansion project by the end of 2026 and expects to bring it online in 2027, reaching full capacity by the end of 2027. “I am confident that we will deliver strong results in the second half of 2025 as we progress our growth strategy, drive forward with our exploration program, and maintain operational excellence across our businesses,” CEO Bob Wilt is quoted as saying in the release.

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SAVOLA GROUP-

Savola Group’s net income fell 34.1% y-o-y to SAR 97.3 mn in 2Q 2025, which the company attributed to the effect of no longer gathering income from its previously-owned stake in Almarai, according to a disclosure to Tadawul. Revenues during the quarter rose 18.2% y-o-y to SAR 6.06 bn on the back of growth from its food processing and retail segments.

Savola’s 1H 2025 net income fell 39.1% y-o-y to SAR 294.9 mn, with revenues rising 11.3% y-o-y to SAR 13.7 bn.

PETRO RABIGH-

Petro Rabigh’s net loss widened in 2Q 2025 to SAR 1.37 bn, compared to a net loss of SAR 1.1 bn, according to a disclosure to Tadawul. The company’s revenues also fell 59.5% y-o-y to SAR 4.05 bn, which is attributed to a “full shutdown” of its units for 60 days for “comprehensive, scheduled periodic maintenance across all operational facilities and production units.”

On a six-month basis: Net losses narrowed to SAR 2.06 bn, compared to SAR 2.47 bn in 1H 2024, while revenues dropped 13.6% y-o-y to SAR 15.5 bn. The company’s accumulated losses hit SAR 7.34 bn by the end of 1H, equivalent to 43.9% of its share capital.

SAL SAUDI LOGISTICS SERVICES-

Saudi Logistics Services (SAL) saw its net income rise 4% y-o-y to SAR 162 mn in 2Q 2025, according to an earnings release (pdf) and a disclosure to Tadawul. The firm’s topline declined 3% y-o-y to SAR 394 mn for the same period. SAL’s Logistics Division’s lower revenues — caused by a shift in project timelines — were the main reason for topline decline, management said. SAL’s bottom line shrank 13.3% y-o-y to SAR 315 mn in 1H 2025, with revenues down 9% y-o-y to SAR 778 mn.

Behind the income slump: Management attributed the drop-off in 1H’s net income to a decline in the Handling Division’s revenue, as handling levels returned to normal after the exceptionally high volumes in 1Q 2024 caused by supply chain disruptions in the Red Sea.

Looking ahead: SAL is maintaining a positive outlook, expecting an increase in demand for integrated logistics solutions, fueled by the expansion of e-commerce, accelerating industrial activity, and enhanced regional connectivity, CEO Omar bin Talal Hariri said.

Dividends: SAL’s board greenlit a SAR 121.6 mn dividend payout for 2Q 2025 at SAR 1.52 per share, set to be distributed on 9 September, it said in a separate disclosure.

AL HAMMADI HOLDING-

Our friends at Al Hammadi Holding saw their net income fall 47.4% y-o-y to SAR 62 mn in 2Q 2025, weighed down by a SAR 10.9 mn provision for credit losses and the absence of SAR 55.3 mn in one-off gains from a land sale booked in the same quarter last year, it said in a disclosure to Tadawul on Thursday. Meanwhile, revenue rose 13.2% y-o-y to SAR 298.2 mn, supported by higher income from the medical services and pharma products sectors.

On a 1H basis, the company’s bottom line dropped 25.3% y-o-y to SAR 135.9 mn, while its topline grew 11% y-o-y to SAR 600.1 mn.

Dividends: Al Hammadi’s board signed off on distributing a total of SAR 56 mn in dividends for 2Q 2025, equivalent to SAR 0.35 per share, according to a separate disclosure.

CATRION CATERING HOLDING-

Catrion Catering Holding posted a net income of SAR 65.4 mn in 2Q 2025, falling 10.7% y-o-y, on the back of higher finance costs tied to lease liabilities, lower finance income, and a share from its associate’s losses, it said in a disclosure to Tadawul on Thursday.

However, revenue edged up 1.2% y-o-y to SAR 571.5 mn, supported by higher in-flight catering revenue from foreign and private airlines, which offset a decline in integrated hospitality revenue.

On a 1H basis, the company’s net income slipped 2.9% y-o-y to SAR 140.2 mn, while revenue grew 3.9% y-o-y to SAR 1.2 bn.

BAWAN-

Bawan recorded a 117.9% y-o-y rise in net income to SAR 50.4 mn in 2Q 2025, according to a disclosure to Tadawul released on Thursday. Revenue also rose 52.7% y-o-y to SAR 966.1 mn over the same period. The growth was supported by the contribution of newly acquired oil and gas industries, as well as strong performances across the electrical, plastic, and metal segments.

On a 1H basis, the company’s bottom line grew 66.2% y-o-y to SAR 86.9 mn, while its topline rose 23.7% y-o-y to SAR 1.9 bn.

CEO Mohammed Al Balawi has a bullish outlook for Bawan’s 2025 financial performance, supported by confirmed contracts exceeding SAR 2.8 bn, he told Argaam. Looking forward, after investing SAR 300 mn and acquiring new segments like Petronash Global, Bawan’s primary goals are to maximize returns on these investments and reduce the group’s debt.

NATIONAL GAS AND INDUSTRIALIZATION COMPANY-

The National Gas andIndustrialization Company (Gasco) reported a 7.1% y-o-y drop in net income to SAR 53.9 mn in 2Q 2025, on the back of rising operating expenses and lower investment, finance, and other income as well as a lower zakat reversals, it said in a disclosure to Tadawul on Thursday. Meanwhile, revenue grew 15.1% y-o-y to SAR 740.1 mn thanks to higher gas sales volume and prices as well as higher services returns.

On a 1H basis, Gasco’s bottom line fell 15.2% y-o-y to SAR 115.9 mn, while its topline rose 16.9% y-o-y to SAR 1.6 bn.

THEEB RENT A CAR-

Theeb Rent a Car saw its net income rise 7.2% y-o-y to SAR 47.8 mn in 2Q 2025, it said in a disclosure to Tadawul on Thursday. Revenue also rose 13.4% y-o-y to SAR 364.9 mn over the same period. Figures’ growth was mainly driven by higher short and long-term rental revenues and increased used car sales.

Over the first half of the year, the company’s net income rose 9.5% y-o-y to SAR 93.2 mn, while revenue grew 11.6% y-o-y to SAR 701.6 mn.

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