Masar, Sisco, Alramz, and more deliver mixed 2Q earnings

Masar’s borrowing costs catch up with earnings

Umm Al Qura for Development and Construction (Masar) saw net income slip 8.7% y-o-y to SAR 216.1 mn, it said in a Tadawul filing. Revenue, meanwhile, was up 36.9% y-o-y to SAR 915.9 mn, driven by land sales.

What squeezed the bottom line: The decline came despite the stronger top line because financing costs climbed. Masar stopped capitalizing borrowing costs tied to infrastructure works — those costs now hit the income statement directly — after the underlying works were substantially completed. In other words, revenue growth couldn’t outrun the interest bill that moved onto the books.

The first half was softer: 1H net income fell 34.1% y-o-y to SAR 261 mn on revenue of SAR 995.5 mn, down 15% y-o-y, as land-sale revenue came in lighter than a year earlier along with higher finance expenses.

Sisco’s ports carry its 2Q

Sustained Infrastructure Holding Co. (Sisco Holding) nearly tripled its bottom line in 2Q 2026, with net income up 196.3% y-o-y to SAR 59.2 mn, according to a Tadawul disclosure. Revenue rose 129.8% y-o-y to SAR 722.7 mn over the same period. Higher port volumes, led by MPT and Red Sea Gateway Terminal (RSGT and RSGTI), plus steady logistics gains lifted the books, holding up against higher operating and financing costs.

The half-year read: 1H net income grew 91.1% y-o-y to SAR 85.4 mn on a 74.5% y-o-y revenue expansion to SAR 1.2 bn.

Hajj-driven quarter for Makkah Construction

Makkah Construction and Development posted a 19.7% y-o-y increase in net income to SAR 172.6 mn in 2Q 2026, according to a Tadawul disclosure. Revenue climbed 80.6% y-o-y to SAR 700.9 mn, lifted by the Hajj season falling largely within the quarter.

Hajj timing boosted the quarter, with most pilgrimage revenue recognized in 2Q this year versus being split between the second and third quarters last year. Even excluding that effect, hospitality benefited from stronger pre-Hajj Umrah demand, and retail benefited from higher lease rates and expanded leased space, adding roughly a combined SAR 36 mn. Lower investment income and higher zakat reduced the uplift by about SAR 17 mn.

On a 1H basis, the net income rose by 13.8% y-o-y to SAR 334.8 mn on revenue that grew 52.7% to SAR 952.3 mn, with hospitality and retail driving the gains.

Alramz sold more, earned less

Revenue and net income headed in opposite directions for Alramz Real Estate in 2Q 2026. The company’s bottom line was down 60.6% y-o-y to SAR 25.6 mn, while revenue jumped more than sixfold, up 518.2% y-o-y to SAR 550.4 mn, lifted mainly by the SAR 325.7 mn sale of a project under development, plus off-plan sales of SAR 94.2 mn and unit handovers of SAR 41.9 mn, according to a Tadawul filing.

Why the split? Two things weighed on the bottom line, and neither relates to the core business. Alramz booked a higher zakat charge in the quarter, and it recorded a smaller net fair-value gain than a year earlier because its funds are revalued only semi-annually, so the timing of that mark, not a change in the assets, moved the number.

The same pattern holds over six months. 1H net income after zakat fell 24.1% y-o-y to SAR 54.3 mn, even as revenue climbed 308.6% y-o-y to SAR 910.7 mn.

Saudi Re boosted by surplus reversal

More than doubled: Saudi Reins. Company (Saudi Re) saw its net income increase 118.4% y-o-y to SAR 114.8 mn in 2Q 2026, according to a Tadawul disclosure. Ins. revenue rose 69.1% to SAR 701.4 mn during the same period.

Nearly half the jump was one-off. The quarter includes a non-recurring reversal of accumulated surplus of SAR 53.5 mn, plus a swing to SAR 8.3 mn of net reins. finance income from a SAR 16.9 mn expense a year earlier. Strip out those tailwinds, and the company’s core underwriting shrank, with ins. service results down 67.2% y-o-y to SAR 38.6 mn and net income from ins. results dropped 27.1% y-o-y to SAR 40.6 mn.

1H told a similar story, with net income growing 83.6% y-o-y to SAR 161.6 mn, supported by a 70.9% y-o-y rise in ins. revenue to SAR 1.26 bn.