Saudi Energy, Al Rajhi Takaful, Dallah Healthcare, and more post 2Q 2026 earnings

Bigger grid, higher costs for Saudi Energy

Saudi Energy’s net income slipped 7.4% y-o-y to SAR 4.9 bn in 2Q 2026, even as revenue rose 11.3% y-o-y to SAR 30.9 bn on grid expansion, energy-cost pass-through, and substation and transmission project work, it said in a Tadawul filing. The same grid expansion that lifted revenue also drove up operations, maintenance, and borrowing costs, outweighing the gains.

Finance costs may stay elevated after the company secured a SAR 15.8 bn Murabaha facility in late July.

The half-year results held up better: Net income rose 7.5% y-o-y to SAR 6.7 bn in 1H on revenue of SAR 52.2 bn, up 10.5% y-o-y, as higher generation volumes and improved collections supported earnings.

Higher claims weigh on Al Rajhi Takaful

Al Rajhi Company for Cooperative Ins. (Al Rajhi Takaful) posted a 15.4% y-o-y drop in net income to SAR 94.3 mn in 2Q 2026, according to a Tadawul disclosure. Ins. revenue, meanwhile, rose 11% y-o-y to SAR 1.5 bn, driven by its medical and motor segments.

Weaker underwriting caused the disparity. Ins. services swung to a SAR 219.8 mn loss from a SAR 217.6 mn gain a year earlier, driven by higher general ins. claims and weaker protection-and-savings revenue. Higher investment income, up 62% y-o-y, partly offset the hit.

The half-year read was more positive, with net income up 2.7% y-o-y to SAR 207.8 mn on ins. revenue of SAR 3 bn, up 17.4% y-o-y.

Medgulf back in the black

The Mediterranean and Gulf Ins. and Reins. Company (Medgulf) reversed its losses in 2Q, swinging to a SAR 44.2 mn net income from a SAR 1.5 mn loss a year earlier, according to a Tadawul disclosure. Ins. revenue also rose 28.1% y-o-y to SAR 1.3 bn, driven by growth in the medical and motor lines.

Both sides of the business pulled the right way. Underwriting strengthened, with ins. services results up 27.3% y-o-y on better motor and property-and-casualty performance and net investment income rising to SAR 22 mn from SAR 3.4 mn on higher dividend and commission income. Gross written premiums nearly tripled y-o-y to SAR 1.3 bn.

On a 1H basis, net income jumped 342.6% y-o-y to SAR 80.4 mn, while ins. revenue increased 26.6% to SAR 2.6 bn.

The balance sheet is in better shape too: After shareholder approval in late June, Medgulf cleared its SAR 77.8 mn accumulated losses by offsetting them against its share premium account.

Acquisitions lift, one-offs dent Dallah Healthcare

Dallah Healthcare saw its net income fall 19.5% y-o-y to SAR 100 mn in 2Q 2026, the company said in a Tadawul disclosure. Revenue, however, rose 4.3% y-o-y to SAR 1.1 bn, thanks to an 8.9% rise in patient visits across the group’s hospitals and medical centers.

Behind the numbers: The drop was mostly driven by one-offs. Excluding non-recurring items, net income increased 3.2% y-o-y to SAR 115.3 mn as the prior-year quarter benefited from a SAR 12.5 mn zakat-provision reversal, while 2Q 2026 absorbed SAR 15.3 mn in Hajj-related operating costs. Meanwhile, underlying operations stayed solid, with last year’s acquisitions of Dallah Al Khobar Hospital and Dallah Al Ahsa Hospital seeing a 22.5% increase in revenue, partly offset by higher financing costs on acquisition debt.

In the first half, net income fell 34.1% to SAR 184.5 mn, weighed by similar one-offs, while revenue rose 11.9% y-o-y to SAR 2.12 bn on a 17.2% uptick in visits.

What’s next? Dallah received SAR 466.7 mn in July from selling its stake in Dr. Mohammed Rashed Al Faqih Company and plans to put most of it toward paying down debt.

Dividends: Dallah Healthcare approved a SAR 50.4 mn dividend payout for 2Q, equivalent to SAR 0.50 per share. Distribution is set for 27 August.

Acute care and leaner costs fuel SMC Healthcare

Specialized Medical Company’s (SMC Healthcare) net income grew four times faster than revenue, rising 24.2% y-o-y to SAR 45.2 mn. Revenue increased 5.7% to SAR 401.3 mn on higher outpatient and inpatient volumes.

Margins expanded as costs fell: Net margin widened to 11.3% from 9.6% a year earlier as clinics opened in 2025 matured, the care mix shifted toward higher-margin acute services, and G&A, marketing, and finance costs all came down.

The pattern persisted across 1H, with net income up 17.8% y-o-y to SAR 77.7 mn and revenue rising 4.5% to SAR 782 mn.