Savola’s net income rises 10.3% on strong food processing performance. PLUS: Declines across the board

The turmoil in 2Q seems to hit overshadowed most companies’ results. Only Savola logged an increase to its net income in 2Q. Everyone else we’re covering today — including Acwa, Kingdom Holding, and Aldawaa — saw their bottom line hit by the conflict.

Food processing props up Savola

Savola Group’s 2Q net income increased 10.3% y-o-y to SAR 116.5 mn, the company said in a Tadawul disclosure. Revenue rose 8.6% to SAR 6.3 bn, led by the food processing segment, with stronger performance from frozen foods and food services.

Behind the numbers: Food processing’s net income rose to SAR 94 mn from SAR 36 mn a year earlier, supported by higher volumes and the absence of one-off losses in 2Q 2025. Frozen foods income increased SAR 11 mn from SAR 4 mn, while food services surged to SAR 3 mn from SAR 1 mn.

Retail remains under pressure: Retail revenue increased 2.4%, supported by new store openings and e-commerce growth, but the segment swung to a SAR 6 mn loss. The company attributed the deterioration partly to a SAR 13 mn one-off intangible write-off and continued competitive pressures.

Net income for 1H 2026 rose 36% y-o-y to SAR 401.1 mn, while revenue increased 3.9% to SAR 13.6 bn. Food processing income nearly doubled to SAR 313 mn, while frozen food income increased to SAR 36 mn and food services narrowed its loss to SAR 1 mn.

Geopolitics slams into Acwa’s bottom line

Acwa’s earnings got hit by the regional conflict in 2Q, but its portfolio is still growing. The company reported a 36% y-o-y decline in its net income to SAR 308.4 mn during the quarter, according to a Tadawul disclosure. Revenue increased by 15.1% y-o-y to SAR 2 bn.

Behind the numbers: The quarter included non-routine adjustments to its financials, such as a SAR 37 mn impairment at the firm’s subsidiary in Morocco Noor 3, which was partly offset by a SAR 36 mn gain from the termination of a hedging instrument, according to its earnings report (pdf). Excluding these factors, it would have an adjusted net income of SAR 310 mn in 2Q.

The renewed conflict showed up in the books: The underlying decline was driven by a SAR 763 mn drop in operating income, as geopolitical volatility slowed project milestones and reduced development and construction revenue, while 2025 also benefited from larger project recognition and Noor 3 settlement claims. Lower finance costs and impairment losses helped soften the impact.

Expanded portfolio: Acwa added 5.2 GW of power and 0.6 mn cbm / d of desalination capacity to its development pipeline during 2Q. It consolidated its portfolio in this quarter by acquiring a 32% stake in Shuaibah Water and Electricity Company and starting the development of the 230 MW Ndiago combined-cycle gas turbine power plant in Mauritania. The portfolio stood at SAR 474.8 bn in assets under management across 111 projects at end-June, spanning 98.2 GW of power capacity, 9.7 mn cbm / d of water desalination capacity, 5.6 GWh of BESS and 223k tons/year of green hydrogen capacity.

The half-year performance: Net income decreased by 28.1% y-o-y to SAR 653.2 mn during the first half, while revenue rose by 8.6% y-o-y to SAR 4 bn.

What’s next? The power giant currently has 32 projects under construction that are set to add roughly 47 GW of power and 2 mn cbm / d of desalination capacity.

The dividend situation: The company’s board proposed the distribution of SAR 352.6 mn in dividends for 2025, equivalent to SAR 0.46 per share. This decision is subject to shareholder approval at the General Assembly meeting on 25 August.

Kingdom Holding’s bottom line down

Kingdom Holding’s 2Q net income declined 17.7% y-o-y to SAR 333.2 mn, according to a Tadawul filing. Revenue, meanwhile, increased 1.3% to SAR 631.5 mn in the same period.

Investment gains down: The net income decline was mainly linked to lower gains from the sale of equity-accounted investments and investment properties, alongside lower dividend income. Higher general, administrative, and marketing expenses, hotel operating costs, taxes and Zakat also weighed on the bottom line.

For 1H, net income fell 28% y-o-y to SAR 602.1 mn, while revenue declined 11.7% to SAR 1.2 bn.

Aldawaa clobbered

Aldawaa Medical Services reported a 65% y-o-y decline in net income to SAR 30.3 mn in 2Q 2026, while revenue fell 2.9% to SAR 1.64 bn, according to a Tadawul filing. The company attributed the revenue decline to softer retail demand during the quarter.

1H tells the same story, as net income fell 72.6% y-o-y to SAR 52.5 mn, while revenue declined 5% to SAR 3.18 bn. A more competitive operating environment and continued investments in its expansion strategy and infrastructure were the reasons, according to the disclosure.

Almoosa's income falls on derivative losses

Almoosa Health posted a 43.4% y-o-y decline in net income to SAR 38.5 mn in 2Q 2026, despite revenue reaching SAR 405.6 mn, up 16.2% y-o-y, the company said in a Tadawul disclosure. The income decline was driven by an unrealized swing in the fair value of derivative financial instruments.

Core performance remained resilient: Excluding derivatives gains and losses, adjusted net income fell a more moderate 8.1% y-o-y to SAR 47.6 mn. The company said it was mainly weighed down by higher operating costs as its newly opened medical center ramps up.

MEANWHILE- Net income for 1H fell 54.1% y-o-y to SAR 62.1 mn, while revenue rose 12.2% to SAR 753.9 mn. The company attributed the decline primarily to a SAR 54.6 mn adverse swing in derivative valuations, with adjusted 1H net income down 18% to SAR 84.4 mn.

Cenomi Centers’ 2Q income drops

Arabian Centers Company (Cenomi Centers) posted an 18.4% decline in net income to SAR 385.7 mn in 2Q 2026, while revenue fell 2.3% to SAR 569.4 mn, the company said in a Tadawul filing.

Higher financial costs weigh heavy: The decline in quarterly net income was due to higher financial costs, which rose to SAR 221.2 mn from SAR 147.8 mn a year earlier, and lower fair value gains on investment properties. The company said the impact was partly offset by an 89.5% reduction in impairment losses.

For 1H, net income fell 14.7% y-o-y to SAR 588.2 mn, while revenue declined 1.8% to SAR 1.15 bn.