Ades, BinDawood, Seera, Lazurde, Arabian Drilling, and MBC Group report 2Q earnings

Ades Holding’s earnings pressured by regional disruptions

Ades’ earnings get hit by the conflict despite operational expansion: Ades Holding’s net income declined 31.9% y-o-y to SAR 128.5 mn in 2Q 2026, which was attributed to temporary offshore rig suspensions due to the conflict and non-recurring ins. costs, according to a Tadawul disclosure. Revenue rose 36.4% y-o-y to SAR 2.15 bn during the quarter.

The group grew its operational top line on the back of stronger offshore performance and Shelf Drilling’s acquisition, according to its earnings (pdf). It also benefited from stronger activity across India, West and Central Africa, and Southeast Asia, alongside greater contributions from Ades’ production model in Egyptian brownfields.

The drilling services giant continued its expansion wave, acquiring Italian Saipem’s shallow-water drilling business in Saudi for USD 285 mn, ramping up its activity in Nigeria by securing a SAR 375.3 mn contract for the Shelf Drilling Odyssey jackup rig and a SAR 180.7 mn one-year contract by Belbop Nigeria. It also extended its contract with Tenaz into a three-year commitment and a potential contract value of SAR 832.2 mn.

On a 1H basis, Ades’ net income shed 4.6% y-o-y to SAR 365 mn, while its revenue jumped 49% y-o-y to SAR 4.5 bn.

Dividends: The company will distribute SAR 220.8 mn in dividends for 1H 2026, equivalent to SAR 0.2 per share, on 9 September, according to a separate disclosure.

BinDawood’s books hit by expansion costs

BinDawood Holding reported a 4.3% y-o-y decline in net income attributable to shareholders to SAR 49.6 mn in 2Q 2026, according to a Tadawul disclosure. Net income, excluding the deduction for income attributable to non-controlling interests, would have increased 5.3% y-o-y to SAR 53.2 mn, according to its earnings (pdf). Revenue grew 11.4% y-o-y to SAR 1.6 bn during the period.

Behind the numbers: The performance was influenced by higher borrowing costs linked to new lease obligations and financing of recently acquired subsidiaries. Finance income also declined due to the group’s capital allocation and debt-funded expansion. The results, however, saw strong retail demand and the integration of portfolio additions, such as Vaza Foods, Zahrat Al Rawdah Pharmacies, and Toy Triangle.

The half-year performance showed a slight improvement, with net income marginally increasing to SAR 119.7 mn from SAR 119 mn a year earlier, while revenue rose 9.7% y-o-y to SAR 3.45 bn.

What’s next? The company aims to finalize its Wonder Bakery acquisition and fully consolidate Vaza Foods in the near future while continuing to invest in its digital and physical infrastructure, CEO Ahmad BinDawood said. It previously announced planned expansions through acquisitions valued at SAR 1.5-2 bn to capitalize on the growth of the retail sector.

Seera’s income jumps on Almosafer growth

Seera Group Holding reported a 26-fold y-o-y increase in net income to SAR 80 mn in 2Q 2026, up from SAR 3 mn a year earlier, it said in a Tadawul filing. Revenue rose 3.7% y-o-y to SAR 1.25 bn during the quarter. The company attributed this jump in net income and revenue to Almosafer, including non-recurring gains from Careem holdbacks and asset divestments.

Net income for 1H reached SAR 122 mn, up 205% y-o-y from SAR 40 mn, while revenue for the period increased 1.3% to SAR 2.34 bn.

Lazurde narrows loss as gold prices go up

Lazurde Company for Jewelry narrowed its net loss in 2Q 2026 to SAR 5.2 mn from SAR 25.8 mn a year earlier, it said in a Tadawul filing. Revenue rose 34.5% y-o-y to SAR 887.1 mn during the period, helped by higher gold prices and stronger operating performance.

For 1H 2026, Lazurde’s net loss narrowed to SAR 1.6 mn from SAR 12.5 mn. Meanwhile, revenue rose 39.1% to SAR 1.92 bn.

Arabian Drilling drops to the red

Arabian Drilling Company reported a net loss of SAR 31.5 mn in 2Q 2026, up from SAR 7.5 mn a year earlier, as lower rig utilization weighed on revenue, it said in a Tadawul disclosure. Revenue dipped 11.3% y-o-y to SAR 764.7 mn over the quarter, with average rig utilization falling to 72% from 79%. The decline was partly offset by the full-quarter contribution from unconventional rigs and a new barge.

1H was also in the red as the company posted a SAR 24.5 mn net loss, compared to net income of SAR 82.7 mn in the same period last year. Revenue declined 10.6% y-o-y to SAR 1.59 bn during the first half of the year.

MBC Group’s 2026 woes persist

MBC Group reported a net loss of around SAR 263 mn in 2Q 2026, down from last year’s net income of SAR 151 mn, it said in a Tadawul filing. The drop was largely attributed to a SAR 348 mn decline in the fair value of financial assets.

Revenues for 2Q dropped 28% y-o-y to roughly SAR 708 mn due to softer advertising demand amid geopolitical turbulence in the Gulf, as well as the expiration of some broadcasting and technical service contracts, management said.

Net losses for 1H amounted to SAR 34 mn, down from last year’s SAR 414 mn, while revenues for the period decreased around 25% y-o-y to SAR 2.3 bn.

REMEMBER- The group projected 2026 margins of 7-9% for broadcasting and commercial activities and 2-4% for media and entertainment. MBC Shahid is expected to break even in 2027.