Saudi consumer names turn the corner as Lazurde, Tanmiah swing back to black

A golden turnaround

Lazurde swung back to the black on net income of SAR 1.8 mn in 3Q from a net loss of SAR 4.3 mn a year earlier, on revenue up 14.1% y-o-y at SAR 1 bn, according to a Tadawul disclosure. Most of the revenue gain came from higher gold prices flowing through the top line, with operating revenue, which strips out the gold metal value, up 3% to SAR 148.3 mn. 9M net income reached SAR 200k against a SAR 16.8 mn loss a year earlier on revenue up 29.3% at SAR 2.94 bn, with retail now half of operating revenues.

The gold play underneath: Lazurde is building its own gold reserve to cut reliance on external gold financing, and now runs at its lowest gold working volume in 15 years. The company expects this to lower financing costs and leverage over time. The trade-off is mark-to-market volatility. It booked a SAR 5.4 mn fair value gain in 3Q, against a SAR 5.7 mn fair value loss over the first nine months.

Less on promotion, more on the bottom line

Jarir Marketing grew 3Q net income 15.1% y-o-y to SAR 374 mn, with revenue rising 7.8% to SAR 3.2 bn, according to a Tadawul filing. The retailer said limited product supply reduced the need for discounted promotional offers, allowing it to hold prices and protect margins. Higher other income and slightly lower net finance costs also supported the quarterly result. Smartphones led y-o-y sales growth across most sections.

9M net income climbed 16.7% y-o-y to SAR 863 mn, while revenue increased 9.7% y-o-y to SAR 9 bn. The company again pointed to lower promotional discounting amid limited product supply as the main buoy.

A narrower loss as Saudi Fisheries restructures

Saudi Fisheries narrowed its net loss 43.5% y-o-y to SAR 3.9 mn in 3Q 2026 despite generating no revenue, as the company booked no selling costs and smaller losses from discontinued operations after suspending commercial activity, according to a Tadawul filing. The nine-month net loss narrowed 56.2% to SAR 8.1 mn.

With commercial activity suspended, it booked no selling and distribution expenses against SAR 985k a year earlier, its loss from discontinued operations shrank to SAR 460k from SAR 2.2 mn, and it reversed SAR 1 mn in expected credit loss provisions. Those were partly offset by an 81.9% rise in general and administrative expenses, largely costs tied to a proposed SAR 334.9 mn rights issue that failed to secure the required majority at a 27 September extraordinary general assembly.

Accumulated losses reached SAR 24.8 mn, or 37% of capital, at the end of September, up from 31.2% in 2Q 2026, according to a separate Tadawul disclosure. That puts it in the 35%-to-below-50% regulatory disclosure category. With its proposed capital increase rejected, the company’s plan to address the losses includes a sale of its Riyadh headquarters and completing an agreement to sell 51% of its stake in Al-Huraidah National Aquaculture.

Almunajem loses steam in 3Q

Almunajem Foods’ bottom line was virtually flat y-o-y in 3Q 2026 at SAR 31.5 mn on revenue 3.2% lower y-o-y at SAR 790 mn, according to a Tadawul filing, as higher financing costs and lower income from an associate offset a 6.9% rise in operating income. The company tied the finance costs to increased capital spending and strategic investments.

9M 2026 net income more than doubled, up 107.7% y-o-y to SAR 213.3 mn on margins improving across all categories in 1H. Revenue fell 2% to SAR 2.46 bn on higher costs and lower volumes, which the company linked to the ongoing geopolitical situation. That follows a difficult 2025, when Almunajem's net income fell 42.6% amid smaller contributions from associate Balady Poultry, while pricing pressure in red and white meat weighed on revenue.

Tanmiah gets back to business

Tanmiah Food swung to net income of SAR 5.4 mn in 3Q from a SAR 15.8 mn loss a year earlier, on revenue up 26.7% at SAR 777.9 mn, according to a Tadawul filing and the company’s earnings release (pdf). It attributed the turnaround to higher poultry prices, cost savings, an improved product mix, and increased production at its Majmaah 2 plant, partly offset by higher diesel, utility, feed, logistics, and financing costs, with gross margin easing to 21.9% from 22.4%.

Agribusiness returned to the black, with fresh poultry revenue up 15.5% on higher volumes and selling prices, and animal feed and health products up 98.5%. Restaurant operations, which runs Popeyes outlets in the Kingdom, Bahrain, and Kuwait, narrowed its loss on revenue up 25.5%. Nine-month net income rose more than sixfold to SAR 23.2 mn on revenue up 18.4% at SAR 2.3 bn, with revenue outside the Kingdom up 71.2% at SAR 243.6 mn, or 10.6% of the total.

AFG Retail narrows losses as international sales grow

AFG Retail narrowed its 3Q net loss 23.5% y-o-y to SAR 99.2 mn and swung to operating income of SAR 33.4 mn from a SAR 35.2 mn operating loss, on revenue up 6% at SAR 1.28 bn, according to a Tadawul filing and its earnings release (pdf). International revenue rose 10.9% to SAR 489.9 mn on double-digit growth in Armenia, Georgia, and Uzbekistan, while Saudi revenue excluding F&B rose 4.5% to SAR 713.9 mn on electronics, sports, beauty and lifestyle brands. The narrower loss also reflects SG&A down 10.9%, mainly because around SAR 28 mn in professional fees didn’t recur, alongside a one-time SAR 19 mn rent reduction and the absence of last year’s SAR 8.1 mn in foreign exchange losses. Financing costs rose 25.7% to SAR 108.1 mn on the full-period impact of facilities put in place in 2025.

The nine-month loss narrowed 2.6% to SAR 233.1 mn on revenue up 6.3% at SAR 3.9 bn, with finance costs up 33.8% at SAR 314.7 mn. Accumulated losses reached SAR 2.49 bn, or 217% of capital, at 30 September, and the shareholders’ equity deficit widened to SAR 1.84 bn from SAR 1.33 bn a year earlier.