A mixed bag of earnings from utilities, retail, and ins.

Savola Group

Savola Group posted a 50.4% y-o-y increase in net income to SAR 284.5 mn in 1Q, thanks to one-off gains related to its exit from operations in Sudan, lower operating expenses, and higher finance income. Revenue was broadly stable at SAR 7.3 bn, supported by higher volumes in the food processing segment, but offset by weaker performance in retail, food services, and frozen foods.

War hasn’t hit the books so far: Savola claims that geopolitical tensions “have not had a material impact on [the] Group’s financial statements” during the quarter.

Looking ahead: Savola is not currently looking for new geographic expansions, instead directing its energy on bolstering existing markets, CEO Sameh Mahmoud Hassan told the Arabic press (watch, runtime: 10:08).

Saudi Energy

Saudi Energy reported an 89.4% y-o-y surge in net income to SAR 1.8 bn in 1Q 2026, driven by stronger electricity demand, it said in a disclosure to Tadawul. Its top line rose 9.4% y-o-y to SAR 21.3 bn during the year, supported by growth in the grid’s regulated asset base, higher electricity production revenue, and an expanding subscriber base.

Tawuniya

The Company for Cooperative Ins. (Tawuniya) saw a 10.1% rise in net income to SAR 288.1 mn, according to a Tadawul disclosure. Growth was driven by a 30.8% jump in ins. results on higher reins. recoveries and a 34.9% drop in ins. finance expenses. These gains were partly offset by a 64.9% downturn in ins. service results amid higher claims and expenses, alongside a 7.6% decline in investment income. Revenue rose by 12.6% y-o-y to SAR 5.8 bn during the same period.

Tawuniya’s next five years: The company’s 2026-2030 strategy centers on customer positioning, supply chain expansion, and a flexible technology-led model, CEO Othman Alkassabi told the Arabic press (watch, runtime: 9:14). Tawuniya has earmarked SAR 150 mn for AI as part of over SAR 300 mn in total tech investments, along with plans for acquisitions and diversification into auto repair and healthcare, with subsidiaries set to contribute a larger share to revenues over the next four years.

Nahdi Medical

Nahdi Medical’s net income fell 7.6% y-o-y to SAR 235.7 mn in 1Q, weighed down by higher operating expenses linked to expansion investments, though performance was largely flat excluding a one-off zakat release in the prior year, according to a Tadawul disclosure. Revenue grew 6% y-o-y to SAR 2.8 bn, driven by growth in its healthcare (35%) and regional expansion (32%) businesses.

Saudi Ground Services

Saudi Ground Services’ net income dropped 38.1% y-o-y to SAR 60.5 mn in 1Q 2026, weighed by higher operating expenses, it said in a Tadawul disclosure. Revenue was broadly flat at SAR 672.5 mn, as stronger Umrah-driven activity early in the quarter was offset by a slowdown toward the end.

Allied Cooperative Ins. Group

Allied Cooperative Ins. Group (ACIG) swung to a net loss of SAR 17.7 mn in 1Q 2026, down from a net income of SAR 13.9 mn, as ins. service results turned negative. Meanwhile, revenues were up 68% y-o-y to SAR 316.5 mn thanks to an increase in motor and medical ins. sales.

In the red zone: Accumulated losses reached 52% of the company’s capital, amounting to SAR 151.2 mn, it said in a separate Tadawul filing. The insurer blamed the losses on a trio of higher net claims in segments such as motor ins., increased technical provisions, and a heavy spend on digital infrastructure.

What’s next? ACIG is implementing a corrective plan focused on repricing and risk management, portfolio diversification, and stronger claims handling. Under CMA rules for companies exceeding the 50% accumulated losses threshold, the board must issue its recommendation by 3 July, followed by an EGM by 31 October to decide on the company’s continuation or dissolution.

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