PETRO RABIGH-

Rabigh Refining and Petrochemical Company narrowed its net losses to SAR 691 mn in 1Q 2025, compared to SAR 1.3 bn in the same period last year, driven by higher sales volumes, improved margins, and lower financing costs, it said in a disclosure to Tadawul. Revenue rose 44% y-o-y to SAR 11.5 bn, on the back of higher sales volumes and stable operations in refined and petrochemical segments.

However, accumulated losses rose to 35.7% of capital (SAR 5.96 bn) in March, up from 33.8% in February, due to unfavorable market conditions, lower margins, higher finance costs, unplanned shutdowns, rising feedstock costs, and shipping disruptions in the Red Sea.

To address this, founding shareholders Saudi Aramco and Sumitomo Chemical are implementing a recovery plan that includes Aramco acquiring 22.5% of shares from Sumitomo, waiving SAR 5.6 bn in shareholder loans, and injecting approximately SAR 5.3 bn into the company. A transformation program to reduce costs and boost revenue is also underway.

AL HAMMADI HOLDING-

Our friends at Al Hammadi Holding saw their net income rise 15.4% y-o-y to SAR 73.9 mn in 1Q 2025, according to their latest earnings release (pdf). The growth was supported by cost controls, higher finance income, and contributions from Sudair Pharmaceuticals following the start of insulin production.

MEANWHILE- Revenue was up 9% y-o-y to SAR 301.9 mn, on the back of a 6% increase in medical services revenues led by Al Nuzha hospital’s 11% y-o-y growth, and a 23% jump in revenues from pharmaceuticals, boosted by in-house pharmacy sales and expanded private sector offerings at Pharma Serve.

Al Hammadi in numbers: Inpatient admissions rose 13.3% y-o-y to 11.3k in the first quarter, driven by higher volumes at Al Nuzha and Al Suweidi. Outpatient visits grew 0.5% to 250.7k, while average revenue per visit increased 6%. This growth came despite the full month of Ramadan falling within the quarter.

Looking ahead: Al Hammadi plans to more than double its capacity over the next five years with 600 new inpatient rooms and 360 outpatient clinics across three new facilities in Riyadh, including its fifth hospital in Al Mansiyah, acquired in November 2024. The expansion is in response to projected population growth and includes the development of centers focused on advanced medical specialties.

ALSO- The company’s board approved a SAR 56 mn dividend payout for 1Q 2025 at SAR 0.35 per share, with the distribution date set for 29 May, according to a separate disclosure.

RETAL URBAN DEVELOPMENT-

Our friends at RetalUrban Development reported a 12.6% y-o-y increase in net income before deducting non-controlling interest to SAR 73.8 mn in 1Q 2025, supported by a 4% rise in income from development contracts and a 55% drop in marketing expenses, it said in its latest earnings release (pdf). Net income after deducting non-controlling interest reached SAR 68.1 mn, a 9.4% increase.

MEANWHILE- Revenue rose 13.3% y-o-y to SAR 567.1 mn, driven by a 21% increase in development contract revenues on the back of higher project completion rates.

Retal in numbers: As of March, Retal’s project portfolio surpassed SAR 17 bn, with 9.8k units under development, including those delivered through seven dedicated funds. The company is working on 17 active projects and has five in the pipeline. This includes three ongoing projects with 962 units in the western region, 11 projects in the central region (644 upcoming units and 4.6k ongoing), and eight projects in the eastern region (1k ongoing and 2.6k upcoming).

Highlights of 1Q: Retal signed two contracts in January and March worth a combined SAR 867 mn with its 80%-owned subsidiary Building Construction Company (BCC) to build 656 residential units in Riyadh. Additionally, its 50%-owned JV, Remal Al Khobar, signed a SAR 450 mn contract for construction work on the Retal Rise project. Also, fund manager Blominvest has begun liquidating Retal’s Business Park Fund, targeting a sale value of SAR 470 mn.

SIPCHEM-

Sahara International Petrochemical Company (Sipchem) posted a 7.6% y-o-y increase in net income to SAR 195.3 mn in 1Q 2025, bolstered by higher revenue and an associate’s debt restructuring, according to a disclosure to Tadawul. Revenue rose 2.3% y-o-y to SAR 1.97 bn, driven by higher selling prices and increased sales volume.

MAHARAH HUMAN RESOURCES COMPANY-

Maharah Human Resources Company reported a 52.9% y-o-y drop in net income to SAR 23.7 mn in 1Q 2025, impacted by reduced earnings from associates and subsidiaries, according to a disclosure to Tadawul. However, revenue increased by 37.1% y-o-y to SAR 710.8 mn in the same period, aided by growth in corporate and individual segments.

DR. SOLIMAN ABDEL KADER FAKEEH HOSPITAL-

Dr. Soliman Abdel Kader Fakeeh Hospital reported a 11% y-o-y increase in net income to SAR 67.4 mn in 1Q 2025, supported by lower interest expenses and higher interest income, according to an earnings release (pdf). Meanwhile, revenue rose 3% y-o-y to SAR 701 mn on the back of higher patient volumes and average revenue per patient.

SAUDI RESEARCH AND MEDIA GROUP-

Saudi Research and Media Group (SRMG) saw its net income fall 64.4% y-o-y to SAR 30.9 mn in 1Q 2025, while revenue declined 18.3% y-o-y to SAR 665.7 mn, due to weak performances by core segments, according to a disclosure to Tadawul.

CATRION CATERING HOLDING-

Catrion Catering Holding Company posted a 4.9% y-o-y increase in net income to SAR 74.8 mn in 1Q 2025, lifted by higher sales of in-flight catering operations and improved performances by the business lounge and non-airlines segments, according to a disclosure to Tadawul. Meanwhile, revenue rose 6.6% y-o-y to SAR 589.4 mn on the back of growth across core service lines.

SINAD HOLDING COMPANY-

Sinad Holding Company reported a 80.7% y-o-y decrease in net income losses to SAR 2.7 mn in 1Q 2025, attributed to lower administrative expenses and higher total income from investment, according to a disclosure to Tadawul. Meanwhile, revenue declined 7.5% y-o-y to SAR 412.1 mn, primarily due to the impact of currency depreciation on its Egyptian subsidiary.

SPIMACO-

Saudi Pharmaceutical Industries and Medical Appliances Corp. (Spimaco) saw its net income rise by 90% y-o-y to SAR 75 mn in 1Q 2025, according to an earnings release (pdf). Revenue also rose by 2% y-o-y to SAR 485 mn, supported by growth in domestic sales, particularly to the public sector.

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