Miahona witnesses 89% profit plummet in 9M-26 financials on lower construction revenue

MIAHONA
2084 2.77% 9.26 0.25

Riyadh — Mubasher: Miahona Company reported an 88.81% plunge in net profit during the first nine months (9M) of 2026, with earnings falling to SAR 8.2 million from SAR 73.30 million in 9M-25, according to a bourse filing.

The company attributed the decline to a significant drop in construction revenue as a major project reached completion, alongside the absence of one-off development revenues recorded in 2025.

Total revenue for the nine-month period decreased by 37.72% to SAR 334.40 million.

Operating profit also saw a sharp contraction, falling by 77.95% to SAR 18.50 million compared to SAR 83.90 million in 9M-25.

Earnings per share (EPS) for the January-September 2026 period stood at SAR 0.05, down from SAR 0.46 in 9M-25.

For the third quarter (Q3) of 2026, the net profit reached SAR 2.70 million, representing a 41.30% decline from the SAR 4.60 million recorded in Q3-25.

Quarterly performance was impacted by higher financing costs and a share of losses from equity-accounted investees.

Despite the overall decline, Miahona noted that water and wastewater service revenues remained stable, while operation and maintenance business grew by 61% during 9M-26.

Total equity, meanwhile, reached SAR 514.40 million as of 30 September 2026.

Source: Mubasher Source: {{details.article.source}}