Alwasail Industrial Nine-Month Profit Drops 27%
Riyadh, Saudi Arabia — Alwasail Industrial Co. reported a sharp drop in profitability for the nine months ending September 30, 2026. Net profit fell 27.3% year-over-year to 19.1 million SAR, down from 26.2 million SAR in the same period last year. A surge in credit loss provisions and slowing sales both weighed heavily on the […] The post Alwasail Industrial Nine-Month Profit Drops 27% appeared…
Alwasail Industrial Co. reported a significant decline in profitability for the nine months ending September 30, 2026, with net profit falling 27.3% year-over-year to 19.1 million SAR. Revenue also decreased by 11.4% to 288.3 million SAR. The drop in profitability was primarily driven by a surge in credit loss provisions and slowing sales.
Gross profit and operating profit also declined by 13.9% and 13.8% respectively. The third quarter saw a rebound in revenue, with sales up 14.4% compared to Q3 2025. However, net profit still fell compared to the same quarter last year. The company's credit loss provisions were the main factor behind the decline in profitability.
Sales across various product categories declined due to project delays, affecting pipe, rubber, and imported materials sales. Despite the revenue improvement, net profit attributable to shareholders fell sharply. The company's credit loss provisions increased by 312%, a dominant drag on profit. Investors should closely monitor the company's ability to convert higher sales into cash collections and its project pipeline, as deferred contracts could impact revenue in the coming quarters.
Written by urgent.news from The Saudi Standard's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
