Riyadh – Mubasher: Keir International Company released its interim financial results for the six-month period ended on 30 June 2025, revealing a significant increase in top-line revenue driven by commercial expansion.
Despite the growth in sales, the company reported a net loss of SAR 6.79 million for the period, as higher administrative costs and increased provisioning for credit losses weighed on the bottom line.
According to the financial disclosure to the Saudi Exchange, Keir International achieved revenues of SAR 71.18 million during the first half (H1) of 2025. This represents a 22.15% increase compared to the SAR 58.27 million reported during the same period in the previous year.
The company attributed this revenue growth to a strategic expansion of its commercial activities and a broadening of its service delivery to existing and new clients.
However, the increase in business volume did not translate into profitability. The company recorded a net loss attributable to shareholders of SAR 6.79 million.
While this figure shows a 15.38% improvement over the SAR 8.02 million loss recorded in H1-24, the company’s overall financial position remains under pressure.
The loss per share for the period stood at SAR 0.28, compared to a loss per share of SAR 0.23 in the prior-year period.
The management identified several key factors contributing to the sustained losses. Total losses for the period reached SAR 33.50 million, up from SAR 27 million in the corresponding period of 2024. This widening gap was primarily driven by a rise in general and administrative expenses and a significant increase in financial provisions.
Specifically, the company recorded SAR 3.8 million in provisions related to the impairment of trade receivables and contract assets, reflecting a more cautious approach to credit risk and asset valuation.
The company’s balance sheet also showed a notable decline in total equity. Shareholders' equity (excluding non-controlling interests) fell by 55.1% to SAR 27.34 million, down from SAR 60.90 million a year earlier.
Furthermore, the disclosure highlighted accumulated losses totaling SAR 147.99 million, which represents 123% of the company’s capital.
The independent auditor’s report included a qualified opinion, indicating specific areas of concern or limitations in the financial review.
Keir International noted that these interim results follow the previous disclosure of annual financial results for the year ended on 31 December 2025, and are intended to provide shareholders with the necessary updates on the company’s performance through the second quarter.
The company continues to focus on its commercial expansion strategy to drive revenue, though it faces ongoing challenges in managing operational costs and addressing the high level of accumulated losses relative to its capital base.
