Major Saudi Arabian corporations, including Jabal Omar Development, solutions by stc, and stc Group, reported financial results for the first half of 2026, driven by higher hospitality revenues, expanding digital infrastructure, and rising subscriber numbers across domestic markets.
First-half financial disclosures across major Saudi enterprises reveal a market balancing operational expansion with steady revenue growth. From real estate developments in Mecca to surging enterprise technology contracts and telecommunications infrastructure upgrades, corporate performances through the middle of 2026 demonstrate the resilience of the Kingdom’s core business sectors.
Jabal Omar Development Records 16 Percent Revenue Growth on Hospitality Demand
The growth was driven primarily by heightened demand from domestic visitors, the Hajj season, the opening of a Rotana hotel, and ongoing pricing optimization strategies.
Chief Executive Officer Engineer Saleh Al-Hbdan addressed the impact of regional geopolitics on international travel, noting that the company pivoted quickly to capture domestic demand. In light of the impact on the numbers of international and regional visitors as a result of geopolitical developments in the region, we responded quickly by focusing on domestic demand, Al-Hbdan stated. He added that the performance of core business assets underscores the quality of assets and the flexibility of the operational business model, with management expecting this momentum to continue as new assets stabilize and geopolitical conditions normalize.
Management is focused on completing construction works in the fourth phase, enhancing portfolio performance, and reducing debt levels. Furthermore, the decision to allow non-Saudis to own property in Mecca is viewed as an important positive development that will expand the potential investor base in the Jabal Omar area, support demand growth, and help improve price levels. The company intends to capitalize on this opportunity by offering several existing residential hotel units for sale, which will help accelerate the pace of debt reduction.
Across the hotel portfolio, average available rooms during the period reached 6,443 compared to 5,939 rooms, while occupancy rates hovered at 73% against 72% previously. The average daily rate (ADR) rose 6% to 1,296 riyals, and revenue per available room (RevPAR) climbed 7% to 948 riyals.
Solutions by stc Posts Steady Net Profit Gains in Mid-Year Reporting
Omar Al-Nuaimi, Chief Executive Officer of solutions by stc
Chief Executive Officer Omar Al-Nuaimi emphasized that the mid-year figures demonstrate sustainable growth and a careful balance between expansion and profitability. He noted that the company continues to invest in strategic opportunities designed to create long-term shareholder value while cementing its role in national digital transformation.
stc Group Expands Telecommunications Infrastructure and Lifts Net Profit 6.3 Percent
stc Group reported a 6.3% increase in net profit for the first half of 2026 after excluding non-recurring items.
Group Chief Executive Officer Engineer Olayan Mohammed Al-Wetaid attributed the performance to expanding subscriber bases and continuous infrastructure investments. The financial results showed strong financial and operational performance and continuous progress in implementing strategic priorities, Al-Wetaid said. He added that the continuous progress reflects the strength of the group’s business model, business resilience, and the soundness of its financial position, enabling successful execution of long-term strategies and sustainable value creation for shareholders.
Al-Wetaid noted that second-quarter net profit exceeded analysts’ expectations by 4%. Infrastructure and customer metrics demonstrated notable scale across operations:
- Fifth-generation (5G) network towers expanded to 12.12 thousand sites.
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