Tadawul trading screen
Riyad Capital issued its earnings forecasts for Q2 2026 for companies in the food, retail, consumer services, and capital goods sectors. 
The report reviewed the expected performance of eight companies, as follows:
Almarai: Riyad Capital expects Almarai’s revenue to grow 8% YoY and decline 7% QoQ to SAR 5.7 billion in Q2 2026. The decline on a quarterly basis is expected following the strong performance of the dairy segment in the first quarter, which was supported by the seasonality of Ramadan.
It also expects the gross margin to contract to 31.5%, down from 32.4% a year earlier, while net profit is expected to remain relatively stable YoY at SAR 648 million.
Jarir: The company’s revenue is expected to increase 10% YoY, despite the quarter typically being one of the weaker periods. The gross margin is also expected to remain broadly stable at around 10.5% YoY, backed by changes in the sales mix.
Net profit is forecast to reach SAR 216 million, up 10% YoY, driven by improved operating efficiency. As for the stock’s performance, it has attracted increased investor interest recently, rising 4% over the past month, while the benchmark index declined 2% during the same period.
BinDawood Holding:Revenue is expected to rise modestly, increasing 6% YoY to SAR 1.6 billion, while the gross margin is expected to decline to 32% compared with the previous year. The margin contraction is attributed to inflationary pressures, including higher energy costs and costs associated with alternative shipping routes through the Strait of Hormuz, in addition to intensifying competition in the grocery sector.
MC4:Revenue is expected to record low single-digit growth YoY, supported by exports and seasonal factors, while net profit is expected to grow by high single digits, reaching SAR 36 million.
Riyadh Cables:Revenue is expected to reach SAR 2.8 billion in Q2 2026, driven by the continued strength of the order backlog, representing 3% YoY growth. The gross margin is expected to decline by 60 basis points YoY, while the net margin is expected to expand by 20 bps, supported by lower operating expenses. Accordingly, net profit is forecast to increase to SAR 294 million, up 5% YoY.
Burgerizzr:Burgerizzr is expected to post 30% revenue growth, driven by an increase in the number of branches as well as the contribution from its subsidiary (Shovel). The gross margin is expected to widen to 35%, compared with 29% in the same quarter of the previous year, while net profit is expected to reach SAR 6.2 million in Q2 2026.
Nahdi:Revenue is expected to grow at a steady pace of 6% YoY, while the gross margin is expected to decline slightly, even during this seasonal period that typically experiences stronger sales. This is due to the increased contribution of the lower-margin Wasfaty service.
Revenue growth is expected to lift operating profit to SAR 260 million, representing 5% YoY growth, while net profit is expected to decline 2% YoY.
Aldawaa:Following Nahdi’s entry into the Wasfaty program in late 2025, Riyad Capital revised its revenue forecasts for Aldawaa, expecting continued pressure resulting from the loss of market share to Nahdi through the Wasfaty program. Accordingly, it expects revenue to decline 9% YoY, driven primarily by the impact of the Wasfaty program, in addition to certain seasonal factors.
Riyad Capital’s Forecasts for Food, Retail, and Consumer Services Sectors (SAR mln)
Company
Q2
(Projected)
YoY Change
Almarai
648
—
Jarir
216
10%
BinDawood Holding
50
(3%)
MC4
36
7%
Riyadh Cables
294
5%
Burgerizzr
6.2
473%
Nahdi
233
(2%)
Aldawaa
48
45%
Tadawul trading screen
Riyad Capital issued its earnings forecasts for Q2 2026 for companies in the food, retail, consumer services, and capital goods sectors.
The report reviewed the expected performance of eight companies, as follows:
Almarai: Riyad Capital expects Almarai’s revenue to grow 8% YoY and decline 7% QoQ to SAR 5.7 billion in Q2 2026. The decline on a quarterly basis is expected following the strong performance of the dairy segment in the first quarter, which was supported by the seasonality of Ramadan.
It also expects the gross margin to contract to 31.5%, down from 32.4% a year earlier, while net profit is expected to remain relatively stable YoY at SAR 648 million.
Jarir: The company’s revenue is expected to increase 10% YoY, despite the quarter typically being one of the weaker periods. The gross margin is also expected to remain broadly stable at around 10.5% YoY, backed by changes in the sales mix.
Net profit is forecast to reach SAR 216 million, up 10% YoY, driven by improved operating efficiency. As for the stock’s performance, it has attracted increased investor interest recently, rising 4% over the past month, while the benchmark index declined 2% during the same period.
BinDawood Holding:Revenue is expected to rise modestly, increasing 6% YoY to SAR 1.6 billion, while the gross margin is expected to decline to 32% compared with the previous year. The margin contraction is attributed to inflationary pressures, including higher energy costs and costs associated with alternative shipping routes through the Strait of Hormuz, in addition to intensifying competition in the grocery sector.
MC4:Revenue is expected to record low single-digit growth YoY, supported by exports and seasonal factors, while net profit is expected to grow by high single digits, reaching SAR 36 million.
Riyadh Cables:Revenue is expected to reach SAR 2.8 billion in Q2 2026, driven by the continued strength of the order backlog, representing 3% YoY growth. The gross margin is expected to decline by 60 basis points YoY, while the net margin is expected to expand by 20 bps, supported by lower operating expenses. Accordingly, net profit is forecast to increase to SAR 294 million, up 5% YoY.
Burgerizzr:Burgerizzr is expected to post 30% revenue growth, driven by an increase in the number of branches as well as the contribution from its subsidiary (Shovel). The gross margin is expected to widen to 35%, compared with 29% in the same quarter of the previous year, while net profit is expected to reach SAR 6.2 million in Q2 2026.
Nahdi:Revenue is expected to grow at a steady pace of 6% YoY, while the gross margin is expected to decline slightly, even during this seasonal period that typically experiences stronger sales. This is due to the increased contribution of the lower-margin Wasfaty service.
Revenue growth is expected to lift operating profit to SAR 260 million, representing 5% YoY growth, while net profit is expected to decline 2% YoY.
Aldawaa:Following Nahdi’s entry into the Wasfaty program in late 2025, Riyad Capital revised its revenue forecasts for Aldawaa, expecting continued pressure resulting from the loss of market share to Nahdi through the Wasfaty program. Accordingly, it expects revenue to decline 9% YoY, driven primarily by the impact of the Wasfaty program, in addition to certain seasonal factors.
Riyad Capital’s Forecasts for Food, Retail, and Consumer Services Sectors (SAR mln)
Company
Q2
(Projected)
YoY Change
Almarai
648
—
Jarir
216
10%
BinDawood Holding
50
(3%)
MC4
36
7%
Riyadh Cables
294
5%
Burgerizzr
6.2
473%
Nahdi
233
(2%)
Aldawaa
48
45%
