Logo ofArabian Contracting Services Co.
Shares of Arabian Contracting Services Co. (Al Arabia) lost half their value, declining nearly 47% over the past three months, making it the biggest decliner on the Saudi market during the period. The stock fell about 63% year-to-date (YTD). 
The stock reached an all-time high of SAR 271 on Feb. 12, 2024, before gradually declining through September 2025, during which it lost 30% of its value. It then rebounded to SAR 130 before starting a new decline at the end of March 2026 following the release of its annual financial results. The stock subsequently lost around 60% of its value, including nearly 47% over the past three months, making it the worst-performing stock on the Saudi market.
The stock’s repricing came after investors and research houses had valued the company at high levels, both in terms of its share price and valuation multiples, at the end of 2023 and early 2024, viewing it as a growth stock following its acquisition of Faden Media and the signing of several contracts in Riyadh and at King Khalid International Airport, as well as optimism surrounding the Remat Al-Riyadh contract. However, following the company’s reported financial results, investors shifted their focus from contract growth and expansion to the company’s ability to generate attractive returns, particularly after its operations turned loss-making in Q2 2026.
After the company’s profits had remained relatively stable in 2023 and previous years, its financial results became notably volatile in recent periods, particularly since the beginning of 2024. Profits began to decline sharply, followed by losses in 2025 and operating losses in Q2 2026, as shown by Charts.
The deterioration in operating performance was driven by several factors, including the company obtaining a SAR 1.1 billion loan at the end of 2023 to finance the full acquisition of Faden Media, which coincided with interest rates being at elevated levels.
Logo ofArabian Contracting Services Co.
Shares of Arabian Contracting Services Co. (Al Arabia) lost half their value, declining nearly 47% over the past three months, making it the biggest decliner on the Saudi market during the period. The stock fell about 63% year-to-date (YTD).
The stock reached an all-time high of SAR 271 on Feb. 12, 2024, before gradually declining through September 2025, during which it lost 30% of its value. It then rebounded to SAR 130 before starting a new decline at the end of March 2026 following the release of its annual financial results. The stock subsequently lost around 60% of its value, including nearly 47% over the past three months, making it the worst-performing stock on the Saudi market.
The stock’s repricing came after investors and research houses had valued the company at high levels, both in terms of its share price and valuation multiples, at the end of 2023 and early 2024, viewing it as a growth stock following its acquisition of Faden Media and the signing of several contracts in Riyadh and at King Khalid International Airport, as well as optimism surrounding the Remat Al-Riyadh contract. However, following the company’s reported financial results, investors shifted their focus from contract growth and expansion to the company’s ability to generate attractive returns, particularly after its operations turned loss-making in Q2 2026.
After the company’s profits had remained relatively stable in 2023 and previous years, its financial results became notably volatile in recent periods, particularly since the beginning of 2024. Profits began to decline sharply, followed by losses in 2025 and operating losses in Q2 2026, as shown by Charts.
The deterioration in operating performance was driven by several factors, including the company obtaining a SAR 1.1 billion loan at the end of 2023 to finance the full acquisition of Faden Media, which coincided with interest rates being at elevated levels.
