Riyadh — Mubasher: Tam Development Company reported a 79.89% year-on-year (YoY) decline in net profit for the first half (H1) of 2026, falling to SAR 2.34 million from SAR 11.61 million in H1-25.

The company attributed the result to a broader industry slowdown in project awards and implementation caused by regional tensions and a cautious operating environment.

Total revenue for the period decreased by 17.90% to SAR 65.65 million in H1-26 from SAR 79.97 million in the same period of 2025.

Consultancy services, which contributed 54% of total revenue, saw a 39.6% decline to SAR 35.40 million. This was partially offset by the digital solutions segment, where revenue grew by 41.5% to SAR 30.2 million, supported by increased demand for managed digital models.

Profitability was further impacted as net profit margins compressed to 3.60% from 14.50%. However, the company noted a 24.80% reduction in general and administrative expenses and a 7.90% drop in finance costs to SAR 1.60 million.

Tam Development reported a record project pipeline under competition valued at SAR 1.30 billion.

Furthermore, the board of directors has approved a proposal to transition the company from the Parallel Market (Nomu) to the Saudi Exchange (Tadawul) Main Market, appointing a financial advisor.