Saudi Fisheries Company and Atheeb Telecom both made a loss in each of the 40 quarters that made up the study, which looked at the companies who did not turn a profit for at least 60 percent of the period under consideration.
Other names in the 10-year list include Zain Telecom, Amana Insurance, and Tabuk Agricultural Development (Tadco).
Just creeping on to list was Naseej International Trading, which operates in the carpet and rug sector, with only 25 of the past 40 quarters being loss-making.
Argaam also reviewed loss-making companies over seven, five, and three years, using net loss before exceptional non-recurring items as the comparative measure.
Companies included in each of the lists were loss-making for at least 60 percent of the period under consideration.
Over seven years, both Saudi Fisheries and Atheeb top the list again while Saudi Cable Company comes in third place with 26 quarters of losses.
Over five years, Tadco pushes Saudi Fisheries out of the top slot, although neither made a profit over the 20 quarters. Third place over five years is Atheeb.
Over three years, 40 companies failed to make a profit for at least 40 percent of the 12 quarters analysed.
Naseej tops the list over three years, with Tadco and Saudi Fisheries in second and third place, all three having failed to make a profit over the time period.