Riyal Investment profit drops 10% to SAR 16.4M in 2024; H2 at SAR 6.6M

26/03/2025 Argaam Exclusive

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Riyal Investment & Development Co. recorded a 10% decline in its 2024 net profit to SAR 16.4 million from SAR 18.3 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 121.66 139.71 14.8 %
Gross Income 45.78 48.96 6.9 %
Operating Income 31.60 34.53 9.3 %
Net Income 18.28 16.41 (10.2 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 2.28 2.05 (10.2 %)
EPS (Riyal) 2.28 2.05 (10.2 %)

The annual profit decline was attributed to an increase in finance costs to SAR 23.2 million on higher borrowing. Other income decreased by SAR 2.5 million, weighing on gross profitability.

 

Riyal’s revenue grew by 14.83% year-on-year (YoY), thanks to expansions in the operating vehicle fleet, which enhanced operational capacity and boosted revenue from leasing contracts.

 

Additionally, the used car segment experienced significant growth in sales, supported by rising demand, improved pricing strategies, and effective inventory management.

 

The second-half net earnings dropped 10% to SAR 6.6 million from SAR 7.2 million in the second half of 2023.

 

On a half-on-half basis, net earnings fell by 33.6% from SAR 9.8 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 60.60 70.82 16.8 %
Gross Income 20.48 22.95 12.1 %
Operating Income 12.85 15.94 24.0 %
Net Income 7.25 6.55 (9.7 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyal) 0.91 0.82 (9.7 %)
EPS (Riyal) 0.91 0.82 (9.7 %)

Shareholders’ equity, no minority interest, reached SAR 167.6 million as of Dec. 31, 2024, up from SAR 151.7 million a year earlier.

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Share Price

Riyal Investment and Development Co.
24.50
1.02 4.34 %

Riyal Investment and Development Co. (RIYAL)

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Financial Ratios
Current
Market Cap (M Riyal) 196.00
Enterprise Value (EV) (M) 219.40
Shares Outstanding ((M)) 8.00
Book Value (BV) ( Riyal) 20.95
Par Value ( Riyal) 10.00
Recurring P/E 11.94
Price/book 1.17
EV/adj EBITDA -
EV/Revenues -
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