Financial Results : Osool & Bakheet 2024 profit falls 22% to SAR 19.9M; H2 at SAR 7.9M

Osool & Bakheet 2024 profit falls 22% to SAR 19.9M; H2 at SAR 7.9M

31/03/2025 Argaam Exclusive

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Osool & Bakheet Investment Co.’s net profit declined 22% to SAR 19.9 million in 2024, compared with SAR 25.5 million a year before.


Financials (M)

Item 2023 2024 Change‬
Revenues 60.38 43.00 (28.8 %)
Operating Income 27.05 19.85 (26.6 %)
Net Income 25.50 19.85 (22.1 %)
Average Shares 8.10 8.10 -
Earnings Per Share before unusual items (Riyals) 3.15 2.45 (22.1 %)
EPS (Riyal) 3.15 2.45 (22.1 %)

The company reported an annual decline of 29% in revenue from operations, reaching SAR 42.99 million in 2024. This drop was mainly due to a SAR 22.895 million reduction in investments at fair value through profit or loss by year-end.

 

The firm also cited a 58% year-on-year (YoY) increase in Zakat expenses to SAR 3.87 million in 2024.

 

However, income from the company's investment services activities soared by SAR 5.51 million for the same year.

 

Other revenues also grew by 152% to SAR 4.23 million in 2024, compared to SAR 1.68 million in 2023.

 

In addition, financing costs decreased by 55% to SAR 359,000 in 2024, compared to SAR 790,000 a year before.

 

H2 2024 net earnings dropped 37% to SAR 7.9 million from SAR 12.54 million in H2 2023.

 

The six-month net earnings also fell 33.8% from SAR 11.95 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 27.57 20.83 (24.4 %)
Operating Income 13.54 7.99 (41.0 %)
Net Income 12.54 7.91 (37.0 %)
Average Shares 8.10 8.10 -
Earnings Per Share before unusual items (Riyal) 1.55 0.98 (37.0 %)
EPS (Riyal) 1.55 0.98 (37.0 %)

Total shareholders’ equity, no minority interest, stood at SAR 220.18 million by Dec. 31, 2024, up from SAR 200.10 million a year earlier.

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