TALCO H1 2024 profit up 10% to SAR 44M; Q2 at SAR 20.9M

Al Taiseer Group Talco Industrial Co. (TALCO) reported a 10% rise in H1 2024 net earnings to SAR 44 million, compared with SAR 39.8 million a year before.

The profit growth was driven by higher sales volume, a lower cost of sales, and an increase in other income. In addition, the company reported a decline in general and administrative expenses, as well as lower impairment losses on trade receivables.

However, sales value declined to SAR 327.2 million, compared to SAR 338.8 million a year earlier, due to lower sales volume of the main segment, aluminum, as well as a decrease in the cost of raw materials on lower selling prices of some materials.

Selling and distribution expenses, as well as Zakat charges, increased during the six-month period.

In Q2 2024, net earnings leapt 37% to SAR 20.9 million, compared with SAR 15.28 million a year earlier, driven mainly by higher sales value and revenues, as well as lower general and administrative expenses.

However, the company's second-quarter earnings fell 9.7% from SAR 23.10 million in Q1 2024.

Total shareholders’ equity, no minority interest, grew to SAR 525.71 million as of June 30, 2024, from SAR 440.2 million a year earlier.

View More Financial Results