Naf logs 190% profit spike to SAR 11.5M in 2024; H2 at SAR 4.6M

Naf Company for Feed for Industry, slated to list in the Nomu-Parallel Market, witnessed a 190% leap in its net earnings to SAR 11.5 million in 2024, versus SAR 4 million in the year before.

This came as revenues soared to SAR 163.7 million by the end of 2024, compared to SAR 79.7 million a year ago. As a result, the 12-month gross profit advanced to SAR 24.6 million, compared to SAR 8.9 million in 2023.

The gross profit margin also climbed from 11% in 2023 to 15% in 2024, thanks to a weaker cost-to-revenue ratio, despite a nearly 100% hike in the cost of consumables.

Further, EBITDA amounted to SAR 13.0 million by 2024-end, jumping from SAR 5.4 million a year earlier, as other income also picked up for the same year.

However, higher financing costs partly offset the company’s 2024 profit growth.

In H2 2024, Naf’s bottom line surged by 48% to SAR 4.6 million, from SAR 3.08 million in the second half of 2023.

On a biannual basis, however, the six-month profits tumbled by 34.2% from SAR 6.94 million in H1 2024.

Shareholders’ equity (no minority interest) amounted to SAR 22.9 million as of Dec. 31, 2024, up from SAR 17.0 million in the previous year.