Financial Results : Thob Al Aseel 2024 profit climbs 9% to SAR 83.9M; Q4 at SAR 11.6M

Thob Al Aseel 2024 profit climbs 9% to SAR 83.9M; Q4 at SAR 11.6M

02/03/2025 Argaam Exclusive

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Thob Al Aseel Co. reported a 9% rise in its 2024 net profit to SAR 83.9 million from SAR 76.9 million a year ago.



Financials (M)

Item 2023 2024 Change‬
Revenues 532.22 522.46 (1.8 %)
Gross Income 216.78 214.96 (0.8 %)
Operating Income 98.18 97.23 (1.0 %)
Net Income 76.92 83.90 9.1 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyals) 0.19 0.21 9.1 %
EPS (Riyal) 0.19 0.21 9.1 %

The profit increase is attributed to a rise in operating profit and a reduction in credit loss provisions due to improved collection rates compared to last year.

 

On the other hand, sales fell slightly by 1.83% this year, mainly due to a decrease in sales volume after updating and developing the credit policy.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 105.51 116.30 10.2 %
Gross Income 46.79 49.86 6.6 %
Operating Income 17.10 12.37 (27.7 %)
Net Income 11.47 11.59 1.0 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items (Riyal) 0.03 0.03 1.0 %
EPS (Riyal) 0.03 0.03 1.0 %

The fourth-quarter net profit grew slightly to SAR 11.6 million from SAR 11.5 million in Q4 2023.

 

Sequentially, the company’s bottom line skyrocketed 107.4% from SAR 5.59 million in Q3 2024.

 

Shareholders’ equity, no minority interest, stood at SAR 593 million by the end of Dec. 31, 2024, compared to SAR 584.7 million in the year-earlier period.

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