Financial Results : KEIR posts SAR 459,400 profit in 2024; H2 loss at SAR 10.5M

KEIR posts SAR 459,400 profit in 2024; H2 loss at SAR 10.5M

08/01/2026 Argaam Exclusive

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KEIR International Co. reported a net profit of SAR 459,400 for 2024, a 99% drop against SAR 38 million loss a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 168.02 263.79 57.0 %
Gross Income 0.52 56.72 10772.9 %
Operating Income (26.49) 6.63 125.0 %
Net Income (37.98) 0.46 101.2 %
Average Shares 120.00 120.00 -
Earnings Per Share before unusual items (Riyals) (0.32) 0.00 101.2 %
EPS (Riyal) (0.32) 0.00 101.2 %

The year-on-year (YoY) profit drop was mainly due to the formation of provisions during the 2024 audit and comparative years, including expected credit loss provisions for receivables and contract asset balances.

 

This came despite a 57% YoY rise in revenue to SAR 263 million amid the company’s expansion in high-voltage power grid interconnection projects as part of its broader infrastructure development strategy.

 

The 2024 profit margin and operating profits also increased, reflecting improved efficiency in managing power grid projects.



In H2 2024, KEIR posted a net loss of SAR 10.53 million, compared to a profit of SAR 36.68 million in the year-earlier period.

 

Meanwhile, the company’s bottom line swung from a SAR 10.99 million profit in H1 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 60.90 million by Dec. 31, 2024, compared to SAR 69.69 million a year ago.

 

By the end of the year, accumulated losses reached SAR 114.4 million, making up 95.37% of capital.

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