Financial Results : AlNaqool turns to profit of SAR 2.7M in 2024; H2 at SAR 1.5M

AlNaqool turns to profit of SAR 2.7M in 2024; H2 at SAR 1.5M

23/03/2025 Argaam Exclusive

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Mohammed Hasan AlNaqool Sons Co. reported a net profit of SAR 2.7 million for 2024, against a net loss of SAR 293,000 a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 43.29 70.95 63.9 %
Gross Income 5.98 10.28 71.8 %
Operating Income 2.26 5.94 162.2 %
Net Income (0.29) 2.69 1020.1 %
Average Shares 2.90 2.90 -
Earnings Per Share before unusual items (Riyals) (0.10) 0.93 1020.1 %
EPS (Riyal) (0.10) 0.93 1020.1 %

The positive performance in 2024 was driven by a 64% year-on-year (YoY) increase in sales, due to increased concrete plant sales on the company's strategy to expand equipment capacity, increase production capacity, and improve operational performance.

 

Additionally, revenues rose from Deer Real Estate Co. due to the sale of a portion of the Deer Villa project.

 

Meanwhile, the commencement of operations and sales at Sadan Co. in H2 2024, contributed to diversifying income sources and increasing total sales volume.

 

The company also reported improved operational efficiency through a decrease in the ratio of general and administrative expenses to total revenue YoY.

 

This is in addition to declining foreign currency translation differences, which mitigated the negative impact resulting from exchange rate fluctuations.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 24.52 41.72 70.2 %
Gross Income 3.77 5.57 47.8 %
Operating Income 2.16 3.61 66.8 %
Net Income 0.36 1.49 315.0 %
Average Shares 2.90 2.90 -
Earnings Per Share before unusual items (Riyal) 0.12 0.51 315.0 %
EPS (Riyal) 0.12 0.51 315.0 %

In H2 2024, AlNaqool reported a net profit of SAR 1.5 million, a surge from SAR 360,000 a year earlier.

 

Sequentially, net profit grew 24% from SAR 1.2 million in H1 2024.

 

Shareholders' equity, excluding minority rights, stood at SAR 52.72 million by the end of 2024, compared with SAR 50.17 million a year earlier.

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