Financial Results : Tadweeer 2024 profit jumps 40% to SAR 36.2M; H2 at SAR 25.1M

Tadweeer 2024 profit jumps 40% to SAR 36.2M; H2 at SAR 25.1M

27/03/2025 Argaam Exclusive

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National Environmental Recyclying Co. (Tadweeer) reported SAR 36.2 million in net profit for 2024, up 40% from SAR 25.8 million in the year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 631.91 806.05 27.6 %
Gross Income 41.45 58.29 40.6 %
Operating Income 31.12 46.11 48.2 %
Net Income 25.80 36.16 40.2 %
Average Shares 116.16 116.16 -
Earnings Per Share before unusual items (Riyals) 0.22 0.31 44.4 %
EPS (Riyal) 0.22 0.31 40.2 %

The annual profit hike was backed by a 27.56% year-on-year (YoY) rise in revenues. This is besides the operation of a new production line, which led to higher sales volumes, coupled with the increased utilization of existing production lines and the improved utilization rates across various products.

 

Tadweeer also cited the effective control of operating and administrative expenses in 2024. It pointed to the replacement of leased assets with owned ones, which in turn curtailed operating expenses and boosted profit margins.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 373.92 409.15 9.4 %
Gross Income 24.31 38.22 57.2 %
Operating Income 18.01 32.13 78.4 %
Net Income 15.65 25.14 60.7 %
Average Shares 116.16 116.16 -
Earnings Per Share before unusual items (Riyal) 0.13 0.22 60.7 %
EPS (Riyal) 0.13 0.22 60.7 %

In H2 2024, net earnings surged by 61% to SAR 25.1 million, versus SAR 15.65 million in the prior-year period.

 

Biannually, the six-month net profit more than doubled from SAR 11.03 million in H1 2024.

 

Total shareholders’ equity, no minority interest, amounted to SAR 238.18 million by Dec. 31, 2024, up from SAR 201.92 million a year earlier.

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