Financial Results : Alhasoob 2024 net profit rises to SAR 3.8M; H2 at SAR 2.2M

Alhasoob 2024 net profit rises to SAR 3.8M; H2 at SAR 2.2M

26/03/2025 Argaam Exclusive

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Alhasoob Co.’s net profit more than doubled to SAR 3.8 million in 2024 from SAR 1.7 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 229.81 259.79 13.0 %
Gross Income 14.36 18.59 29.5 %
Operating Income 2.94 4.97 69.2 %
Net Income 1.74 3.78 117.1 %
Average Shares 2.80 2.80 -
Earnings Per Share before unusual items (Riyals) 0.62 1.35 117.1 %
EPS (Riyal) 0.62 1.35 117.1 %

The profit increase was driven by a 13.05% year-on-year (YoY) increase in revenue, supported by higher sales to customers in the small and medium-sized enterprises sector last year.

 

Moreover, the company reported a relative improvement in the profit margin for some products.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 123.93 136.63 10.3 %
Gross Income 7.78 10.12 30.0 %
Operating Income 0.88 2.72 209.5 %
Net Income 0.31 2.21 605.6 %
Average Shares 2.80 2.80 -
Earnings Per Share before unusual items (Riyal) 0.11 0.79 605.6 %
EPS (Riyal) 0.11 0.79 605.6 %

The company’s H2 2024 net profit surged to SAR 2.2 million in H2 2024 from SAR 310,000 in H2 2023.

 

Sequentially, net profit grew 40.8% from SAR 1.57 million in H1 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 41.13 million by Dec. 31, 2024, compared to SAR 37.19 million a year ago.

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