Financial Results : Ladun 2024 profit slumps 40% to SAR 66.1M; H2 at SAR 33.7M

Ladun 2024 profit slumps 40% to SAR 66.1M; H2 at SAR 33.7M

26/03/2025 Argaam Exclusive

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Ladun Investment Co.'s 2024 net earnings fell 40% to SAR 66.1 million, from SAR 109.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,436.02 1,505.28 4.8 %
Gross Income 298.09 272.11 (8.7 %)
Operating Income 153.93 116.12 (24.6 %)
Net Income 109.34 66.08 (39.6 %)
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyals) 0.24 0.13 (45.2 %)
EPS (Riyal) 0.22 0.13 (39.6 %)

The company cited losses from the contracting business on closure of old government projects in 2024, coupled with higher finance costs.

 

Similarly, some provisions increased for the same year, weighing on gross profit margins that shrank to 18% in 2024 from 21% in 2023.

 

On the other hand, the group’s revenue grew by 5% year-on-year (YoY) in 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 783.89 858.51 9.5 %
Gross Income 151.05 134.32 (11.1 %)
Operating Income 74.18 63.00 (15.1 %)
Net Income 36.19 33.66 (7.0 %)
Average Shares 500.00 500.00 -
Earnings Per Share before unusual items (Riyal) 0.10 0.07 (24.1 %)
EPS (Riyal) 0.07 0.07 (7.0 %)

In H2 2024, the company’s net earnings decreased by 7% to SAR 33.7 million, versus SAR 36.1 million in the second half of 2023.

 

On a half-on-half basis, however, net earnings rose by 3.8% from SAR 32.4 million in H1 2024.

 

Shareholders’ equity, no minority interest, came in at SAR 634.91 million as of Dec. 31, 2024, up from SAR 595.65 million a year earlier.

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