Financial Results : APICO profit up 3% to SAR 13.4M in 2024; H2 at SAR 8.1M

APICO profit up 3% to SAR 13.4M in 2024; H2 at SAR 8.1M

27/03/2025 Argaam Exclusive

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Arabian Plastic Industrial Co. (APICO) reported a net profit of SAR 13.4 million for 2024, rising 3% from SAR 13 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 156.65 183.41 17.1 %
Gross Income 28.04 32.63 16.4 %
Operating Income 16.12 16.66 3.3 %
Net Income 13.03 13.38 2.7 %
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 2.61 2.68 2.7 %
EPS (Riyals) 2.61 2.68 2.7 %

APICO's revenues increased 17.1% year-on-year (YoY) to SAR 183.4 million, driven by higher demand. Gross profit also grew by SAR 4.6 million YoY.

 

This was offset by additional expected credit loss provision to cover any future risks in receivables, higher depreciation due to APICO Kharj factory capitalization during the year, and an increase in finance cost.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 74.18 96.99 30.7 %
Gross Income 13.73 17.91 30.5 %
Operating Income 7.97 9.21 15.5 %
Net Income 6.52 8.08 24.0 %
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 1.30 1.62 24.0 %
EPS (Riyals) 1.30 1.62 24.0 %

H2 2024 bottom line leapt 24% to SAR 8.1 million from SAR 6.52 million in H2 2023.

 

The six-month net earnings jumped 52.4% from SAR 5.30 million in H1 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 109.06 million by Dec. 31, 2024, compared to SAR 95.98 million a year ago.

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