Financial Results : Ghida Al-Sultan net profit down 24% to SAR 6.1M in 2024; H2 loss at SAR 691,000

Ghida Al-Sultan net profit down 24% to SAR 6.1M in 2024; H2 loss at SAR 691,000

26/03/2025 Argaam Exclusive

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Ghida Al-Sultan Co. posted SAR 6.1 million in net profit for 2024, down 24% from SAR 8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 166.33 181.71 9.2 %
Gross Income 63.50 65.09 2.5 %
Operating Income 7.03 6.43 (8.6 %)
Net Income 8.00 6.09 (23.8 %)
Average Shares 3.20 3.20 -
Earnings Per Share before unusual items (Riyals) 2.50 1.90 (23.8 %)
EPS (Riyal) 2.50 1.90 (23.8 %)

The year-on-year (YoY) profit drop was attributed to an increase in food material costs, which were impacted by the shipping crisis and global price fluctuations. As a result, total income rose by only 2.5% YoY, lower than the sales growth rate.

 

Additionally, selling expenses grew by 3%, or SAR 1.3 million, due to higher sales, although it decreased as a percentage of sales to 23.6% compared to 25% in 2023.

 

Administrative expenses also saw a 6.3% YoY increase, or SAR 900,000, driven by higher staff-related costs and other expenses, while financing costs (FC) rose by SAR 288,000.

 

On the other hand, the company recorded revenue growth of nearly 9% YoY, primarily due to the increase in sales from existing branches, a rise in the number of customers, and the sales growth of the new brand.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 85.84 94.60 10.2 %
Gross Income 29.20 29.63 1.5 %
Operating Income 0.56 (1.20) (315.7 %)
Net Income 1.76 (1.44) (181.9 %)
Average Shares 3.20 3.20 -
Earnings Per Share before unusual items (Riyal) 0.55 (0.45) (181.9 %)
EPS (Riyal) 0.55 (0.45) (181.9 %)

In H2 2024, the company turned to a net loss of SAR 0.69 million, against a profit of SAR 1.76 million in H2 2023.

 

Ghida Al-Sultan posted a profit of SAR 6.78 million in H1 2024.

 

Total shareholders' equity, no minority interest, amounted to SAR 66.78 million by Dec. 31, 2024, up from SAR 59.99 million a year ago.

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