Financial Results : Alqemam 2024 profit dips 51% to SAR 9.3M; H2 at SAR 4.7M

Alqemam 2024 profit dips 51% to SAR 9.3M; H2 at SAR 4.7M

27/03/2025 Argaam Exclusive

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Alqemam for Computer Systems Co. reported a net profit fall of 51% to SAR 9.3 million in 2024, compared to SAR 18.9 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 51.89 49.69 (4.2 %)
Gross Income 33.70 30.47 (9.6 %)
Operating Income 21.25 10.42 (50.9 %)
Net Income 18.88 9.25 (51.0 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyals) 6.29 3.08 (51.0 %)
EPS (Riyal) 6.29 3.08 (51.0 %)

The annual net profit was weighed down by a 4% year-on-year (YoY) decline in net revenues for 2024. This was due to the company's completion of operational efficiency improvements for its programs and services, which hurt its topline growth.

 

Additionally, the cost of revenue increased by 6% YoY in 2024, primarily due to higher employment costs and the recruitment of operational personnel to support Alqemam’s products and services. This is besides expanding its customer base within target Kingdom-wide regions.

 

Alqemam also cited a 60% YoY increase in general and administrative expenses, and a 66% YoY rise in expected credit losses.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 35.80 33.21 (7.2 %)
Net Income 17.47 4.66 (73.3 %)
Average Shares 3.00 3.00 -
Earnings Per Share before unusual items (Riyal) 5.82 1.55 (73.3 %)
EPS (Riyal) 5.82 1.55 (73.3 %)

In H2 2024, net earnings fell by 73.3% to SAR 4.7 million, from SAR 17.4 million in H2 2023.

 

The six-month net earnings, however, grew 1.5% compared to SAR 4.59 million in H1 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 79.65 million as of Dec. 31, 2024, up from SAR 70.75 million a year earlier.

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