Financial Results : WAJA records 75% profit slump to SAR 5.7M in 2024, loses SAR 1.8M in H2

WAJA records 75% profit slump to SAR 5.7M in 2024, loses SAR 1.8M in H2

27/03/2025 Argaam Exclusive

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WAJA Co. posted a net profit of SAR 5.7 million in 2024, a fall of 75% from SAR 22.9 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 134.65 198.81 47.7 %
Gross Income 34.44 25.38 (26.3 %)
Operating Income 26.82 9.60 (64.2 %)
Net Income 22.86 5.70 (75.1 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Halala) 32.66 8.14 (75.1 %)
EPS (Halala) 32.66 8.14 (75.1 %)

The annual net profit was hurt by low-margin projects as well as higher labor costs and administrative expenses. WAJA entered into low-margin projects to maintain its business portfolio and strengthen its presence in certain key strategic projects, albeit they could not achieve the same high profit margins.

 

WAJA also cited a general uptrend in costs, expenses, and provisions for 2024.

 

This was offset by a 47.65% annual jump in gross revenue in 2024, given the elevated contractual backlog and projects undertaken by the company.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 93.64 101.52 8.4 %
Gross Income 24.89 11.22 (54.9 %)
Operating Income 20.34 0.26 (98.7 %)
Net Income 17.51 (1.75) (110.0 %)
Average Shares 70.00 70.00 -
Earnings Per Share before unusual items (Halala) 25.01 (2.50) (110.0 %)
EPS (Halala) 25.01 (2.50) (110.0 %)

In H2 2024, the company turned to a net loss of SAR 1.8 million, versus a net profit of SAR 17.5 million in H2 2023.

 

In H1 2024, WAJA posted a net profit of SAR 7.4 million.

 

Total shareholders’ equity, no minority interest, rose to SAR 101.15 million as of Dec. 31, 2024, from SAR 95.24 million a year earlier.

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