Financial Results : Al Rashid Industrial profit leaps 57% to SAR 34.9M in 2024; H2 at SAR 15.2M

Al Rashid Industrial profit leaps 57% to SAR 34.9M in 2024; H2 at SAR 15.2M

23/03/2025 Argaam Exclusive

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Al Rashid Industrial Co. reported a 57% profit rise to SAR 34.9 million in 2024, compared to SAR 22.3 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 135.03 152.74 13.1 %
Gross Income 44.99 60.64 34.8 %
Operating Income 23.83 35.70 49.8 %
Net Income 22.29 34.89 56.5 %
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 2.79 4.36 56.5 %
EPS (Riyal) 2.79 4.36 56.5 %

Revenues rose by 13.11% year-on-year (YoY) to SAR 152.7 million, due to product diversification and expansion into new markets, as well as modernization of production lines and increase in production capacity. The company also cited higher sales.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 67.87 78.68 15.9 %
Gross Income 23.72 29.35 23.8 %
Operating Income 12.64 15.89 25.7 %
Net Income 11.74 15.24 29.8 %
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyal) 1.47 1.90 29.8 %
EPS (Riyal) 1.47 1.90 29.8 %

H2 2024 net earnings leapt 30% to SAR 15.2 million, compared with SAR 11.74 million a year earlier.

 

The six-month net profit declined 22.5% from SAR 19.65 million in H1 2024.

 

Shareholders’ equity, no minority interest, reached SAR 149.73 million as of Dec. 31, 2024, up from SAR 122.06 million a year earlier.

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