Financial Results : Osool & Bakheet profit falls 8% to SAR 11.9M in H1 2024

Osool & Bakheet profit falls 8% to SAR 11.9M in H1 2024

01/09/2024 Argaam Exclusive

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Osool & Bakheet Investment Co.’s net profit dropped 8% to SAR 11.9 million for H1 2024, compared to SAR 13 million a year earlier.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 32.80 22.16 (32.4 %)
Operating Income 13.51 11.87 (12.2 %)
Net Income 12.96 11.95 (7.8 %)
Average Shares 6.00 8.10 35.0 %
Earnings Per Share before unusual items (Riyal) 2.16 1.48 (31.7 %)
EPS (Riyal) 2.16 1.48 (31.7 %)

The company posted a 32% revenue fall to SAR 22.16 million in the first six months of the year, from SAR 32.80 million in H1 2023. This was primarily attributed to the SAR 16.57 million year-on-year (YoY) drop in unrealized gains from the valuation of investments at fair value through profit or loss.

 

Income from the investment services activities provided by the company rose to SAR 5.93 million for the first half of this year. Zakat expenses also added 67% YoY during the same period.

 

However, other income soared 188% YoY to SAR 1.38 million, while operating expenses dropped YoY by 47% to SAR 9 million in H1 2024.

 

Total shareholders’ equity, no minority interest, climbed to SAR 212.05 million by the end of June 30, 2024, compared to SAR 120.67 million a year earlier.

 

Historical data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

15.77

6.67

1.11

H2 2022

12.44

3.57

0.60

H1 2023

32.80

12.96

2.16

H2 2023

27.81

12.54

1.55

H1 2024

22.16

11.95

1.59
 

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