Financial Results : WSM profit drops 13% to SAR 4.9M in 2024; H2 at SAR 3.4M

WSM profit drops 13% to SAR 4.9M in 2024; H2 at SAR 3.4M

31/03/2025 Argaam Exclusive

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WSM for Information Technology Co. posted a net profit drop of 13% to SAR 4.9 million in 2024 from SAR 5.7 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 28.02 29.02 3.5 %
Gross Income 13.52 10.06 (25.6 %)
Operating Income 6.47 1.61 (75.2 %)
Net Income 5.66 4.92 (13.0 %)
Average Shares 1.95 1.95 -
Earnings Per Share before unusual items (Riyals) 2.90 0.38 (87.0 %)
EPS (Riyal) 2.90 2.52 (13.0 %)

The company cited a decline in the cost of sales and higher operating expenses.

 

This was offset by higher revenue, thanks to the new contracts signed by the company in 2024.

 

In H2 2024, WSM’s net earnings jumped 45% to SAR 3.4 million from SAR 2.3 million in H2 2023.

 

Net earnings more than doubled from SAR 1.5 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 15.85 14.02 (11.5 %)
Gross Income 6.42 5.75 (10.4 %)
Operating Income 2.98 1.20 (59.5 %)
Net Income 2.33 3.38 45.0 %
Average Shares 1.95 1.95 -
Earnings Per Share before unusual items (Riyal) 1.19 (0.42) (134.8 %)
EPS (Riyal) 1.19 1.73 45.0 %

Shareholders’ equity, no minority interest, reached SAR 39.29 million as of Dec. 31, 2024, up from SAR 34.09 million in 2023.

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