Financial Results : WSM profit down 54% to SAR 1.5M in H1 2024

WSM profit down 54% to SAR 1.5M in H1 2024

01/09/2024 Argaam Exclusive

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WSM for Information Technology Co. reported a net profit of SAR 1.5 million in H1 2024, a 54% decline compared to SAR 3.3 million in the year-earlier period.

The profit drop is mainly attributed to a year-on-year increase in total costs of revenues as the company’s contracts mainly involve providing human resources with specialized skills, which led to an increase in direct costs for projects.

 

This was despite the increase in revenues due to signing and entry into force of new contracts, in addition to the ongoing contracts from previous periods.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 12.18 14.99 23.1 %
Gross Income 7.10 4.31 (39.3 %)
Operating Income 3.50 0.40 (88.5 %)
Net Income 3.33 1.54 (53.6 %)
Average Shares 1.95 1.95 -
Earnings Per Share before unusual items (Riyal) 1.71 0.79 (53.6 %)
EPS (Riyal) 1.71 0.79 (53.6 %)

Total shareholders’ equity, no minority interest, reached SAR 35.63 million as of June 30, 2024, compared to SAR 31.89 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

3.85

1.23

0.63

H2 2022

6.68

2.99

1.53

H1 2023

12.18

3.33

1.71

H2 2023

15.84

2.33

1.19

H1 2024

14.99

1.54

0.79

View More Financial Results

 

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