Financial Results : Leaf Global makes SAR 15.5M profit in 2024, SAR 4.6M in H2

Leaf Global makes SAR 15.5M profit in 2024, SAR 4.6M in H2

27/03/2025 Argaam Exclusive

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Leaf Global Environmental Services Co. posted a marginal net profit decrease of 1.4% to SAR 15.5 million in 2024, from SAR 15.7 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 44.43 46.59 4.8 %
Gross Income 24.87 20.09 (19.2 %)
Operating Income 16.37 9.90 (39.5 %)
Net Income 15.70 15.48 (1.4 %)
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 3.14 2.53 (19.6 %)
EPS (Riyals) 3.14 3.10 (1.4 %)

The 2024 rise in the cost of contracts pushed net earnings lower by 4% on an annual basis by year-end, amid increased market competition. This also weighed on net profit margins.

 

On the other hand, Leaf recovered SAR 2.85 million in bad debts during the year and was engaged in investment activities that generated an income of SAR 2.88 million. Additionally, it invested SAR 8.09 million in Murabaha funds, yielding returns of SAR 93,756.

 

The company continued to achieve steady growth in its core business activities, with gross revenues surging by 4.84% year-on-year (YoY) in 2024.

 

Its mangrove tree cultivation segment delivered outstanding performance, recording a windfall revenue growth of 117.99% for the same year. The management remains optimistic about this segment’s potential, anticipating significant expansion in the coming year, which should further strengthen the company's market position.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 22.60 21.40 (5.3 %)
Gross Income 12.22 8.98 (26.5 %)
Operating Income 8.79 4.31 (51.0 %)
Net Income 8.45 4.64 (45.1 %)
Average Shares 5.00 5.00 -
Earnings Per Share before unusual items (Riyals) 1.69 0.93 (45.1 %)
EPS (Riyals) 1.69 0.93 (45.1 %)

In H2 2024, the company’s net earnings plunged by 45% to SAR 4.6 million from SAR 8.45 million in the second half of 2023.

 

On a half-on-half basis, net earnings dropped 57.1% from SAR 10.84 million in H1 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 40.99 million as of Dec. 31, 2024, from SAR 35.09 million a year earlier.

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