Financial Results : Shalfa profit drops 17% to SAR 21.1M in 2024; H2 at SAR 11.1M

Shalfa profit drops 17% to SAR 21.1M in 2024; H2 at SAR 11.1M

26/03/2025 Argaam Exclusive

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Shalfa Facilities Management Co. reported a 17% fall in 2024 net profit to SAR 21.1 million, compared to SAR 25.4 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 260.38 320.01 22.9 %
Gross Income 48.90 49.72 1.7 %
Operating Income 29.47 29.19 (1.0 %)
Net Income 25.36 21.10 (16.8 %)
Average Shares 4.20 4.20 -
Earnings Per Share before unusual items (Riyals) 5.47 4.43 (19.0 %)
EPS (Riyal) 6.04 5.02 (16.8 %)

The profit decline was mainly due to higher financing costs, as well as some setup expenses for a project that commenced at the end of 2024. Additionally, operational costs such as salaries and worker housing rents increased.

 

However, revenues increased to SAR 320 million in 2024, a rise of 22.9% compared to the previous year, driven by a 27.6% leap in revenues from the facility management services segment, primarily the new projects.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 141.29 168.33 19.1 %
Gross Income 28.15 26.46 (6.0 %)
Operating Income 17.12 15.18 (11.3 %)
Net Income 16.31 11.14 (31.7 %)
Average Shares 4.20 4.20 -
Earnings Per Share before unusual items (Riyal) 3.31 2.06 (37.9 %)
EPS (Riyal) 3.88 2.65 (31.7 %)

H2 2024 net earnings dropped 32% to SAR 11.1 million, compared with SAR 16.31 million in H2 2023.

 

Meanwhile, the six-month net earnings rose 11.8% from SAR 9.96 million in H1 2024.

 

Total shareholders' equity, no minority interest, reached SAR 87.40 million at the end of 2024, compared with SAR 68.28 million a year earlier.

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