Financial Results : Shmoh Almadi 2024 profit dips 41% to SAR 9.5M; H2 at SAR 4.3M

Shmoh Almadi 2024 profit dips 41% to SAR 9.5M; H2 at SAR 4.3M

27/03/2025 Argaam Exclusive

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Shmoh Almadi Co. reported a SAR 9.5 million net profit for 2024, a drop of 41% from SAR 16 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 142.98 131.61 (7.9 %)
Gross Income 54.13 48.72 (10.0 %)
Operating Income 18.03 10.65 (41.0 %)
Net Income 15.97 9.46 (40.8 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 2.00 1.18 (40.8 %)
EPS (Riyal) 2.00 1.18 (40.8 %)

The annual profit decline was attributed to lower revenues due to changes in consumption patterns for some client categories.

 

This is besides the lower gross profit margin and higher selling and marketing expenses.

 

In H2 2024, net profit fell 37% to SAR 4.3 million, compared to SAR 6.76 million in H2 2023.

 

Sequentially, the six-month bottom line was down 17.2% from SAR 5.17 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 71.07 66.67 (6.2 %)
Net Income 6.76 4.28 (36.6 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyal) 0.84 0.54 (36.6 %)
EPS (Riyal) 0.84 0.54 (36.6 %)

Total shareholders' equity, no minority interest, declined to SAR 47.30 million by the end of Dec. 31, 2024, compared to SAR 51.51 million a year ago.

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