Financial Results : Hedab Alkhaleej 2024 earnings down 43% to SAR 15.3M; H2 at SAR 5.3M

Hedab Alkhaleej 2024 earnings down 43% to SAR 15.3M; H2 at SAR 5.3M

31/03/2025 Argaam Exclusive

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Hedab Alkhaleej Trading Co.'s net earnings dropped 43% to SAR 15.3 million in 2024, compared with SAR 27 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 468.79 590.78 26.0 %
Gross Income 73.52 74.47 1.3 %
Operating Income 36.80 29.87 (18.8 %)
Net Income 27.00 15.29 (43.4 %)
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyals) 3.68 2.28 (38.0 %)
EPS (Riyal) 4.03 2.28 (43.4 %)

This was due to a 3.1% year-on-year (YoY) increase in the cost of revenue, a 23% YoY rise in the cost of financing burdens, and a 1,059.7% annual surge in the provision for expected credit losses for the same year.

 

However, the company witnessed higher revenues in 2024, driven by a 20.6% leap in sales of the ceramics and marble segment and a 203.6% surge in sales of the transportation segment.

 

H2 2024 net earnings dropped 71% to SAR 5.3 million, compared with SAR 18.31 million a year earlier.

 

The six-month net earnings also fell 47.6% from SAR 10.03 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 244.66 362.80 48.3 %
Gross Income 42.18 39.04 (7.4 %)
Operating Income 24.94 12.78 (48.8 %)
Net Income 18.31 5.26 (71.3 %)
Average Shares 6.70 6.70 -
Earnings Per Share before unusual items (Riyal) 2.73 0.78 (71.3 %)
EPS (Riyal) 2.73 0.78 (71.3 %)

Shareholders’ equity, no minority interest, reached SAR 153.95 million by the end of 2024, down from SAR 135.21 million in the year before.

 

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