Financial Results : Time Entertainment 2024 profit jumps 81% to SAR 8.7M; H2 loss at SAR 2.1M

Time Entertainment 2024 profit jumps 81% to SAR 8.7M; H2 loss at SAR 2.1M

08/05/2025 Argaam Exclusive

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Time Entertainment Co. reported a net profit of SAR 8.7 million for 2024, up 81% from SAR 4.8 million in 2023, supported by a surge in revenue to SAR 104.9 million.


Financials (M)

Item 2023 2024 Change‬
Revenues 36.48 104.91 187.5 %
Gross Income 11.95 19.82 65.9 %
Operating Income 5.22 9.06 73.5 %
Net Income 4.80 8.71 81.5 %
Average Shares 1.00 1.00 -
Earnings Per Share before unusual items (Riyals) 4.80 8.71 81.5 %
EPS (Riyal) 4.80 8.71 81.5 %

The increase was driven by a three-fold year-on-year (YoY) rise in revenue from government and non-government institutions, which reached SAR 96.6 million.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to SAR 10.2 million in 2024 from SAR 6.4 million a year earlier.

 

The earnings growth was offset by margin pressure from higher cost of revenue, increased general and administrative expenses, and a rise in Zakat charges.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 19.78 25.93 31.1 %
Gross Income 5.77 4.19 (27.4 %)
Operating Income 2.08 (2.15) (202.9 %)
Net Income 1.90 (2.11) (211.0 %)
Average Shares 1.00 1.00 -
Earnings Per Share before unusual items (Riyal) 1.90 (2.11) (211.0 %)
EPS (Riyal) 1.90 (2.11) (211.0 %)

Time Entertainment incurred a net loss of SAR 2.1 million in H2 2024, versus a net profit of SAR 1.9 million in H2 2023.

 

The company recorded SAR 10.82 million in earnings in H1 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 14.7 million as of Dec. 31, 2024, compared to SAR 12.2 million a year earlier.

 

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