Financial Results : Signworld profit down 10% to SAR 7.4M in 2024

Signworld profit down 10% to SAR 7.4M in 2024

28/07/2025 Argaam Exclusive

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National Signage Industrial Co. (Signworld), which is planning an initial public offering (IPO) in the Nomu-Parallel market, reported a net profit of SAR 7.4 million in 2024, a10% decline from SAR 8.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 107.37 98.00 (8.7 %)
Gross Income 20.31 20.95 3.2 %
Operating Income 10.42 10.07 (3.4 %)
Net Income 8.24 7.38 (10.4 %)
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyals) 1.37 1.23 (10.4 %)
EPS (Riyal) 1.37 1.23 (10.4 %)


Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 70.44 59.98 (14.8 %)
Gross Income 13.83 11.66 (15.7 %)
Operating Income 8.26 5.11 (38.1 %)
Net Income 6.63 3.84 (42.1 %)
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyal) 1.11 0.64 (42.1 %)
EPS (Riyal) 1.11 0.64 (42.1 %)

The annual profit drop was attributed to a 9% year-on-year (YoY) revenue decrease as a result of lower revenues from directional signage, which was partially offset by the increase in revenues from screen projects.

 

The company also reported a higher Zakat provision for the same year.

 

Meanwhile, EBITDA fell to SAR 14.5 million in 2024, compared to SAR 14.9 million in the year before.

 

On the other hand, the gross profit margin increased from 19% in 2023 to 21% 2024, as the cost-to-revenue ratio dropped to 79%.

 

Additionally, there was a decrease in financing costs, while the size of loans decreased to SAR 8.7 million, compared to SAR 36.2 million in the year before.

 

Operating profit margin remained stable at 20%, despite an increase in general and administrative expenses, which was offset by a decrease in raw material costs.

 

The company’s revenues were distributed across five main segments by the end of 2024 as follows:

 

- Advertising billboards, representing the largest share at 47% of 2024 revenue, totaling SAR 40.1 million, compared to SAR 43.3 million in 2023.

 

- Screen projects, accounting for 24% of 2024 revenue, totaling SAR 23.1 million, from SAR 9.6 million in 2023.

 

- Vehicle plates, accounting for 11% of 2024 revenue, totaling SAR 10.3 million, compared to SAR 16.7 million in 2023.

 

- Traffic signs, accounting for 10% of 2024 revenue, totaling SAR 10.1 million, compared to SAR 11 million in 2023.

 

- Directional signage, accounting for 9% of 2024 revenue, totaling SAR 8.4 million, compared to SAR 26.8 million in 2023.

 

Revenue by customer type as of the end of 2024 is as follows:

 

- Related parties: SAR 53.8 million for 2024 (representing 55% of total revenue), compared to SAR 49.2 million in 2023.

 

- Companies: SAR 22.9 million for 2024 (representing 23% of total revenue), compared to SAR 32.5 million in 2023.

 

- Government and semi-government: SAR 21.3 million for 2024 (representing 22% of total revenue), compared to SAR 25.6 million in 2023.

 

Shareholders’ equity (no minority interest) at the end of 2024 reached SAR 70.78 million, compared to SAR 68.17 million in 2023.

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