Financial Results : Wajd Life profit rises 11% to SAR 4.7M in 2024

Wajd Life profit rises 11% to SAR 4.7M in 2024

10/08/2025 Argaam Exclusive

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Wajd Life Trading Co. reported a net profit of SAR 4.7 million in 2024, up 11% from SAR 4.2 million in the year before.

 


Financials (M)

Item 2023 2024 Change‬
Revenues 39.70 56.65 42.7 %
Gross Income 11.32 15.60 37.8 %
Operating Income 5.57 8.34 49.8 %
Net Income 4.20 4.67 11.4 %
Average Shares 10.00 10.00 -
Earnings Per Share before unusual items (Riyals) 0.42 0.47 11.4 %
EPS (Riyal) 0.42 0.47 11.4 %


Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues - 30.25 -
Gross Income - 6.85 -
Operating Income - 4.62 -
Net Income - 2.23 -
Average Shares - 10.00 -
Earnings Per Share before unusual items (Riyal) - 0.22 -
EPS (Riyal) - 0.22 -

The profit growth was primarily driven by a 43% year-on-year (YoY) increase in revenue in 2024 to SAR 56.7 million, which in turn boosted gross profit to SAR 15.6 million, supported by higher revenues across all operating segments.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to SAR 9.8 million in 2024, from SAR 6.6 million a year earlier.

 

This came despite recording an expected credit loss provision of SAR 1.7 million in 2024 versus none in 2023, a rise in finance costs to SAR 3.8 million from SAR 2 million, and a slight drop in gross margin to 28% from 29%, due to a higher cost-to-revenue ratio. Other income declined to SAR 577,000 from SAR 1.1 million.

 

By segment, 2024 revenue comprised medical operations at 24% (SAR 13.8 million), up from SAR 7.9 million in 2023; medical maintenance at 56% (SAR 32 million), up from SAR 22.1 million; and spare parts at 19% (SAR 10.9 million), compared to SAR 9.7 million.

 

Government entities contributed 99% of revenue at SAR 56.1 million, versus SAR 39.3 million a year earlier, while the private sector accounted for 1% at SAR 560,100, up from SAR 409,400.

 

Shareholders’ equity, no minority interest, reached SAR 15.4 million by the end of 2024, up from SAR 10.7 million a year before.

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