Financial Results : Yaqeen Capital profit down 44% to SAR 21.5M in 2024; H2 at SAR 12.5M

Yaqeen Capital profit down 44% to SAR 21.5M in 2024; H2 at SAR 12.5M

18/02/2025 Argaam Exclusive

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Yaqeen Capital reported a profit of SAR 21.5 million in 2024, a 44% decline from SAR 38.2 million a year ago.



Financials (M)

Item 2023 2024 Change‬
Revenues 77.81 89.48 15.0 %
Operating Income 17.52 28.80 64.4 %
Net Income 38.23 21.47 (43.8 %)
Average Shares 25.50 25.50 -
Earnings Per Share before unusual items (Riyals) 0.33 0.84 153.3 %
EPS (Riyal) 1.50 0.84 (43.8 %)

The company cited a non-recurring sale of its building in June 2023 for SAR 24.7 million.

 

Meanwhile, revenues increased by 15% year-on-year (YoY) to SAR 89.48 million in 2024, mainly due to the positive contribution from most services provided.

 

Advisory services income from investment banking department grew by 35%, due to the increase in the successful IPOs managed by the company during 2024.
Brokerage fees rose by 28% due to the increase in the margin lending, while management and subscription fees from mutual funds grew by 38%.
Gain from investments at fair value through profit or loss by fell 78% due to disposal of investment in the first six months of 2023.

 

The company reported an increase in the special commission income by 218%, which represents the income from Murabaha placements.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 38.89 49.52 27.3 %
Operating Income 8.86 16.16 82.4 %
Net Income 0.47 12.53 2595.1 %
Average Shares 25.50 25.50 -
Earnings Per Share before unusual items (Riyal) 0.02 0.49 2595.1 %
EPS (Riyal) 0.02 0.49 2595.1 %

Yaqeen Capital posted net earnings of SAR 12.5 million in H2 2024, a surge from SAR 470,000 in H2 2023.

 

Compared with the previous period, net profit edged up 40.2% from SAR 8.94 million in H1 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 278.85 million by the end of 2024, compared to SAR 258.80 million in the prior-year period.

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