Financial Results : National Building profit jumps 47% to SAR 45.1M in 2024; H2 at SAR 29.7M

National Building profit jumps 47% to SAR 45.1M in 2024; H2 at SAR 29.7M

30/03/2025 Argaam Exclusive

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National Building and Marketing Co. (NBM) reported a net profit after minority interest of SAR 45.1 million in 2024, a leap of 47% from SAR 30.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 700.61 818.00 16.8 %
Gross Income 84.14 120.49 43.2 %
Operating Income 60.57 95.51 57.7 %
Net Income 30.61 45.11 47.4 %
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyals) 1.52 3.76 146.6 %
EPS (Riyal) 2.55 3.76 47.4 %

The net profit rise was fueled by a 16.76% year-on-year (YoY) increase in the 2024 consolidated revenue, despite the 10.74% YoY decline in revenues from the construction projects segment to SAR 108 million by year-end.

 

For the same year, National Building’s return on investment (ROI) in German Saudi Industrial Co. (GESICO) skyrocketed by about 101.79% YoY to SAR 4.8 million.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 384.15 472.14 22.9 %
Gross Income 42.14 68.36 62.2 %
Operating Income 28.08 54.62 94.5 %
Net Income 4.37 29.73 580.1 %
Average Shares 12.00 12.00 -
Earnings Per Share before unusual items (Riyal) 0.36 2.48 580.1 %
EPS (Riyal) 0.36 2.48 580.1 %

In H2 2024, the company’s net profit spiked by more than six folds to SAR 29.7 million, from SAR 4.37 million in H2 2023.

 

Similarly, NBM’s net earnings soared 93.4% from SAR 15.38 million in H1 2024.

 

Total shareholders’ equity, after minority interest, reached SAR 342.66 million as of Dec. 31, 2024, up from SAR 295.83 million a year earlier.

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