Financial Results : Al Kathiri widens 2024 loss to SAR 19M; Q4 at SAR 21M

Al Kathiri widens 2024 loss to SAR 19M; Q4 at SAR 21M

30/03/2025 Argaam Exclusive

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Al Kathiri Holding Co. reported losses of SAR 19 million (after minority interest) for 2024, compared with SAR 4.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 129.18 183.87 42.3 %
Gross Income 22.75 20.82 (8.5 %)
Operating Income 3.32 (9.21) (377.0 %)
Net Income (4.14) (19.00) (359.2 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (Halala) (1.83) (8.41) (359.2 %)
EPS (Halala) (1.83) (8.41) (359.2 %)

Al Kathiri reported higher provisions for credit losses, which impacted operating profit. In addition, it recorded higher financing costs and administrative expenses resulting from the establishment of Luxury Yacht Factory as well as Saraya Al-Diyar Investment Co.

 

However, the company generated higher revenue from the concrete segment due to increased demand and new project awards.

 

It also cited growth in the contracting segment's revenue, driven by the execution of new contracts and business expansion. This was in addition to the elevated cement sales due to higher prices, which supported the overall revenue growth.

 

The Q4 2024 losses deepened to SAR 21 million, compared with SAR 7.37 million in Q4 2023.

 

The company had posted SAR 1.55 million in net earnings in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 34.40 41.09 19.5 %
Gross Income 1.38 0.82 (40.4 %)
Operating Income (4.86) (18.67) (284.2 %)
Net Income (7.37) (21.04) (185.4 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (Halala) (3.26) (9.31) (185.4 %)
EPS (Halala) (3.26) (9.31) (185.4 %)

Total shareholders’ equity, after minority interest, contracted to SAR 112.12 million by the end of 2024, compared to SAR 131.03 million in 2023.

 

Accumulated losses reached SAR 13.38 million by the end of the current period, representing 11.84% of capital.

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