Raoom Trading Co. reported a net profit rise of 86% to SAR 24 million in Q1 2024, compared to SAR 12.9 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 38.04 | 33.01 | (13.2 %) |
| Gross Income | 13.92 | 13.92 | 0.0 % |
| Operating Income | 11.48 | 10.50 | (8.5 %) |
| Net Income | 12.85 | 23.95 | 86.4 % |
| Average Shares | 6.25 | 6.25 | - |
| EPS (Riyals) | 2.06 | 3.83 | 86.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 34.44 | 33.01 | (4.1 %) |
| Gross Income | 10.48 | 13.92 | 32.9 % |
| Operating Income | 6.90 | 10.50 | 52.3 % |
| Net Income | 10.14 | 23.95 | 136.2 % |
| Average Shares | 6.25 | 6.25 | - |
| EPS (Riyals) | 1.62 | 3.83 | 136.2 % |
The earnings rise was driven by gains from revaluation of financial assets at fair value. On the other hand, revenue declines amid lower average selling prices.
The company’s net profit more than doubled from SAR 10.14 million in Q4 2023, thanks to gains from revaluation of financial assets at fair value, a decline in production costs as well as general and administrative expenses.
This was offset by lower revenue.
Shareholders’ equity, no minority interest, stood at SAR 155.20 million as of March 31, 2024, compared to SAR 136.43 million a year earlier.
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