Financial Results : Raoom’s H1 2024 profit up 2% to SAR 28.3M; Q2 at SAR 4.4M

Raoom’s H1 2024 profit up 2% to SAR 28.3M; Q2 at SAR 4.4M

25/07/2024 Argaam Exclusive

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Raoom Trading Co. reported a net profit rise of 2% to SAR 28.3 million in the first half of 2024, compared to SAR 27.7 million a year earlier, thanks to the lower cost of goods sold.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 68.48 59.80 (12.7 %)
Gross Income 21.51 21.70 0.9 %
Operating Income 15.59 15.44 (1.0 %)
Net Income 27.69 28.31 2.2 %
Average Shares 12.50 12.50 -
Earnings Per Share before unusual items (Riyals) 2.22 2.27 2.2 %
EPS (Riyal) 2.22 2.27 2.2 %

On the other hand, operating profits marginally declined to SAR 15.4 million in the six-month period, from SAR 15.6 million in H1 2023.

 

Sales also decreased by 12.67% year-on-year (YoY) to SAR 59.8 million, from SAR 68.5 million in the first half of 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 30.44 26.78 (12.0 %)
Gross Income 7.58 7.78 2.6 %
Operating Income 4.12 4.94 20.0 %
Net Income 14.84 4.36 (70.6 %)
Average Shares 12.50 12.50 -
Earnings Per Share before unusual items (Riyal) 1.19 0.35 (70.6 %)
EPS (Riyal) 1.19 0.35 (70.6 %)

The second-quarter net profit tumbled 71% to SAR 4.4 million, from SAR 14.8 million in Q3 2023 as Raoom recorded SAR 11.5 million profits from revaluation of financial assets at fair value in Q2 2023.

 

Operating profits jumped 20% YoY to SAR 4.9 million.

 

The company’s net earnings slumped 81.8% from SAR 23.9 million in Q1 2024 hurt by a 53% quarterly fall in operating profits to SAR 4.9 million.

 

Shareholders’ equity, no minority interest, stood at SAR 155.34 million as of June 30, 2024, compared to SAR 128.35 million a year earlier.

 

Historical Quarterly Data 

Period

Revenues

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR/Share)

H1 2020

55.67

16.05

2.57

H2 2020

53.19

10.02

1.60

H1  2021

55.72

15.40

2.46

H2 2021

54.47

9.49

1.52

H1  2022

65.04

16.24

2.60

H2  2022

70.19

14.50

2.32

H1 2023

68.48

27.69

4.43

H2 2023

66.56

18.89

3.02

H1  2024

59.80

28.31

4.53

 

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