Financial Results : Horizon Food profit jumps 10% to SAR 10.2M in 2024; H2 at SAR 5.7M

Horizon Food profit jumps 10% to SAR 10.2M in 2024; H2 at SAR 5.7M

23/03/2025 Argaam Exclusive

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Horizon Food Co.’s net earnings climbed by 10% to SAR 10.2 million in 2024, from SAR 9.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 55.12 67.94 23.3 %
Gross Income 16.48 21.77 32.1 %
Operating Income 9.28 10.72 15.5 %
Net Income 9.25 10.17 10.0 %
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 0.87 1.27 46.3 %
EPS (Riyals) 1.16 1.27 10.0 %

The annual profit increase was attributed to the 23% sales growth to SAR 67.9 million in 2024, compared to SAR 55.1 million in 2023.

 

This came thanks to the improved overall performance and the elevated demand for the company’s products. This is besides the expanded customer base, enhanced product quality, and the roll-out of a new product.

 

The 2024 sales were also lifted by Horizon Food’s expanded geographical foothold, with operating profit soaring 16% year-on-year (YoY) to SAR 10.7 million by year-end, driven by the elevated production efficiency and operational processes.

 

In H2 2024, the company posted net earnings of SAR 5.73 million, down 13.7% from SAR 6.64 million a year earlier.

 

However, the six-month bottom line surged 29.1% from SAR 4.44 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 28.79 37.81 31.4 %
Gross Income 8.59 12.36 43.9 %
Operating Income 6.61 6.23 (5.8 %)
Net Income 6.64 5.73 (13.7 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 0.54 0.72 32.1 %
EPS (Riyals) 0.83 0.72 (13.7 %)

Shareholders’ equity, no minority interest, grew to SAR 112.16 million by the end of 2024, compared to SAR 102.35 million a year earlier.

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